Freestanding Retail and Office
1120 S Central Ave, Laurel, DE 19956
For Sale
$1,299,000
Versatile 7,006 SF free-standing building with warehouse and office space on a main corridor.
Property Size7,006 SF
Lot Size4.40 Acres
Price / SF$185.41
Days on Market155
Property Features for 1120 S Central Ave
General Information
Standard status
Size
Lot size
Zoning
Building Details
Year Built
Listing Agency:
SVN/Miller Commercial Real Estate
Listed By:
Meredith M. Mears · License DE RS-0037916
(443) 944-4464
Source:
Kandorre
Added: Jun 12
Changed: Nov 11
Last Checked: Oct 7 at 1:56PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN/Miller Commercial Real Estate
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Investment Insights
Based on property information with market context.
This free-standing commercial building totals 7,006 SF and features a wide-open main floor plan with a small warehouse and office area in the rear, making it adaptable for a range of service, retail, and office uses. The property is supported by recent capital improvements, including a roof installed less than five years ago and HVAC systems installed approximately one year ago.
The building sits on 4.4 acres along Laurel, DE’s main corridor, offering multiple points of ingress and egress and plentiful parking for employees and customers. The site includes additional land that may support development or expansion, subject to applicable requirements.
Zoned C-B, the property is positioned for flexible occupancy, including retail, office, medical, or service-oriented businesses, according to the provided zoning description. For investors or owner-occupants, the combination of a storefront-style open area, back-of-house workspace, and practical site configuration can support both day-to-day operations and future repurposing. The property’s former use as a Rite-Aid pharmacy is noted in the remarks, with the existing layout supporting continued versatility.
The building sits on 4.4 acres along Laurel, DE’s main corridor, offering multiple points of ingress and egress and plentiful parking for employees and customers. The site includes additional land that may support development or expansion, subject to applicable requirements.
Zoned C-B, the property is positioned for flexible occupancy, including retail, office, medical, or service-oriented businesses, according to the provided zoning description. For investors or owner-occupants, the combination of a storefront-style open area, back-of-house workspace, and practical site configuration can support both day-to-day operations and future repurposing. The property’s former use as a Rite-Aid pharmacy is noted in the remarks, with the existing layout supporting continued versatility.
Key Highlights
- 7,006 SF free‑standing commercial building with a small warehouse and office space at the rear
- Sits on 4.4 acres along Laurel, DE’s main corridor with multiple points of ingress and egress
- C‑B zoning offering flexibility for retail, office, medical, or service‑oriented uses
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$109,972
Cap Rate
8.47%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,199,440
$2.2M
Cap Rate 7%
$1,571,029
$1.6M
Cap Rate 9%
$1,221,911
$1.2M
Market Conditions
NOI Build-Up for 7,006 SF
Gross rent
$179.9K $25.68/SF
− Vacancy
−$33.3K −$4.75/SF
EGI
$146.6K $20.93/SF
− OpEx
−$36.7K −$5.23/SF
NOI
$110.0K $15.70/SF
Area
Sussex County, DE
Vacancy
18.50%
Lease Rate
$25.68 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,199,440
Cap Rate 7%
$1,571,029
Cap Rate 9%
$1,221,911
Alternative Uses
Best Use
Office B
$1.57M
$1.37M – $1.83M
NOI $109,972 @ 7.0% cap · market cap 8.47%
Second Best
Retail
$897.2K
$785.1K – $1.05M
NOI $62,805 @ 7.0% cap · market cap 4.83%
Theoretical Best
Office A
$1.93M
$1.68M – $2.25M
NOI $134,767 @ 7.0% cap · market cap 10.37%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
113
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 19956, DE
16,327
Population
6,556
Households
2.5
Avg Household Size
39
Median Age
16%
College-Educated
84%
High-School Grad
100.4 sq mi
ZIP Area
163
Density / Sq Mi
$59,085
Median Household Income
$36,131
Median Earnings
$923
Median Rent
$233,500
Median Home Value
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Market
Average Price Trend$/SF for Storefront properties in Sussex County, DE
Properties on Market for Storefront properties in Sussex County
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Storefront property - Versatile 7,006 SF free-standing building with warehouse and office space on a main corridor.
Where is this storefront property located?
The property is located at 1120 S Central Ave Laurel, DE.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 7,006 SF free‑standing commercial building with a small warehouse and office space at the rear; Sits on 4.4 acres along Laurel, DE’s main corridor with multiple points of ingress and egress; C‑B zoning offering flexibility for retail, office, medical, or service‑oriented uses
