Current Use by Public Records
- Taxi Forever / Courier Service
- Philly Pizza / Restaurant
- Philly Style Pizza Express / Restaurant
Property Details for 681 Chestnut Hill Rd
- Year built
- 1996
- Lot size
- 5.14 lot acres
- 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.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Newark
- County
- New Castle
- State
- Delaware
- Longitude
- -75.7038
- Latitude
- 39.6745
