681 Chestnut Hill Rd Newark, DE 19713

Property Details for 681 Chestnut Hill Rd

Year built

1996

Lot size

5.14 lot acres

Property size

14,000 SF

Property type

Lifestyle centers

Property subtype

Power centers

Description

This exceptional 14,000 square foot shopping center in Newark, Delaware, presents a compelling investment opportunity. The property boasts a 100% occupancy rate with seven tenants, including 7-Eleven and State Farm, secured by NNN leases. Built in 1996, this single-story, Class B building sits on a 5.14-acre lot with ample parking (80 spaces). The property features a strong NOI of $356,316, yielding a 6.40% cap rate at an asking price of $5,567,437 ($397.67/sq ft). Located at 681 E Chestnut Hill Rd, Newark, DE 19713, the center benefits from high visibility at a signalized intersection and exceptional daily traffic counts exceeding 30,000 vehicles on E. Chestnut Hill Rd. The property's strategic location near major roadways, a large hospital, a high school, the University of Delaware, and a US Army Reserve base ensures a robust and diverse customer base. The leases include various rent bumps, providing a hedge against inflation. This is a fee-simple ownership opportunity with significant potential for long-term growth and stable cash flow. The property's zoning is commercial, and the APN is 0902800006 | 0902800007. The substantial 5-mile radius boasts over 201,000 residents with an average household income exceeding $107,000, further solidifying the investment's potential. The property's size and location, combined with its strong tenant mix, make it an attractive investment for discerning buyers.

Location Insight

City

Newark

County

New Castle

State

Delaware

Longitude

-75.7038

Latitude

39.6745