Freestanding Commercial Building with BG
For Sale
$949,000
1973 Bay Rd, Milford, DE 19963
Fully leased freestanding building on high-visibility Bay Road, zoned BG for retail, office, and medical uses.
Property Size4,488 SF
Price / SF$211.45
Days on Market143
Property Features for 1973 Bay Rd
General Information
Standard status
Active
Size
4,488 SF
Zoning
BG
Occupancy
100%
Building Details
Year Built
1975
Listing Agency:
R&R Commercial Realty
Listed By:
Keith Walpole, Marie Biro · License #RS-0014425
(302) 236-7053
Source:
Southjerseyshorehomesfinder
Added: Jun 3
Changed: Oct 15
Last Checked: Oct 7 at 5:02PM
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
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Investment Insights
Based on property information with market context.
This offering presents a fully leased, income-producing freestanding commercial building comprising approximately 4,400 square feet. The property is positioned as a versatile use asset, with a tenant in place at the time of sale and the structure configured for commercial occupancy.
Located on Bay Road in Milford, Delaware at 1973 Bay Road, the building benefits from high-visibility along a corridor setting. The site is zoned BG (Business General), providing flexibility across a broad range of commercial categories.
Zoned BG, the property supports permitted commercial uses that include retail, office, medical, and service-based businesses, among other options. This makes the building a practical fit for owner-users evaluating a leased asset with an established operating setup, as well as for investors seeking to acquire a freestanding commercial property with an active tenancy and zoning that can accommodate multiple business types.
Located on Bay Road in Milford, Delaware at 1973 Bay Road, the building benefits from high-visibility along a corridor setting. The site is zoned BG (Business General), providing flexibility across a broad range of commercial categories.
Zoned BG, the property supports permitted commercial uses that include retail, office, medical, and service-based businesses, among other options. This makes the building a practical fit for owner-users evaluating a leased asset with an established operating setup, as well as for investors seeking to acquire a freestanding commercial property with an active tenancy and zoning that can accommodate multiple business types.
Key Highlights
- ±4,400 SF freestanding commercial building on Bay Rd.
- Fully leased, providing income‑producing status.
- Zoned BG (Business General).
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$70,448
Cap Rate
7.42%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,408,960
$1.4M
Cap Rate 7%
$1,006,400
$1.0M
Cap Rate 9%
$782,756
$782.8K
Market Conditions
NOI Build-Up for 4,488 SF
Gross rent
$115.3K $25.68/SF
− Vacancy
−$21.3K −$4.75/SF
EGI
$93.9K $20.93/SF
− OpEx
−$23.5K −$5.23/SF
NOI
$70.4K $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 Rate 5%
$1,408,960
Cap Rate 7%
$1,006,400
Cap Rate 9%
$782,756
Alternative Uses
Best Use
Office B
$1.01M
$880.6K – $1.17M
NOI $70,448 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.23M
$1.08M – $1.44M
NOI $86,331 @ 7.0% cap · market cap 9.10%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
63
Businesses Nearby
Explore this area
Business Placement
Demographics for 19963, DE
20,827
Population
10,300
Households
2
Avg Household Size
43
Median Age
27%
College-Educated
90%
High-School Grad
105.1 sq mi
ZIP Area
198
Density / Sq Mi
$65,420
Median Household Income
$40,157
Median Earnings
$1,161
Median Rent
$291,200
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office building - Fully leased freestanding building on high-visibility Bay Road, zoned BG for retail, office, and medical uses.
Where is this office building located?
The property is located at 1973 Bay Rd Milford, DE.
What is the asking price?
The asking price for this property is $949,000.
What are key features of this property?
This property features: ±4,400 SF freestanding commercial building on Bay Rd.; Fully leased, providing income‑producing status.; Zoned BG (Business General).
