Add Listing
    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

    129 Washington St Millsboro, DE 19966

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $299,000

    Spacious lot in growing Millsboro, ideal for business ventures.

    Lot size:
    0.32 Acres

    Property Features for 129 Washington St

    General Information

    Property type
    Commercial
    Standard status
    Active
    Lot size
    0.32 Acres

    Building Details

    Year built
    1492

    We can help!

    Listing Contact
    Renee Edge
    Renee Edge
    Source: Elliman

    Listing Agency: Keller Williams Realty Listing Agent: Renee Edge

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

    Learn more

    Overview

    Prime Vacant Lot in Millsboro

    This expansive vacant lot, recently combined, is located in the heart of Millsboro and is zoned Urban Business. Millsboro, recognized as Sussex County's growth leader in 2019, offers an ideal environment for investment. The property benefits from prime positioning and high visibility, with substantial traffic flow indicated by an Annual Average Daily Traffic count of 19,770 in 2022. Its location is approximately 19 miles west of Rehoboth Beach and 15 miles from Bethany Beach. The Urban Business zoning allows for a variety of uses, including groceries, banking facilities, drive-in eateries, restaurants, and sporting goods stores. Ample free parking is available throughout the town, and town water and sewer hook-ups are available. The consolidation of two parcels provides expanded business space, offering a significant opportunity for business development.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Millsboro
    County
    Sussex
    State
    Delaware
    Longitude
    -75.292981
    Latitude
    38.5900833

    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
    • $450,000

      Commercial Property on Highway 113

      Commercially zoned property with highway frontage and expansion potential.
      28482 Dupont Blvd, Millsboro, DE 19966
      View Details
    • $599,000

      Prime Location Investment Opportunity

      Two parcels totaling 0.57 acres with high visibility.
      26223 John J Williams Hwy, Millsboro, DE 19966
      View Details
    • $275,000

      Established Dog Grooming Business

      Profitable dog grooming business for sale with equipment and clients.
      26582 John J Williams Hwy, Millsboro, DE 19966
      View Details
    • $524,995

      Millsboro Specialty Property for Sale

      Specialty property available for purchase in Millsboro, Delaware.
      29320 Revel Rd, Millsboro, DE 19966
      View Details
    • $515,000

      Millsboro Specialty Property For Sale

      Specialty property available for purchase in Millsboro, Delaware.
      29441 Glenwood Dr, Millsboro, DE 19966
      View Details
    • $715,000

      Millsboro Specialty Property For Sale

      Specialty property available for purchase in Millsboro, Delaware.
      23792 Samuel Adams Cir, Millsboro, DE 19966
      View Details
    • $375,000

      Millsboro Specialty Property For Sale

      Specialty property available for purchase in Millsboro, Delaware.
      26643 S Lucky Ln, Millsboro, DE 19966
      View Details
    • $636,900

      Millsboro Specialty Property For Sale

      Specialty property available for purchase in Millsboro, Delaware.
      29688 Patrick Henry Cir, Millsboro, DE 19966
      View Details
    • $319,900

      Millsboro Specialty Property For Sale

      Specialty property available for purchase in Millsboro, Delaware.
      29479 Whitstone Ln, Millsboro, DE 19966
      View Details
    • $689,900

      Millsboro Specialty Property For Sale

      Specialty property available for purchase in Millsboro, Delaware.
      24877 Stevenson Rd, Millsboro, DE 19966
      View Details
    • $889,900

      Millsboro Specialty Property For Sale

      Specialty property available for purchase in Millsboro, Delaware.
      16 Parker Dr, Millsboro, DE 19966
      View Details

    FAQs

    What type of property is this?
    Commercial land - Spacious lot in growing Millsboro, ideal for business ventures.
    Where is this commercial land located?
    The property is located at 129 Washington St Millsboro, DE.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: - Prime location in Millsboro, Sussex County, offering high visibility and investment potential.; - Zoned Urban Business, permitting diverse business uses such as groceries, banking, restaurants, and sporting goods stores.; - High traffic area with an Annual Average Daily Traffic count of 19,770 in 2022.
    (302) 360-0300
    Request Owner's contact information
    129 Washington St 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.
    129 Washington St
    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
    129 Washington St 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
    Renee Edge
    Renee Edge
    Real Estate License ID: RA0031042
    (302) 360-0300 (302) 535-5599
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!