Office Building with
For Sale
$599,999
123 W MARKET Street, Georgetown, DE 19947
Commercial Sale, GEORGETOWN, DE
Property Size3,000 SF
Lot Size1.50 Acres
Price / SF$199
Days on Market86
Property Features for 123 W MARKET Street
General Information
Property type
Other
Property subtype
Office
Rooms
Basement
Parking
15
Parking features
Parking Lot
Elementary school district
INDIAN RIVER
Middle school district
INDIAN RIVER
High school district
INDIAN RIVER
Standard status
Active
Lot size
1.50 Acres
Taxes and HOA fees
Tax Annual Amount
920
Utilities
Heating system
Heat Pump (Heating), Pellet Stove
Cooling system
Central Air
Building Details
Year built
1960
Number of units
1
Building materials
Vinyl Siding
Listing Agency:
ARE PROS.
(302) 536-1838
Listed By:
Julian Washington · License #0037352
(302) 362-3585
Added: Jul 14
Changed: Oct 7
Last Checked: Oct 7 at 8:06PM
MLS# DESU2115632
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.
The office property contains a 3,000-square-foot building on approximately 1.5 acres. Built in 1960, it includes a basement, vinyl siding, central air conditioning, and heating by heat pump and pellet stove. A parking lot is located on the property, and the zoning designation is UB3.
The site is in Georgetown, minutes from the town center, Town Hall, and the new Family Court.
The site is in Georgetown, minutes from the town center, Town Hall, and the new Family Court.
Key Highlights
- 3,000‑square‑foot office building on approximately 1.5 acres
- UB3 zoning
- On‑site parking lot
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
—
—
no second resolved use
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.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - UB3 zoning, on-site parking, and central air conditioning support a range of office configurations.
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‑square‑foot office building on approximately 1.5 acres; UB3 zoning; On‑site parking lot
