Prime Credit (AAA) - Investment Opportunity - State of Delaware

12 N. Walnut Street & 13-15 SW Front St Milford, DE 19963

FOR SALE
Property Type:
Government/Municipalities
Amount:
$6,450,000
Last Verified:
Jan 11, 2021

Highlights

  • AAA credit tenant - Flight to Quality
  • 1.5% annual rent increases
  • Term expires Nov. 2030 (10.5 years remaining)
  • High projected future demand for tenants services
  • Attractive buildings / Good real estate / Waterfront / CBD district
  • Tenant serves both Sussex and Kent County

Description

Looking for a Flight to Quality?! AAA Prime Credit Rating single tenant investment. The offering consists of two buildings within walking distance to each other. The Walnut building is 18,500 SF and The Annex Building 16,460 SF, both occupied by the state of Delaware Department of Health & Social Services who has a AAA Prime Credit Rating. The tenant has been in place since 2006 and is strategically located on the border of Sussex & Kent counties (one building is in Kent and the other is in Sussex) which efficiently serves both populations. The tenant is very happy with the property(s), so much so that they exercised a renewal 2-years prior to the expiration of the current term. There is now 11-years remaining on the term. Both buildings are brick masonry construction, are located in the Opportunity Zone, and are adjacent to the Mispillion River and riverwalk which connects the two buildings.

Strategic location in Downtown Milford, Delaware (less than a 100 miles from Philadelphia, Baltimore, and Washington DC) situated on the border of Sussex and Kent counties which allows the Delaware State agencies to serve residents of both counties for the cost of one office. All buildings are located in the downtown business district along Walnut & Front Streets. The Mispillion River in downtown Milford, DE divides Kent and Sussex counties which allows this single location to serve the populations of both for much lower costs.

Today, Milford's historic downtown has become a renewed center of community life hosting upmarket boutiques, art galleries, restaurants and a community theatre. Celebrating the importance of the Mispillion River, downtown Milford is host to several regional events each year including the Riverwalk Freedom Festival and the Bug & Bud Festival. Residents and visitors alike can enjoy the natural resource as they walk, bike or run along the Mispillion Riverwalk, a series of pedestrian and bicycle paths that hug the banks of the Mispillion River.

Building Size: 34960sq ft
Building Class: B
Lot Size: 0 acres

Map of 12 N. Walnut Street & 13-15 SW Front St, Milford, DE, 19963

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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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