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
    The Largest CRE Database in the US with Over 1 Million Listings

    26277 Cove Dr, Unit 45940 Millsboro, DE 19966

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $235,000

    Specialty property available for purchase in Millsboro, Delaware.

    Building Details

    Year built
    1997

    We can help!

    Listing Contact
    Brett Deprince
    Source: Elliman

    Listing Agent: Brett Deprince

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Millsboro Specialty Property For Sale

    A specialty property is available for sale in Millsboro, Delaware. The list price is $235,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Specialty properties

    Suggested Use

    Auto Repair Shop Gym & Fitness Auto Parts Store Kitchen & Bath Department Store Bar & Pub Daycare Center Cafe & Coffee Shop Convenience Store Wine and Liquor Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Millsboro
    County
    Sussex
    State
    Delaware
    Longitude
    -75.1289082
    Latitude
    38.6279215

    Nearby Similar for Sale

    • Sponsored
      $399,000
      3,800 SF

      Serendipity

      Rare Waterfront Restaurant Opportunity! Indian River Views, Exceptional Growth Potential!
      32850 River Rd, Millsboro, DE 19966
      View Details
    • $435,000

      Resort-Style Living Top-Floor Condo

      Furnished 3-bedroom condo with resort amenities and golf course views.
      33580 Windswept Dr, Millsboro, DE 19966
      View Details
    • $470,000

      Luxury Condo Overlooking Golf Course

      Three-bedroom condo with golf course views and resort-style amenities.
      33558 Windswept Dr, Millsboro, DE 19966
      View Details
    • $434,500

      Luxury Condo with Golf Course Views

      Renovated condo in gated community with resort-style amenities.
      33570 Windswept Dr, Millsboro, DE 19966
      View Details
    • $294,000

      Elegant Home Overlooking Baywood Fairway

      Comfortable 3-bedroom home with golf course views and resort amenities.
      24934 Pot Bunker Way, Millsboro, DE 19966
      View Details
    • $450,000
      3,561 SF

      Waterfront Home with Modern Comfort

      Spacious 5-bedroom home with water views and modern amenities.
      10040 Iron Pointe Dr, Millsboro, DE 19966
      View Details
    • $299,000
      2,052 SF

      Resort-Style Living in Plantation Lakes

      2-bedroom townhome in Plantation Lakes, built in 2022.
      24642 Dogwood Ln, Millsboro, DE 19966
      View Details
    • $469,000
      2,052 SF

      2022 Home with Bay Views

      Luxurious 4-bedroom home built in 2022 with bay views.
      34832 Sloop Ave, Millsboro, DE 19966
      View Details
    • $329,999

      Updated Townhome with Balcony

      Renovated 4-bedroom townhome with balcony near Massey's Landing.
      26765 Chatham Ln, Millsboro, DE 19966
      View Details
    • $330,000
      1,954 SF

      Delaware Coastal Townhome with Upgrades

      3-bedroom, 2.5-bathroom townhome in Millsboro, DE, near beaches.
      29684 Cobblestone Way, Millsboro, DE 19966
      View Details
    • $149,000

      Bayside Home with Community Amenities

      Well-maintained home in Pot-Nets Bayside with access to community amenities.
      34401 Mallard Rd, Millsboro, DE 19966
      View Details
    • $155,000

      Remodeled Coastal Home Near Bay

      Remodeled 3-bedroom, 2-bath home near Rehoboth and Indian River Bay.
      25874 N Oak St, Millsboro, DE 19966
      View Details

    FAQs

    What type of property is this?
    Specialty property - Specialty property available for purchase in Millsboro, Delaware.
    Where is this specialty property located?
    The property is located at 26277 Cove Dr, Unit 45940 Millsboro, DE.
    What is the asking price?
    The asking price for this property is $235,000.
    What are key features of this property?
    This property features: - Year Built: 1997
    (302) 604-3431
    Request Owner's contact information
    26277 Cove Dr, Unit 45940 Millsboro, DE 19966
    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.
    26277 Cove Dr, Unit 45940
    Millsboro, DE 19966
    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
    26277 Cove Dr, Unit 45940 Millsboro, DE 19966
    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
    Brett Deprince
    (302) 604-3431
    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.