Address: 2690 Kirkwood Highway, Newark, Delaware, United States Newark
Cap Rate: 5.50%
Lease Type: Triple-Net (NNN)
Annual Rent: $94,998
Net Operating Income: $94,998
Lease Term Remaining: 21.0 Years
Rental Increases: 2.0% Annually
Options: Four (4), Five (5)-Year Options
Year Built: 1989
Rentable Sq/Ft: 3,542 SF
Rent Sq/Ft: $26.82
Price Sq/Ft: $488
Lot Size: 1.33
Marcus & Millichap is pleased to present the exclusive listing for a Burger King located at 2690 Kirkwood Highway in Newark, Delaware. The site consists of roughly 3,542 rentable square feet of building space on estimated 1.33-acre parcel of land. This Burger King is subject to a new 21-year absolute triple-net (NNN) lease, which commenced December 20th, 2019. The current annual rent is$94,998 and is scheduled to increase by two percent (2%) annually throughout the base term and in each of the four (4), five (5)-year renewal options.
This Burger King is situated on Kirkwood Highway, which boasts average daily traffic counts exceeding 47,500 vehicles. Additionally, this Burger King is in a densely populated area with more than 195,000 individuals residing within a five-mile radius of the property and nearly 500,000 individuals within a ten-mile radius. The local area is a relatively affluent neighborhood with an average income of nearly $85,000 within a three-mile radius.
The subject property is situated in a dense retail corridor surrounded by many national and local tenants, shopping centers and academic institutions. Major national retailers in the area include: Walgreens, Rite Aid, Popeyes, IHOP, Wells Fargo, Advance Auto Parts, Wawa as well as many more. Additionally, this Burger King property benefits from a prominent academic presence. There are more than four academic institutions within a two-mile radius of the property with a total combined enrollment exceeding 2,000 students. The University of Delaware, the largest university in the state, is within a five-mile radius and has over 23,700 students enrolled. Delaware Race Park, a facility equipped with a racetrack, casino and golf course, is within a one-mile radius of the site and attracts hundreds of thousands of visitors every year to the immediate area. This site also profits from its strong location fundamentals, Kirkwood Highway connects the site directly to both Newark and the city of Wilmington, the largest city in Delaware.
Newark is the third largest city in Delaware. Newark is a suburb within close proximity of Wilmington and Philadelphia with a population of 33,243. Newark is located in New Castle County and has been ranked one of the best places to live in Delaware. Living in Newark offers young professionals a dense suburban feel along with charming neighborhoods nestled in. Newark offers a quaint downtown with restaurants, coffee shops, and parks. The City’s award-winning downtown received the honor of becoming a Great American Main Street winner in 2011. In a place where new meets historic, Newark hosts over 60 restaurants constantly providing visitors with local cuisine plus a unique food comparative that has been serving the community for over 35 years.
Broker of Record: Donald R. MacLaren Jr License #RB-0002461