2012 Brackenville Rd Hockessin, DE 19707-9568

Property Details for 2012 Brackenville Rd

Year built

2008

Construction

CONCRETE

Lot size

2.30 lot acres

Property size

11,916 SF

Zone code

CN

Property type

Retail space

APN

08-013.20-024

APU

801320024

Description

This exceptional investment opportunity presents a fee-simple Walgreens located at 2012 Brackenville Rd, Hockessin, DE 19707. The 11,916 square foot building sits on a 2.3-acre lot at a hard corner with excellent visibility and access from a four-way signalized intersection. Built in 2008, this single-tenant property boasts a 20-year net lease (NNN) with a corporate guarantee from Walgreens, providing significant security. The lease commenced February 18, 2008, and expires February 29, 2028, leaving approximately 3.3 years remaining. The current annual net operating income (NOI) is $462,360, yielding an 8.00% cap rate, with a purchase price of $5,779,500 ($485.02 per square foot). The property benefits from strong demographics, with a 3-mile radius encompassing 32,700 residents earning an average household income of $156,000. This expands to 104,300 residents within a 5-mile radius ($127,700 AHHI) and 467,800 residents within 10 miles ($107,700 AHHI). The lease includes three, five-year renewal options with a 12.5% rent increase in each. This Walgreens location was formerly a Happy Harry's, acquired and rebranded by Walgreens due to strong store performance. The property offers exceptional ease of access and visibility.

Location Insight

City

Hockessin

County

New Castle

State

Delaware

Longitude

-75.6794

Latitude

39.781

CBSA code

37980

CBSA name

PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA

Property Tax & Assessments