1700 Rocky Run Pkwy Wilmington, DE 19803-1443
- Grocery and convenience stores
- 4,738 SF
- 2.12 lot acres
Current Use by Public Records
- WSFS Bank / Atm / Bank
Property Details for 1700 Rocky Run Pkwy
- Year built
- 2018
- Construction
- CONCRETE
- Lot size
- 2.12 lot acres
- Property size
- 4,738 SF
- Zone code
- CR
- Property type
- Grocery and convenience stores
- APN
- 06-019.00-006
- APU
- 601900006
Description
This exceptional investment opportunity presents two single-story buildings totaling 7,122 square feet, situated on a 2.12-acre lot in Wilmington, Delaware. The property boasts 100% occupancy with a strong NOI of $593,000 and a compelling 5.81% cap rate. The asking price is $10,200,000. Built in 2017 and 2018, the property features a Wawa and a WSFS Bank, both operating under long-term triple-net ground leases. Wawa's lease has 13+ years remaining with six 5-year renewal options, while WSFS Bank's lease has 12+ years remaining with five 5-year renewal options. Both leases include attractive rent bumps every five years, providing a hedge against inflation. The strategic location at the signalized intersection of Rocky Run Parkway and Concord Pike (US Route 202) benefits from high traffic counts exceeding 46,600 vehicles daily on Concord Pike and an additional 27,400 on nearby Naamans Road. The property enjoys proximity to major employers like AstraZeneca, JP Morgan Chase, and DuPont, as well as Wilmington University and other educational institutions. A dense residential population within a 5-mile radius, coupled with numerous national retailers and restaurants in the immediate vicinity, ensures a robust customer base. This prime retail location, combined with the strength of the tenants and the long-term lease structure, makes this a highly desirable investment opportunity. The property is situated in a thriving commercial corridor with excellent visibility and accessibility. The area's demographics are strong, with a high average household income within a 3-mile and 5-mile radius.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $500,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $680,000
- 6.5%
- $700,000
- 7%
- $730,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $745,000
- Geo Method
- $610,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $625,000
- Retail
- $745,000
- Mixed-Use
- $550,000
- Hospitality
- $575,000
- Educational
- $705,000
- Residential Income
- $670,000
- Energy
- $755,000
- Income-Based Land
- $680,000
- Food Service
- $675,000
Location Insight
- Map
- Local Demand
- City
- Wilmington
- County
- New Castle
- State
- Delaware
- Longitude
- -75.5457
- Latitude
- 39.8262
- CBSA code
- 37980
- CBSA name
- PHILADELPHIA-CAMDEN-WILMINGTON, PA-NJ-DE-MD METROPOLITAN STATISTICAL AREA
