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    Millsboro Retail Center on Dupont Title is generated by Realmo AI

    28595 DUPONT BOULEVARD 5, Millsboro, DE 19966

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    Claim this Listing
    For Lease
    $25 SF/Yr $2,500/Mo (calc)

    Retail and office spaces for lease in Millsboro, Delaware.

    Type:Rental
    Property size:
    1,200 SF
    Lot size:
    9.26 Acres
    Added:
    Jan 14, 2025
    Days on Market:
    504
    Last Refresh:
    May 19 at 11:06 pm

    Property Features for 28595 DUPONT BOULEVARD 5

    General Information

    Standard status
    Active
    Size
    1,200 SF
    Lot size
    9.26 Acres
    Property subtype
    Rental

    Building Details

    Year Built
    1970

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    Listing Contact
    BRITTANY DANAHY
    BRITTANY DANAHY

    Listing agent BRITTANY DANAHY

    Listing office DSM COMMERCIAL

    Listing date Jan 14, 2025

    Source Exitrealty

    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 DSM COMMERCIAL

    HighLights

    • Prime visibility and high traffic counts (over 30,000 vehicles daily) on Route 113
    • Anchored by Planet Fitness and Furniture & More after major redevelopment
    • Unmatched regional location on Route 113, a main thoroughfare
    • Multiple access points, including Route 113 and access to downtown Millsboro
    • Available pad sites fronting Route 113, including a 2.05ac site that can be demised
    • Vacancy includes a 1,200sf former Edward Jones office with access to +/-1ac of outdoor space

    Overview

    Mid-Sussex Center is an approximately 110,000 square foot neighborhood center located on northbound Dupont Boulevard in Millsboro, Delaware. The center has visibility on Route 113 with traffic. The center is undergoing redevelopment, with Planet Fitness and Furniture & More anchoring the center, replacing Roses. Vacancies include a 1,200 square foot former Edward Jones office next to Airbase Carpet & Tile, with the ability to utilize the approximately 1 acre of adjacent outdoor space, which can be fenced. There is also the potential of two 4,590 square foot contiguous units for lease, as well as two pad sites fronting Route 113. The available pad space to the south of the existing entrance totals 2.05 acres and can be demised. The pad area north of the entrance has been leased to a car wash. The location is along Route 113, with over 30,000 vehicles passing the property daily. There is the ability to enter and exit on Route 113 as well as behind the center to light and downtown Millsboro.
    Property Profile Location Intelligence

    Current Use by Public Records

    Goodwill Discount Store My Way Leases Interior Design Planet Fitness Gym & Fitness Center

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    • Coin Cloud Bitcoin ATM — 30217 Commerce Dr, Millsboro, DE 19966
    • Peninsula Crossing — 26676 Centerview Dr, Millsboro, DE 19966

    Location Insight

    • Map
    • Local Demand
    City
    Millsboro
    County
    Sussex
    State
    Delaware
    Longitude
    -75.2877495
    Latitude
    38.5801829

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    FAQs

    What type of property is this?
    Shopping center - Retail and office spaces for lease in Millsboro, Delaware.
    Where is this shopping center located?
    The property is located at 28595 DUPONT BOULEVARD 5 Millsboro, DE.
    What is the lease rate?
    The lease rate is $25 SF/Yr.
    What are key features of this property?
    This property features: Prime visibility and **high traffic counts (over 30,000 vehicles daily) on Route 113**; Anchored by **Planet Fitness and Furniture & More** after major redevelopment; Unmatched regional location on Route 113, a main thoroughfare
    (302) 227-0768
    We can help!
    Listing Contact
    BRITTANY DANAHY
    BRITTANY DANAHY
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    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.

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    28595 DUPONT BOULEVARD 5, MILLSBORO, DE 19966
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