Commercial Site on High-Traffic
For Sale
$6,500,000
Pending
10908 COUNTY SEAT Hwy, Laurel, DE 19956
8-acre commercial site with existing building and gas station.
Property Size69,000 SF
Lot Size8.00 Acres
Days on Market885
Property Features for 10908 COUNTY SEAT Hwy
General Information
Standard status
Pending
Size
69,000 SF
Lot size
8.00 Acres
Property subtype
Commercial/Industrial
Taxes and HOA fees
Annual Taxes
$24,904
Building Details
Year Built
1990
Listing Agency:
NAI Coastal
(410) 543-5115
Listed By:
Chris Davis · License #BK3256266
(410) 543-5115
Source:
Exitrealty
Added: Mar 7, 2024
Changed: Aug 8
Last Checked: May 19 at 10:26PM
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 NAI Coastal
Investment Insights
Based on property information with market context.
This 8-acre commercial site presents an investment or redevelopment opportunity at the intersection of Sussex Highway (RT 13) and County Seat Highway (RT 9) in Laurel, Delaware. The property includes a 69,000 SF multi-unit commercial building and a gas station with 6 years remaining on its lease. The property owner receives a rebate based on gallons sold at the gas station. A permanent easement is in place with the adjacent Burger King and cell tower. Stormwater management is already in place, with a prorated maintenance agreement based on the amount of land owned; any upgrades to the stormwater management system will be billed to the party requiring them. Water and sewer are stubbed and available. There are no restrictions on the property. The site is located at a highly trafficked, signaled intersection and lends itself to a variety of possible uses.
Key Highlights
- Prime location at a highly trafficked, signaled intersection of Sussex Highway (RT 13) and County Seat Highway (RT 9).
- 8‑acre site with a 69,000 SF multi‑unit commercial building.
- Existing gas station with 6 years remaining on the lease, providing income with gallon‑based rebate.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$406,445
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.25%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,128,900
$8.1M
Cap Rate 7%
$5,806,357
$5.8M
Cap Rate 9%
$4,516,056
$4.5M
Market Conditions
NOI Build-Up for 69,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$621.0K $9.00/SF
− Vacancy
−$40.4K −$0.59/SF
EGI
$580.6K $8.42/SF
− OpEx
−$174.2K −$2.52/SF
NOI
$406.4K $5.89/SF
Area
Sussex County, DE
Vacancy
6.50%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$8,128,900
Cap Rate 7%
$5,806,357
Cap Rate 9%
$4,516,056
Alternative Uses
Best Use
Specialty Retail
$11.94M
$10.44M – $13.93M
NOI $835,556 @ 7.0% cap · market cap 12.85%
Second Best
Retail
$8.84M
$7.73M – $10.31M
NOI $618,549 @ 7.0% cap · market cap 9.52%
Theoretical Best
Office A
$18.96M
$16.59M – $22.12M
NOI $1,327,284 @ 7.0% cap · market cap 20.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
132
Businesses Nearby
Explore this area
Business Placement
Demographics for 19956, DE
16,327
Population
6,556
Households
2.5
Avg Household Size
39
Median Age
16%
College-Educated
84%
High-School Grad
100.4 sq mi
ZIP Area
163
Density / Sq Mi
$59,085
Median Household Income
$36,131
Median Earnings
$923
Median Rent
$233,500
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - 8-acre commercial site with existing building and gas station.
Where is this gas station located?
The property is located at 10908 COUNTY SEAT Hwy Laurel, DE.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: Prime location at a highly trafficked, signaled intersection of Sussex Highway (RT 13) and County Seat Highway (RT 9).; 8‑acre site with a 69,000 SF multi‑unit commercial building.; Existing gas station with 6 years remaining on the lease, providing income with gallon‑based rebate.
