721 King StWilmington, DE 19801

Property Details for 721 King St

Year built

1940

Construction

CONCRETE

Lot size

0.04 AC

Property size (Sq ft)

1,476 SF

Zone code

26C-3

Property type

Retail properties

Property subtype

Turn key restaurants

APN

26-035.40-050

APU

2603540050

Description

This thriving restaurant, located at 721 N King St in Wilmington, Delaware's historic district, presents a unique investment opportunity. The 1,476 square foot space, built in 1940, is a fully operational cafe with a "fully loaded" kitchen capable of handling all cooking needs. Currently serving lunch Monday through Thursday from 11:00 AM to 2:00 PM, the restaurant seats 32 guests and primarily caters to nearby businesses, including law firms and banks. The convenient location allows for a significant walk-in clientele. Street parking is available. The current limited hours offer substantial potential for expansion, including breakfast and dinner service, and the addition of alcoholic beverages (subject to OABCC approval). The seller is offering a two-week financing option post-closing to facilitate a smooth transition for the new owner. This turnkey operation is ideally positioned to capitalize on the vibrant downtown Wilmington market. The asking price is $425,000. This is a rare opportunity to acquire an established business with significant upside in a prime location.

• CAP approach

  CAP return

  Valuation

  6%

  $927,278

  6.5%

  $855,949

  7%

  $794,809

• Comparable approach

  Method

  Valuation

  Relative Method

  $788,812

  Geo Method

  $485,992

• Alternative Use

  Use

  Valuation

  Residential

  $722,025

  Hospitality

  $661,371

  Educational

  $550,253

  Medical

  $569,177

  Retail

  $855,949

Location Insight

City

Wilmington

County

New Castle

State

Delaware

Latitude

39.743

Longitude

-75.5488

CBSA code

37980

CBSA name

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

Property Tax & Assessments

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