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State of Delaware
The State of Delaware is strategically located in the heart of one the nation’s busiest metropolitan corridors, between New York and Washington, D.C. The region is home to 56 million residents, roughly one-sixth of the nation’s entire population.
New Castle County is an affordable metropolitan option that is situated in the heart of Delaware with great access to the leading markets on the eastern seaboard. Overall, Delaware has the strongest state economy in the region with lower than average unemployment, a fair and equitable tax system and a well-trained workforce. Delaware is a no sales tax State that has instituted conservative spending programs that has bolstered the economy since the 1980’s.
More than 50% of all U.S. publicly traded companies and over 60% of Fortune 500 companies are incorporated in Delaware. Nicknamed ‘The Small Wonder’, Delaware is an ideal location for conducting business on the east coast given the low cost of living, excellent quality of life and easy access to Washington, DC, Baltimore, Philadelphia and New York City. The Tax Foundation ranks Delaware among the top states for the best business tax climate.
New Castle County
New Castle County is located in Northern Delaware and is part of the Philadelphia-Camden-Wilmington MSA as defined by the U.S. Office of Management and Budget. The County is connected by land, sea and air with a state of the art infrastructure offering businesses global access. In 20 minutes a driver can be to the Philadelphia International Airport.
In 2 hours, a traveler can be to either Washington D.C or New York via car or train. Passenger trains traveling between New York and Washington, DC, stops in New Castle County’s Wilmington station.
Within 150 miles of New Castle County are over 200 colleges and universities. New Castle County is also among the nation’s leaders in number of PhD’s per capita. This lends to a unique culture of innovation. The New Castle County economy will continue to benefit from a growing population base and higher income and education levels.
New Castle County Child Care Sector
According to the State of Delaware Office of Child Care Licensing there are 304 licensed childcare centers in New Castle County, DE. Of those, 120 have achieved five star rating.
The five stars are indicative of a center that has gone through the rigors of a formal review process meeting the highest standards in four areas: Family and Community Parnerships, Qualifications and Professional Development, Management and Administration, and Learning Environment and Curriculum.
The subject business and associated locations are all five star and fully compliant with applicable codes, ordinances and regulations, including those set forth by the Office of Child Care Licensing.
On the real estate front, comparable child care properties in the market rent on a NNN basis at +/- $22.00/rsf. Based on a combined +/- 9000 sf footprint across the three locations included in this portfolio, , equivalent base rent and reimbursables would place occupancy costs at +/- $243,000 per annum.
These costs, attaining regulatory compliance, acquiring of required FF and E, meeting local zoning and building code standards and other factors yield this business and real estate opportunity extremely attractive as a “turnkey” operation.
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