Zoned UB3 Office
For Sale
$599,999
123 W MARKET STREET, Georgetown, DE 19947
Office building on a large lot with on-site parking, zoned UB3 for professional use in Georgetown, Delaware.
Property Size3,000 SF
Lot Size1.50 Acres
Price / SF$199
Days on Market93
Property Features for 123 W MARKET STREET
General Information
Standard status
Active
Size
3,000 SF
Total Parking Spaces
15
Lot size
1.50 Acres
Zoning
UB3
Taxes and HOA fees
Annual Taxes
$920
Amenities
Central Air, Electric
Electric, Pellet Stove, Heat Pump
Electric Water Heater
Parking Lot
Building Details
Building Size
3,000 SF
Year Built
1960
Listing Agency:
Alliance Real Estate Pros
Listed By:
Julian Washington · License #0037352
(302) 362-3585
Source:
Evrealestate
Added: Jul 16
Changed: Oct 10
Last Checked: Oct 14 at 10:27PM
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 Alliance Real Estate Pros
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Investment Insights
Based on property information with market context.
This for-sale office property includes a 3,000-square-foot office building on an approximately 1.5-acre lot. The site features an on-site parking area, and the expansive grounds offer space for future development of the building and parking facilities. The property is zoned UB3.
Located at 123 W Market St in Georgetown, Delaware, the building is positioned just minutes from Georgetown’s town center, Town Hall, and the new Family Court, supporting convenient access for clients and staff.
Designed for professional operations under UB3, this property provides a turn-key office setting with parking on site and room to grow on the existing lot.
Located at 123 W Market St in Georgetown, Delaware, the building is positioned just minutes from Georgetown’s town center, Town Hall, and the new Family Court, supporting convenient access for clients and staff.
Designed for professional operations under UB3, this property provides a turn-key office setting with parking on site and room to grow on the existing lot.
Key Highlights
- 3,000‑SF office building built in 1960
- Approximately 1.5‑acre lot with on‑site parking
- Zoned UB3 for professional office use
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$47,091
Cap Rate
7.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$941,820
$941.8K
Cap Rate 7%
$672,729
$672.7K
Cap Rate 9%
$523,233
$523.2K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$77.0K $25.68/SF
− Vacancy
−$14.3K −$4.75/SF
EGI
$62.8K $20.93/SF
− OpEx
−$15.7K −$5.23/SF
NOI
$47.1K $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%
$941,820
Cap Rate 7%
$672,729
Cap Rate 9%
$523,233
Alternative Uses
Best Use
Office B
$672.7K
$588.6K – $784.9K
NOI $47,091 @ 7.0% cap · market cap 7.85%
Second Best
Healthcare Medical
$604.8K
$529.2K – $705.6K
NOI $42,336 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$824.4K
$721.4K – $961.8K
NOI $57,708 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
820
Businesses Nearby
Explore this area
Business Placement
Demographics for 19947, DE
20,964
Population
6,972
Households
3
Avg Household Size
37
Median Age
18%
College-Educated
76%
High-School Grad
119.2 sq mi
ZIP Area
176
Density / Sq Mi
$68,529
Median Household Income
$35,227
Median Earnings
$1,298
Median Rent
$294,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Office building on a large lot with on-site parking, zoned UB3 for professional use in Georgetown, Delaware.
Where is this office building located?
The property is located at 123 W MARKET STREET Georgetown, DE.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: 3,000‑SF office building built in 1960; Approximately 1.5‑acre lot with on‑site parking; Zoned UB3 for professional office use
