Freestanding Drug Store
For Sale
$1,299,000
1120 S CENTRAL Avenue, Laurel, DE 19956
Commercial Sale - LAUREL, DE
Property Size7,006 SF
Lot Size4.40 Acres
Price / SF$185.41
Days on Market411
Property Features for 1120 S CENTRAL Avenue
General Information
Property type
Other
Property subtype
Retail
Parking
40
Parking features
Parking Lot
Elementary school district
LAUREL
Middle school district
LAUREL
High school district
LAUREL
Standard status
Active
Lot size
4.40 Acres
Taxes and HOA fees
Tax Annual Amount
1744
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1978
Building materials
Concrete
Listing Agency:
SVN/Miller Commercial Real Estate
(410) 543-2440
Listed By:
Meredith M. Mears · License #RS-0037916
(443) 944-4464
Added: Jul 18, 2025
Changed: Aug 14
Last Checked: Sep 1 at 5:06AM
MLS# DESU2090982
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.
Investment Insights
Based on property information with market context.
This freestanding commercial building provides 7,006 square feet on a 4.4-acre site, with a broad open layout complemented by rear warehouse and office areas. Constructed in 1978, the property has concrete construction, central heating, central air, and a parking lot. The roof is less than 5 years old, and the HVAC systems are about 1 year old.
Located at 1120 S Central Avenue in Laurel, Delaware, the property sits along the community’s main corridor and offers multiple ingress and egress points. Plentiful on-site parking and additional land create room for expansion or further development. C-B zoning supports the property’s stated potential for retail, office, medical, and service-oriented uses.
Located at 1120 S Central Avenue in Laurel, Delaware, the property sits along the community’s main corridor and offers multiple ingress and egress points. Plentiful on-site parking and additional land create room for expansion or further development. C-B zoning supports the property’s stated potential for retail, office, medical, and service-oriented uses.
Key Highlights
- 7,006 SF freestanding commercial building on 4.4 acres
- Open interior layout with rear warehouse and office areas
- C‑B zoning supports retail, office, medical, and service‑oriented uses
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$84,839
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,696,780
$1.7M
Cap Rate 7%
$1,211,986
$1.2M
Cap Rate 9%
$942,656
$942.7K
Market Conditions
NOI Build-Up for 7,006 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$126.1K $18.00/SF
− Vacancy
−$13.0K −$1.85/SF
EGI
$113.1K $16.15/SF
− OpEx
−$28.3K −$4.04/SF
NOI
$84.8K $12.11/SF
Area
Sussex County, DE
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,696,780
Cap Rate 7%
$1,211,986
Cap Rate 9%
$942,656
Alternative Uses
Best Use
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,839 @ 7.0% cap · market cap 6.53%
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.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
6k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Family Dollar
Shops & Services
6,453 visits/mo
0.1 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Kurt Keglovits — 1120 S Central Ave, Laurel, DE 199561418
- Rite Aid Pharmacy — 1120 S Central Ave, Laurel, DE 19956
Frequently Asked Questions
What type of property is this?
Drug store - Flexible commercial property with an open interior, rear support areas, parking, and additional land for future expansion.
Where is this drug store located?
The property is located at 1120 S CENTRAL Avenue 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 freestanding commercial building on 4.4 acres; Open interior layout with rear warehouse and office areas; C‑B zoning supports retail, office, medical, and service‑oriented uses
