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    Industrial Property with Multiple Garages Title is generated by Realmo AI

    28883 Sussex Highway, Laurel, DE 19956

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    Claim this Listing
    For Sale
    $2,250,000

    Over 16 acres with a large block building, attached and detached storage garages, and recently installed septic and well.

    Type:Commercial
    Lot size:
    16.00 Acres
    Added:
    Mar 18, 2025
    Days on Market:
    445
    Last Refresh:
    Jun 5 at 2:34 am

    Property Features for 28883 Sussex Highway

    General Information

    Standard status
    Active
    Lot size
    16.00 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1970

    We can help!

    Listing Contact
    LISA HORSEY

    Listing agent LISA HORSEY

    Listing office Keller Williams Realty

    Listing date Mar 18, 2025

    Source Deepcreeklake

    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

    HighLights

    • Over 16 acres of industrial property on the RT 13 corridor with frontage on US 13 and Camp Road
    • Large block building plus an attached garage and a detached large storage garage
    • Recently installed septic and well
    • Includes a connecting parcel: 232‑06.00‑41.00 (10296 Camp Rd) with a renovated brick home or office
    • Annexed into the town of Laurel

    Overview

    This offering includes more than 16 acres of industrial property featuring a large block building with an attached garage, along with a detached large storage garage. New septic and well have been recently installed to support on-site services. The package also includes a connecting parcel identified as 232-06.00-41.00 at 10296 Camp Rd, which contains a renovated brick home or office.

    The property provides frontage on US 13 and on Camp Road. The tract has been annexed into the town of Laurel, with the intent described as creating a business park and supporting rental uses or operating a business on one parcel while using the brick home as a primary residence.

    From a tenant and operator standpoint, the combination of large industrial building space and substantial storage capacity can fit a range of logistics, service, or warehousing needs, while the included renovated brick home or office may support owner-operator activity. Prospective buyers should note the property is private and access is restricted; visits require an agent or scheduling through the listing agent.
    Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Pharmacy Department Store Kitchen & Bath Showroom

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

    Similar Places Nearby

    • Hearthfire Self Storage — 29285 Discount Land Rd, Laurel, DE 19956

    Location Insight

    • Map
    • Local Demand
    City
    Laurel
    County
    Sussex
    State
    Delaware
    Longitude
    -75.5699434
    Latitude
    38.5830657

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    FAQs

    What type of property is this?
    Warehouse - Over 16 acres with a large block building, attached and detached storage garages, and recently installed septic and well.
    Where is this warehouse located?
    The property is located at 28883 Sussex Highway Laurel, DE.
    What is the asking price?
    The asking price for this property is $2,250,000.
    What are key features of this property?
    This property features: Over 16 acres of industrial property on the RT 13 corridor with frontage on US 13 and Camp Road; Large block building plus an attached garage and a detached large storage garage; Recently installed septic and well
    We can help!
    Listing Contact
    LISA HORSEY
    Learn More
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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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