Storefront Property with
For Sale
$250,000
1551 SAVANNAH ROAD 4, Lewes, DE 19958
A parking lot accompanies the storefront, which has heat pump service and an electric water heater.
Property Size1,962 SF
Days on Market176
Property Features for 1551 SAVANNAH ROAD 4
General Information
Standard status
Active
Size
1,962 SF
Total Parking Spaces
8
Property subtype
Business Opportunity
Zoning
TN
Amenities
Heat Pump
Electric, Heat Pump
Electric Water Heater
Parking Lot
Building Details
Building Size
1,962 SF
Listing Agency:
R&R Commercial Realty
Listed By:
Keith Walpole · License #RS-0014425
(302) 674-3400
Source:
Evrealestate
Added: Apr 26
Changed: Oct 16
Last Checked: Oct 16 at 8:05AM
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 R&R Commercial Realty
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This storefront property is located at 1551 Savannah Road in Lewes, Delaware. The property has TN zoning and a parking lot. Building features include a heat pump and an electric water heater.
Key Highlights
- TN zoning
- Parking lot on site
- Heat pump service
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,588
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$351,760
$351.8K
Cap Rate 7%
$251,257
$251.3K
Cap Rate 9%
$195,422
$195.4K
Market Conditions
NOI Build-Up for 1,962 SF
Gross rent
$27.1K $13.80/SF
− Vacancy
−$1.9K −$0.99/SF
EGI
$25.1K $12.81/SF
− OpEx
−$7.5K −$3.84/SF
NOI
$17.6K $8.96/SF
Area
Sussex County, DE
Vacancy
7.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$351,760
Cap Rate 7%
$251,257
Cap Rate 9%
$195,422
Alternative Uses
Best Use
Retail
$251.3K
$219.9K – $293.1K
NOI $17,588 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$539.2K
$471.8K – $629.0K
NOI $37,741 @ 7.0% cap · market cap 15.10%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
831
Businesses Nearby
136k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 30%
Home Improvements & Furnishings 25%
Dining 23%
Groceries 18%
The Home Depot
Home Improvements & Furnishings
34,129 visits/mo
0.4 miles
Weis Markets
Groceries
25,199 visits/mo
0.2 miles
Exxon
Shops & Services
18,243 visits/mo
0.4 miles
Arby's
Dining
12,813 visits/mo
0.3 miles
Grotto Pizza
Dining
9,817 visits/mo
0.4 miles
Demographics for 19958, DE
27,911
Population
19,410
Households
1.4
Avg Household Size
61
Median Age
49%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
590
Density / Sq Mi
$91,445
Median Household Income
$49,124
Median Earnings
$1,654
Median Rent
$488,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Storefront property - A parking lot accompanies the storefront, which has heat pump service and an electric water heater.
Where is this storefront property located?
The property is located at 1551 SAVANNAH ROAD 4 Lewes, DE.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: TN zoning; Parking lot on site; Heat pump service
