Heated Flex Building with Overhead
New
For Sale
$2,885,000
17593 E NASSAU COMMONS Boulevard, Lewes, DE 19958
Commercial Sale - LEWES, DE
Property Size10,000 SF
Lot Size0.98 Acres
Price / SF$288.50
Days on Market3
Property Features for 17593 E NASSAU COMMONS Boulevard
General Information
Property type
Other
Property subtype
Retail
Parking
32
Parking features
Parking Lot
Subdivision
NONE AVAILABLE
Elementary school district
CAPE HENLOPEN
Middle school district
CAPE HENLOPEN
High school district
CAPE HENLOPEN
Standard status
Active
Lot size
0.98 Acres
Taxes and HOA fees
Tax Annual Amount
2452
Utilities
Heating system
Heat Pump (Heating), Forced Air, Electric (Heating)
Cooling system
Central Air
Amenities
fully heated
insulated
shop compressor
six 20' x 18' overhead doors
2160 square foot showroom
separate office space
Building Details
Year built
2020
Number of units
2
Building materials
Corrugated Siding
Listing Agency:
Long & Foster Real Estate, Inc.
(302) 227-2541
Listed By:
BILL CULLIN · License #RS0018675
(302) 841-7147
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 10 at 12:06AM
MLS# DESU2117924
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 10,000-square-foot flex property was built in 2020 with an engineered steel frame, corrugated siding, insulation, and full heating. The building includes a 2,160-square-foot showroom, a separate office area of comparable size above, six overhead doors measuring 20' x 18', a shop compressor, a parking lot, central air, and electric heat-pump and forced-air systems. The auto lifts and front-end alignment machine belong to the tenant and are excluded from the sale.
The property occupies 0.98 acres at 17593 E Nassau Commons Boulevard in Lewes, Delaware. It is currently occupied by a tenant operating a classic auto sales and service center, providing an existing commercial use within the building. The combination of showroom, upper-level office space, service-oriented improvements, and multiple overhead doors supports a range of flex-space applications.
The property occupies 0.98 acres at 17593 E Nassau Commons Boulevard in Lewes, Delaware. It is currently occupied by a tenant operating a classic auto sales and service center, providing an existing commercial use within the building. The combination of showroom, upper-level office space, service-oriented improvements, and multiple overhead doors supports a range of flex-space applications.
Key Highlights
- 10,000‑square‑foot engineered steel frame building constructed in 2020
- 0.98‑acre site with parking lot
- 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
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Balanced
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.
Frequently Asked Questions
What type of property is this?
Flex space - Versatile commercial building with showroom, upper-level offices, parking, and an existing automotive sales and service tenancy.
Where is this flex space located?
The property is located at 17593 E NASSAU COMMONS Boulevard 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 engineered steel frame building constructed in 2020; 0.98‑acre site with parking lot; Six 20' x 18' overhead doors
