Property profile

1600 Newport Pike Wilmington, DE 19804

OFF-MARKET
Manufacturing properties
Property ID
US17-0232918
13,283 SF 0.75 ac lot Built 1965
Entity Owned 8-yr Hold Absentee Owner ~ Est. High Equity
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Property summary

AI-generated overview

First State Plaza, a prominent 164,779 square foot retail center in Wilmington, Delaware, presents a unique investment opportunity. This multi-tenant strip mall boasts high visibility on West Newport Pike, offering exceptional access to major roadways including I-95, I-295, I-495, and Route 1. The property's strategic location places it within close proximity to Delaware Park and Christiana Mall, ensuring significant foot traffic and consumer reach. Currently, seven suites are available, ranging from a minimum of 1,200 square feet to a maximum contiguous space of 7,400 square feet. A substantial 165,012 square feet of space is currently vacant, providing ample opportunity for expansion or diversification. The center is anchored by established national tenants such as ShopRite and McDonald's, further enhancing its appeal and drawing power. Additional co-tenants include a US Post Office, Dollar Tree, and a Cinemark Movie Theater, creating a diverse and attractive retail environment. Ample parking is available with 668 spaces to accommodate customers and employees. Located in New Castle County, Delaware, with a zip code of 19804, this property offers a compelling combination of size, location, and established tenancy, making it an ideal investment for a variety of retail businesses. The property's high visibility and convenient access to major transportation arteries ensure maximum exposure and accessibility for potential tenants.

Property profile

Verified
Property type Manufacturing properties
Use group MANUFACTURING (LIGHT)
Year built 1965
Construction CONCRETE
Total area 13,283 SF
Lot 0.75 ac (32,670 SF)
Zoning code CR
APN 07-047.20-152
UPID US17-0232918

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Marketing & Advertising (Bike/Boat/Book/etc) Store
  • Pharmacy
  • Atm
  • Cinema (Bike/Boat/Book/etc) Store
  • Auto Repair Shop

Location

1600 Newport Pike Wilmington, DE 19804-2541
Wilmington metro Census 12900 PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$679k
Blend (final) Blend
$410k

Owner & transaction history

since 2018
1 recorded transaction
2018
Price N/A

Zoning & alternative use

CR · Wilmington, DE
Top alternative use upside
Warehouse, storage $720,000 +6.5%

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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