233 Morton Ave - Freestanding FOR SALE


Folsom, PA 19033
$2,675,400 USD
415-713-8578
233 Morton Ave, Folsom, PA for Sale
$2,675,400 USD
Freestanding - FOR SALE
1/7
null | 6% Cap Rate

233 Morton Ave
Folsom, PA 19033


HIGHLIGHTS

  • New 15-year NNN lease with rare 3% annual rent increases and minimal landlord responsibilities
  • Wonder, parent company of GrubHub, $2 billion in revenue, offers an exclusive menu of 350+ “fine fast” dishes from well-known chefs and restaurants
  • Wonder’s dine-in, take-out and delivery concept is expanding rapidly with 46 locations currently open, and plans for 90 locations by the end of 2025
  • Wonder was recently valued at $7+ billion with a new $600 million investment round from Google Ventures, New Enterprise Associates, Accel, Forerunner
  • Wonder Group, Inc., founded by Marc Lore (Jet.com; Walmart), acquired Grubhub, Blue Apron, and Tastemade over the last three years for more than $840M
  • Affluent Philadelphia Metropolitan Area single tenant net lease investment opportunity on a busy commercial corridor with parking on site

OVERVIEW

Cushman & Wakefield is pleased to present the opportunity to acquire a recently fully renovated 3,276 square foot, single-story retail building with ample onsite parking leased to Wonder for 15 years with 3% annual rent increases. Wonder, the parent company of Grubhub with over $2 Billion in revenue, offers an exclusive menu of 350+ “fine fast” dishes from well-known chefs and restaurants, all at one location. Wonder’s new dine-in, take-out and delivery concept is expanding rapidly with 46 locations currently open in six states, and plans for 90 locations to be open by the end of 2025. Wonder was recently valued at $7+ billion with a new $600 million investment round from Google Ventures, New Enterprise Associates, Accel, Forerunner, and Amex Ventures The Wonder property is strategically located on the southwest corner of the signalized intersection of MacCade Boulevard and Morton Avenue, with combined traffic counts over 39,400 VPD. The surrounding demographics are excellent with over 134,400 population within 3 miles and over $118,570 average household income within a mile. The site is a mile northeast of the Interstate 476 on/off ramps, which is a half mile from the Interstate 476-Interstate 95 interchange. The immediate area is comprised of a robust commercial corridor, which includes public infrastructure such as schools and parks, while being surrounded by dense residential neighborhoods. Nearby commercial tenants include ACME Markets, Lidl, Home Depot, Staples, Chick-fil-A, Wells Fargo, Planet Fitness, and Wendy’s, to name a few. MacCade Boulevard is a major east-west thoroughfare that connects to Interstate 476 to the west and Holmes, Glenolden, Collingdale, Sharon Hill, and Darby to the east. Morton Avenue becomes North Swarthmore Avenue just south of the property and provides access to Pennsylvania Route 420 Alt Truck, while the northern track of Morton runs through Folsom’s residential neighborhoods. This property is listed in conjunction with Cushman & Wakefield of Pennsylvania, LLC

FOR SALE DETAILS

PRICE

$2,675,400 USD

PRICE/SF

$817 USD /SF

CAP RATE

6%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Wonder (Grubhub Parent Company)

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Freestanding

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

13

LAND DETAILS

LAND ACRES

0.37 AC

LAND SF

15,943 SF

ZONING

C-1

APN/PARCEL ID

38-03-01640-00

ASK ABOUT THIS PROPERTY

Christopher SheldonCushman & WakefieldMore Info
415-713-8578

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Christopher SheldonCushman & WakefieldMore Info
415-713-8578

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.