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

    14242 UNION STREET Extension Milton, DE 19968

    View on Map
    Claim this Listing
    For Sale
    $1,299,000

    LAND - MILTON, DE

    Lot size:
    4.11 Acres
    Added:
    Aug 29, 2024
    Days on Market:
    618
    Last Refresh:
    May 8 at 1:06 am

    Property Features for 14242 UNION STREET Extension

    General Information

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

    Taxes and HOA fees

    Tax Annual Amount
    438

    We can help!

    Listing Contact
    MYRA KAY K MITCHELL
    MYRA KAY K MITCHELL

    Listing agent MYRA KAY K MITCHELL License #RS-0012958

    Listing office RE/MAX Horizons 625 S DuPont Highway unit: 103, Dover, DE

    Listing date Aug 29, 2024

    MLS# DESU2069528 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

    • 4.11‑acre lot suitable for development.
    • Located in a well‑established area of Milton (but not in city limits).
    • Frontage on 3 roads and a paper road, allowing for creative architectural possibilities.
    • Proximity to essential amenities: shopping centers, dining options, and recreational facilities.
    • Water and sewer connection near by.
    • Potential value increase pending DelDot approval for traffic light and road improvements.

    Overview

    Expansive Land Parcel in Milton

    This expansive 4.11-acre lot offers a development opportunity in a vibrant community. The property features an irregular shape and frontage on 3 roads, with a paper road already in place, allowing for creative architectural designs. Located in an established area of Milton, but not within city limits, the site benefits from proximity to essential amenities, including shopping centers, dining options, and recreational facilities. Water and sewer connections are located nearby. The property's value may increase pending DelDot approval for a traffic light and road improvements in the area. The property is located at 14242 UNION STREET Extension, MILTON, DE 19968.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Milton
    County
    Sussex
    State
    Delaware
    Longitude
    -75.3168492
    Latitude
    38.7902366

    Nearby Similar for Sale

    • $799,000

      Rare Broadkill Beach Land Parcel

      Exceptional land parcel near Broadkill Beach with development potential.
      2 S BAY SHORE Drive, MILTON, DE 19968
      View Details
    • $315,000

      Beach Block Lot in Milton

      Coastal dream lot with potential bay views near the beach.
      9 LOUISIANA Avenue, MILTON, DE 19968
      View Details
    • $599,000

      Prime Land Parcel on Coastal Highway

      2.88 acre commercial land with frontage on Route 1.
      15519 COASTAL HWY, MILTON, DE 19968
      View Details
    • $720,000

      Residential Lots in Milton, DE

      Three adjoining residential lots for sale in Shipbuilders Village.
      512, 514, 516 MULBERRY Street, MILTON, DE 19968
      View Details
    • $269,000

      Premium Lot in Milton, DE

      Cleared lot in established community near Broadkill River.
      219 CHANDLER Street, MILTON, DE 19968
      View Details
    • $175,000

      Buildable Homesite in Milton, Delaware

      0.23-acre homesite in a charming, walkable Milton community.
      203 SASSAFRAS Lane, MILTON, DE 19968
      View Details
    • $3,975,000
      12,860 SF

      Milton Medical Park Investment Opportunity

      Fully leased medical office park with expansion potential in Milton, DE.
      611 Federal Street, Milton, DE 19968
      View Details
    • $193,000

      Corner Lot in Milton, DE

      Prime corner lot in Milton, DE, ready for development.
      116 TILNEY Street, MILTON, DE 19968
      View Details
    • $5,400,000
      19,712 SF

      Milton, Delaware Investment Opportunity

      Diversified property portfolio with self-storage, car wash, and commercial building.
      200-204 Broadkill Rd, Milton, DE 19968
      View Details
    • $5,400,000
      13,400 SF

      Milton, DE Investment Opportunity

      Diversified property portfolio with self-storage, car wash, and commercial building.
      200-204 Broadkill Rd, Milton, DE 19968
      View Details
    • $250,000

      Residential Lot in Milton, DE

      Residential lot suitable for a full basement in Milton, DE.
      218 RIDGE Road, MILTON, DE 19968
      View Details
    • $392,000

      Coastal Land Near Delaware Bay

      Land with development potential near Delaware Bay in Broadkill Beach.
      402 S BAY SHORE Drive, MILTON, DE 19968
      View Details

    FAQs

    What type of property is this?
    Land - 4.11-acre lot for development in Milton, Delaware.
    Where is this land located?
    The property is located at 14242 UNION STREET Extension Milton, DE.
    What is the asking price?
    The asking price for this property is $1,299,000.
    What are key features of this property?
    This property features: 4.11‑acre lot suitable for development.; Located in a well‑established area of Milton (but not in city limits).; Frontage on 3 roads and a paper road, allowing for creative architectural possibilities.
    (302) 236-6846
    We can help!
    Listing Contact
    MYRA KAY K MITCHELL
    MYRA KAY K MITCHELL
    Real Estate License ID: RS-0012958
    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
    14242 UNION STREET Extension, MILTON, DE 19968
    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!