Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    1120 S Central Ave Laurel, DE 19956

    Sponsored
    For Sale
    $1,499,500

    Commercial Sale - LAUREL, DE

    Type:Retail
    Lot size:
    4.40 Acres
    Days on Market:
    187
    Last Refresh:
    Jan 20 at 4:06 am

    Property Features for 1120 S Central Ave

    General Information

    Property type
    Other
    Property subtype
    Retail
    Standard status
    Active
    Parking
    40
    Parking features
    Parking Lot
    Lot size
    4.40 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Central Air

    Building Details

    Year built
    1978
    Building materials
    Concrete

    We can help!

    Listing Contact
    Meredith M. Mears

    SVN/Miller Commercial Real Estate (410) 543-2440 [email protected]

    Listing agent Meredith M. Mears (443) 944-4464

    Listing date Jul 18, 2025

    Copyright © 2025 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Laurel, DE Commercial Investment Opportunity

    This 7,006 SF commercial building is situated on 4.4 acres in Laurel, DE, along the city's main corridor. The property offers high visibility, multiple access points, ample parking, and additional land suitable for development or expansion. The building previously housed a high-performing Rite-Aid Pharmacy that operated for many years. The property features a wide-open floor plan, along with a small warehouse and office space located in the rear, making it adaptable for various uses. The property has been well-maintained, with a roof that is less than 5 years old and HVAC systems that are approximately 1 year old. Zoned C-B, the property provides flexibility for retail, office, medical, or service-oriented businesses, making it suitable for investors or owner-occupants.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Rite Aid Drug Store Coinhub Bitcoin ATM ... Atm Kurt Keglovits Pharmacy Western Union Money Transfer Service higi Health Consultant

    Suggested Use

    Restaurant Realty agency Law Firm Building Supply Spa & Massage Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Kurt Keglovits, Rite Aid Pharmacy

    Location Insight

    • Map
    • Local Demand
    City
    Laurel
    County
    Sussex
    State
    Delaware
    Longitude
    -75.56963921
    Latitude
    38.54736689

    Nearby Similar for Sale

    • $769,900
      2,500 SF

      Farmhouse with Poultry Income Potential

      Charming farmhouse on 5 acres with income-generating poultry house.
      8807 Woodland Ferry Rd, Laurel, DE 19956
      View Details
    • $325,000
      10.81 Acres

      Land For Sale, Laurel, DE

      10.81 acre land parcel available in Laurel, Delaware.
      Cresthaven Dr, Laurel, DE 19956
      View Details
    • $1,300,000
      31,000 SF

      Operating Salvage Yard with Licenses

      34-acre salvage yard with licenses, shop, storage, and rental house.
      12441 Whitesville Rd, Laurel, DE 19956
      View Details
    • $780,000
      11,186 SF

      Established Entertainment Center on Seaford Road

      Operating skating rink with building, land, and physical assets.
      28393 Seaford Rd, Laurel, DE 19956
      View Details
    • Contact for pricing
      33,000 SF

      Stone Creek Business Park Opportunity

      Office, retail, and warehouse flex space for sale.
      10252 Stone Creek Dr, Laurel, DE 19956
      View Details
    • $6,500,000

      Commercial Building and Gas Station

      8-acre site with multi-unit building and gas station.
      10908 County Seat Hwy, Laurel, DE 19956
      View Details
    • Contact for pricing
      2,925 SF

      Versatile Commercial Space in Laurel

      2,925 SF commercial space with high visibility on Route 13.
      Laurel Warehouses, Laurel, DE 19956
      View Details
    • $599,000

      Versatile Commercial Building with Drive-Through

      3200 SF building suitable for office or retail use.
      1122 S Central Ave, Laurel, DE 19956
      View Details
    • $399,900

      Commercial Property Near Route 13

      Commercial-zoned buildings on one acre near Route 13.
      10917 Delaware Ave, Laurel, DE 19956
      View Details
    • $825,000

      Office Building on 3.6 Acres

      Office building with shed, billboard, near Route 13/9.
      30330 Sussex Hwy, Laurel, DE 19956
      View Details
    • $299,900

      Industrial Property in Laurel, Delaware

      Light industrial property featuring new utilities and exterior.
      112 W 10Th St, Laurel, DE 19956
      View Details
    • $350,000

      Holly Oak Drive Land Opportunity

      Land for sale on Holly Oak Drive, Laurel, DE.
      32516 Holly Oak Dr, Laurel, DE 19956
      View Details

    FAQs

    What type of property is this?
    Drug store - 7,006 SF building on 4.4 acres with development potential.
    Where is this drug store located?
    The property is located at 1120 S Central Ave Laurel, DE.
    What is the asking price?
    The asking price for this property is $1,499,500.
    What are key features of this property?
    This property features: - High-visibility location on Laurel's main corridor with multiple access points and ample parking.; - Versatile, open floor plan suitable for retail, office, medical, or service-oriented businesses due to C-B zoning.; - Substantial 4.4-acre lot with additional land for development or expansion.
    (443) 944-4464
    Request Owner's contact information
    1120 S Central Ave Laurel, DE 19956
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1120 S Central Ave
    Laurel, DE 19956
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

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

    More about this property
    1120 S Central Ave Laurel, DE 19956
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Meredith M. Mears
    (443) 944-4464
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.