Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search

    129 WASHINGTON ST Millsboro, DE 19966

    View on Map
    Claim this Listing
    For Sale
    $299,000

    LAND - MILLSBORO, DE

    Lot size:
    0.32 Acres
    Added:
    Nov 11, 2020
    Days on Market:
    2004
    Last Refresh:
    May 8 at 1:06 pm

    Property Features for 129 WASHINGTON ST

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.32 Acres

    Taxes and HOA fees

    Tax Annual Amount
    311

    We can help!

    Listing Contact
    Renee Edge
    Renee Edge

    Listing agent Renee Edge License #RA0031042

    Listing office Keller Williams Realty 37169 Rehoboth Avenue Extension unit: 11, Rehoboth Beach, DE

    Listing date Nov 11, 2020

    MLS# DESU173068 Listing URL

    Copyright © 2026 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.

    HighLights

    • Prime location in the heart of Millsboro, Sussex County's growth leader in 2019.
    • Zoned Urban Business, permitting diverse business uses (groceries, banking, restaurants, etc.).
    • High visibility with substantial traffic: 19,770 Annual Average Daily Traffic count in 2022.
    • Recently combined expansive lot provides expanded business space.
    • Convenient access to coastal attractions: 19 miles to Rehoboth Beach and 15 miles to Bethany Beach.
    • Town water and sewer hook‑up availability.

    Overview

    Prime Millsboro Land Opportunity

    This expansive 0.3157-acre lot, recently combined, offers ample space for business ventures. Located in the heart of Millsboro, Delaware, the vacant lot is zoned Urban Business. Millsboro, recognized as Sussex County's growth leader in 2019, presents an environment for investment. The location offers high visibility and experiences substantial traffic, with an Annual Average Daily Traffic count of 19,770 in 2022. Situated 19 miles west of Rehoboth Beach and 15 miles from Bethany Beach, Millsboro enjoys proximity to coastal attractions. The Urban Business zoning permits a variety of uses, including groceries, banking facilities, drive-in eateries, restaurants, and sporting goods stores. The area provides ample free parking, with the added benefit of town water and sewer hook-up availability. The consolidation of two parcels provides expanded business space.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Millsboro
    County
    Sussex
    State
    Delaware
    Longitude
    -75.2932272
    Latitude
    38.5898474

    Nearby Similar for Sale

    • $895,000

      Prime Land in Millsboro, DE

      2.74 acre parcel in high-traffic area with development potential.
      28592 DUPONT Boulevard, MILLSBORO, DE 19966
      View Details
    • Sponsored
      $399,000
      3,800 SF

      Serendipity

      Established waterfront restaurant with Indian River views and expansion potential.
      32580 River Rd, Millsboro, DE 19966
      View Details
    • $79,000

      Wooded Lot Near Baywood Greens

      0.25-acre wooded lot near shopping, dining, and golf.
      HOLIDAY Drive lot: 33, MILLSBORO, DE 19966
      View Details
    • $799,900

      Private 64-Acre Estate Opportunity

      Rare 64-acre estate opportunity near Delaware coastline.
      0 LITTLE HILL RD., MILLSBORO, DE 19945
      View Details
    • $225,000

      Waterfront Land in Desirable Community

      Half-acre waterfront lot near beaches, shopping, and dining.
      Lot 15 Neptunes Ct, Millsboro, DE 19966
      View Details
    • $140,000

      Wooded Lot in Warwick Park

      0.34 acre wooded lot in waterfront community near beaches.
      106 COMANCHE Circle, MILLSBORO, DE 19966
      View Details
    • $220,000

      Water View Lot in Millsboro

      Residential land with water views, close to town and resorts.
      26532 JERSEY Road, MILLSBORO, DE 19966
      View Details
    • $179,900

      Residential Land in Bay Hollow

      Cleared 0.75 acre building lot near waterfront community.
      32383 AUSTIN DR, MILLSBORO, DE 19966
      View Details
    • $54,999

      Quarter-Acre Lot in Millsboro, DE

      Residential lot in a thriving community near coastal amenities.
      VACATION Road lot: 40, MILLSBORO, DE 19966
      View Details
    • $124,000

      Spacious Lot Near Delaware Beaches

      Ready-to-build lot near boating, golfing, shopping, and restaurants.
      LAUREL RD, MILLSBORO, DE 19966
      View Details
    • $150,000

      Spacious Lot for Custom Home

      2.15-acre lot perfect for building your dream home.
      26486 MOUNT JOY RD, MILLSBORO, DE 19966
      View Details
    • $999,999
      3,000 SF

      Millsboro Multifamily Investment Opportunity

      Six-unit apartment building in Millsboro, Delaware for sale.
      28420 DELAWARE AVENUE, MILLSBORO, DE 19966
      View Details

    FAQs

    What type of property is this?
    Commercial land - Vacant lot in thriving Millsboro, ideal for business ventures.
    Where is this commercial land located?
    The property is located at 129 WASHINGTON ST Millsboro, DE.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Prime location in the heart of Millsboro, Sussex County's growth leader in 2019.; Zoned Urban Business, permitting diverse business uses (groceries, banking, restaurants, etc.).; High visibility with substantial traffic: 19,770 Annual Average Daily Traffic count in 2022.
    (302) 535-5599
    We can help!
    Listing Contact
    Renee Edge
    Renee Edge
    Real Estate License ID: RA0031042
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry
    129 WASHINGTON ST, MILLSBORO, DE 19966
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!