Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    24245 Hardscrabble Rd Millsboro, DE 19966

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $2,999,900

    Land available on Hardscrabble Road, Millsboro.

    Type:Land
    Added:
    Feb 3, 2023
    Days on Market:
    1169
    Last Refresh:
    Mar 16 at 8:59 am

    Property Features for 24245 Hardscrabble Rd

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    BRADLEY ABSHER
    BRADLEY ABSHER

    Listing agent BRADLEY ABSHER License #RS-0023491

    Listing office Keller Williams Realty

    Listing date Feb 3, 2023

    Source Evrealestate

    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 Keller Williams Realty

    Overview

    Land for Sale

    The property is located off Route 113, west on Route 20 (Hardscrabble Road), Sussex County. It is situated on the right side of the road.
    Location Intelligence

    Current Use by Public Records

    Land

    Suggested Use

    Restaurant Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Auto Parts Store Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Millsboro
    County
    Sussex
    State
    Delaware
    Longitude
    -75.3248512
    Latitude
    38.6002084

    Nearby Similar for Sale

    • $895,000

      Prime Land in Millsboro, DE

      2.74 acre parcel in high-traffic area with development potential.
      28592 DUPONT Boulevard, MILLSBORO, DE 19966
      View Details
    • Sponsored
      $399,000
      3,800 SF

      Serendipity

      Established waterfront restaurant with Indian River views and expansion potential.
      32580 River Rd, Millsboro, DE 19966
      View Details
    • $54,999

      Quarter-Acre Lot in Millsboro, DE

      Residential lot in a thriving community near coastal amenities.
      VACATION Road lot: 40, MILLSBORO, DE 19966
      View Details
    • $79,000

      Wooded Lot Near Baywood Greens

      0.25-acre wooded lot near shopping, dining, and golf.
      HOLIDAY Drive lot: 33, MILLSBORO, DE 19966
      View Details
    • $799,900

      Private 64-Acre Estate Opportunity

      Rare 64-acre estate opportunity near Delaware coastline.
      0 LITTLE HILL RD., MILLSBORO, DE 19945
      View Details
    • $179,900

      Residential Land in Bay Hollow

      Cleared 0.75 acre building lot near waterfront community.
      32383 AUSTIN DR, MILLSBORO, DE 19966
      View Details
    • $140,000

      Wooded Lot in Warwick Park

      0.34 acre wooded lot in waterfront community near beaches.
      106 COMANCHE Circle, MILLSBORO, DE 19966
      View Details
    • $220,000

      Water View Lot in Millsboro

      Residential land with water views, close to town and resorts.
      26532 JERSEY Road, MILLSBORO, DE 19966
      View Details
    • $200,000

      Cleared Lot Ready to Build

      1.63-acre lot, perked and septic-approved, ready for construction.
      GRAVEL HILL Road, MILLSBORO, DE 19966
      View Details
    • $94,900

      Residential Lot in Millsboro, DE

      Residential lot with easy access to amenities and beaches.
      219 IRONS Avenue, MILLSBORO, DE 19966
      View Details
    • $124,000

      Spacious Lot Near Delaware Beaches

      Ready-to-build lot near boating, golfing, shopping, and restaurants.
      LAUREL RD, MILLSBORO, DE 19966
      View Details
    • $150,000

      Spacious Lot for Custom Home

      2.15-acre lot perfect for building your dream home.
      26486 MOUNT JOY RD, MILLSBORO, DE 19966
      View Details

    FAQs

    What type of property is this?
    Land - Land available on Hardscrabble Road, Millsboro.
    Where is this land located?
    The property is located at 24245 Hardscrabble Rd Millsboro, DE.
    What is the asking price?
    The asking price for this property is $2,999,900.
    What are key features of this property?
    This property features: Location: Rt 113 to West on Rt 20 (Hardscrabble Road).; County: SUSSEX
    (302) 214-5263
    We can help!
    Listing Contact
    BRADLEY ABSHER
    BRADLEY ABSHER
    Real Estate License ID: RS-0023491
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!