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    Keith Walpole, Millsboro, DE

    License ID: DE RS-0014425
    R & R Commercial Realty
    Years of Experience
    16
    Association
    Sussex County Association Of Realtors

    Service Locations

    Contact details

    Phone:
    (302) 236-7053
    Office Address:
    46 State St, Dover, DE, 19901

    Performance

    Listings
    17
    Total transactions
    54
    Total transactions amount
    $28M
    Price range
    $346k - 779k
    Average price
    $519k

    Listings

    For Sale (7)

    View map
    • $489,000
      9.21 Acres

      9 Acres Georgetown, Delaware Land

      Residential & Agricultural Land - Owner Financing Available
      0 Seashore Hwy, Georgetown, DE 19947
      View Details
    • $749,000
      1.75 Acres

      Laurel Road Residential Land

      1.75 Acres, AR-1 Zoning, Income Potential
      11117 Laurel Rd, Laurel, DE 19956
      View Details
    • $700,000
      0.89 Acres

      Frederica Commercial Land - $700K

      0.89 Acres, BG Zoning, Great Location
      0 Front St, Frederica, DE 19946
      View Details
    • $1,299,000
      6,600 SF

      Seaford Executive Office Building

      Class A Office, 6,600 SF, High Occupancy
      300 Health Services Dr, Seaford, DE 19973
      View Details
    • $3,174,000
      6.00 Acres

      Prime Milford Commercial Land

      6 Acres, Coastal Delaware, $3.17M
      600 10Th St, Milford, DE 19963
      View Details
    • $1,000,000
      40.00 Acres

      Prime Dover Commercial Land

      40 acres, R8 zoning, near Maple Dale Golf Club.
      1506 Mckee Rd & Joanna Cres, Dover, DE 19904
      View Details
    • $2,400,000
      3.00 Acres

      Prime Commercial Land, Sussex County

      3 Acres, High Traffic, CR-1 Zoning
      0 Redden Rd, Bridgeville, DE 19947
      View Details

    For Lease (10)

    View map
    • $8 SF/Yr
      9,760 SF

      6 Salevan Pl

      Distribution properties • 9,760 SF
      6 Salevan Pl, Milford, DE 19963
      View Details
    • $20 SF/Yr
      1,327 SF

      Georgetown Office Space for Lease

      1,327 SF Office, High Visibility
      21309 Berlin Rd, Georgetown, DE 19947
      View Details
    • $1,333 /Mo
      13,000 SF

      16727 Coastal Hwy

      Distribution properties • 13,000 SF
      16727 Coastal Hwy, Lewes, DE 19958
      View Details
    • $10 SF/Yr
      17,200 SF

      Dover Industrial Space For Lease

      Multiple Suites, Warehouse & Office Space Available
      0 Little Creek Rd, Dover, DE 19901
      View Details
    • $12 SF/Yr
      19,412 SF

      Lewes Retail Center: Prime Space Available

      Multiple units, flexible lease options, ample parking.
      26850 Lewes Georgetown Hwy, Harbeson, DE 19951
      View Details
    • $22 SF/Yr
      4,200 SF

      Prime Milton Medical Office Space

      4,200 SF Medical Office - Available Now
      616 Mulberry St, Milton, DE 19968
      View Details
    • $12 SF/Yr
      4,200 SF

      Seaford Warehouse: 4,200 SF

      Delaware industrial warehouse, single tenant, high visibility.
      20643 Sussex Hwy, Seaford, DE 19973
      View Details
    • $70,000
      38,768 SF

      Frederica Commercial Land - Prime Location

      0.89-acre commercial lot, ready for development. Excellent visibility.
      0 Front St, Frederica, DE 19946
      View Details
    • $18 SF/Yr
      18,400 SF

      County Seat Hwy

      Restaurants • 18,400 SF
      0 County Seat Hwy, Georgetown, DE 19947
      View Details
    • $15 SF/Yr
      6,600 SF

      Seaford Executive Office Suite

      1,600 SF Office, Prime Location
      302 Health Services Dr, Seaford, DE 19973
      View Details

    Leases and Sales on Map

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    Keith Walpole, Millsboro, DE
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    Keith Walpole, Millsboro, DE
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