Heated Auto Shop With
New
For Sale
$2,885,000
17593 E NASSAU COMMONS Blvd, Lewes, DE 19958
Insulated engineered-steel facility includes upper-level offices, service access, and an existing automotive tenant.
Property Size10,000 SF
Lot Size0.98 Acres
Price / SF$288.50
Days on Market3
Property Features for 17593 E NASSAU COMMONS Blvd
General Information
Standard status
Active
Size
10,000 SF
Lot size
0.98 Acres
Property subtype
Commercial
Additional Details
Drive-In Doors
6
Service Bays
6
Taxes and HOA fees
Annual Taxes
$2,452
Amenities
shop compressor
six 20' x 18' overhead doors
showroom
office space
heated
insulated
Building Details
Year Built
2020
Buildings
1
Stories
2
Construction
steel frame
Tenancy
Single
Listing Agency:
Long & Foster Real Estate, Inc.
(302) 841-7147
Listed By:
BILL CULLIN · License #RS0018675
(302) 841-7147
Source:
Elliman
Added: Aug 9
Changed: Aug 11
Last Checked: Aug 10 at 2:22AM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
Built in 2020, this 10,000-square-foot engineered steel building is fully heated and insulated, with a 60-foot by 136-foot footprint. The facility includes a 2,160-square-foot showroom, a separate office area of equal size above, six 20-foot by 18-foot overhead doors, and a shop compressor. The site measures 100 feet by 427 feet and provides ample parking.
The property is located at 17593 E Nassau Commons Blvd in Lewes, Delaware. It is currently occupied by a tenant operating a classic auto sales and service center. The tenant’s auto lifts and front-end alignment machine are excluded from the sale and do not convey.
The property is located at 17593 E Nassau Commons Blvd in Lewes, Delaware. It is currently occupied by a tenant operating a classic auto sales and service center. The tenant’s auto lifts and front-end alignment machine are excluded from the sale and do not convey.
Key Highlights
- 10,000 square foot heated and insulated engineered steel building
- Built in 2020 on a 100' x 427' site
- Six 20' x 18' overhead doors
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
$156,969
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
5.44%
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%
$3,139,380
$3.1M
Cap Rate 7%
$2,242,414
$2.2M
Cap Rate 9%
$1,744,100
$1.7M
Market Conditions
NOI Build-Up for 10,000 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
$256.8K $25.68/SF
− Vacancy
−$47.5K −$4.75/SF
EGI
$209.3K $20.93/SF
− OpEx
−$52.3K −$5.23/SF
NOI
$157.0K $15.70/SF
Area
Sussex County, DE
Vacancy
18.50%
Lease Rate
$25.68 /SF/Yr
Expense Ratio
25.00%
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%
$3,139,380
Cap Rate 7%
$2,242,414
Cap Rate 9%
$1,744,100
Alternative Uses
Best Use
Office B
$2.24M
$1.96M – $2.62M
NOI $156,969 @ 7.0% cap · market cap 5.44%
Second Best
Flex RnD
$1.33M
$1.17M – $1.55M
NOI $93,288 @ 7.0% cap · market cap 3.23%
Theoretical Best
Office A
$2.75M
$2.40M – $3.21M
NOI $192,360 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
6
Drive-in doors
6
Service bays
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
400
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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 Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Access Auto Center — 32393 Lewes Georgetown Hwy, Lewes, DE 19958
- D&T Garage — 32379 Lewes Georgetown Hwy, Lewes, DE 19958
- Sussex County Customs — 17507 Nassau Commons Blvd, Lewes, DE 19958
- McQueen Classics — 17593 Nassau Commons Blvd Suite B, Lewes, DE 19958
- Auto Glass USA of Lewes — 12001 Old Vine Blvd, Lewes, DE 19958
Frequently Asked Questions
What type of property is this?
Auto shop - Insulated engineered-steel facility includes upper-level offices, service access, and an existing automotive tenant.
Where is this auto shop located?
The property is located at 17593 E NASSAU COMMONS Blvd Lewes, DE.
What is the asking price?
The asking price for this property is $2,885,000.
What are key features of this property?
This property features: 10,000 square foot heated and insulated engineered steel building; Built in 2020 on a 100' x 427' site; Six 20' x 18' overhead doors
