Mixed-Use Property with 7
For Sale
$399,000
24532 BETTS POND ROAD, Millsboro, DE 19966
C1-zoned property combines a maintained residence or office building with covered work and storage areas.
Property Size1,248 SF
Lot Size0.88 Acres
Price / SF$319.71
Days on Market20
Property Features for 24532 BETTS POND ROAD
General Information
Standard status
Active
Size
1,248 SF
Lot size
0.88 Acres
Property subtype
Commercial
Zoning
C1
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Service Bays
1
Amenities
pit
ceiling fans
window unit AC
Building Details
Year Built
1972
Buildings
3
Listing Agency:
INDIAN RIVER LAND CO
(302) 228-2128
Listed By:
SHERRY MITCHELL · License #RS-0022341
(302) 228-2128
Source:
Cummingsrealtors
Added: Aug 5
Changed: Aug 23
Last Checked: Aug 24 at 5:24AM
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 INDIAN RIVER LAND CO
Investment Insights
Based on property information with market context.
This C1-zoned mixed-use property includes a 3-bedroom, 1½-bath building that can serve as a residence or office space. The structure has received several updates, including a roof replacement in 2017, HVAC and ductwork in 2015, and replacement windows in 2018. The sale is on an as-is basis, with inspections limited to the buyer’s informational purposes.
Set on a .88-acre parcel, the property includes two pole barns totaling 7 bays. The front structure has three full-size bays, a smaller enclosed area, garage doors, and a service pit used for oil changes and other mechanical work. The enclosed bay also includes two working ceiling fans, a wall-mounted window-unit AC, and a sliding door. The rear pole barn is open and offers covered storage and parking. The property has immediate access to the newly opened north Millsboro bypass at 24532 BETTS POND Rd, Millsboro, DE 19966.
Set on a .88-acre parcel, the property includes two pole barns totaling 7 bays. The front structure has three full-size bays, a smaller enclosed area, garage doors, and a service pit used for oil changes and other mechanical work. The enclosed bay also includes two working ceiling fans, a wall-mounted window-unit AC, and a sliding door. The rear pole barn is open and offers covered storage and parking. The property has immediate access to the newly opened north Millsboro bypass at 24532 BETTS POND Rd, Millsboro, DE 19966.
Key Highlights
- C1 (General Commercial District) zoning in Sussex County
- 3‑bedroom, 1½‑bath building suitable for residence or office space
- Two pole barns provide 7 total bays
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
$19,590
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
4.91%
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%
$391,800
$391.8K
Cap Rate 7%
$279,857
$279.9K
Cap Rate 9%
$217,667
$217.7K
Market Conditions
NOI Build-Up for 1,248 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
$32.0K $25.68/SF
− Vacancy
−$5.9K −$4.75/SF
EGI
$26.1K $20.93/SF
− OpEx
−$6.5K −$5.23/SF
NOI
$19.6K $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%
$391,800
Cap Rate 7%
$279,857
Cap Rate 9%
$217,667
Alternative Uses
Best Use
Office B
$279.9K
$244.9K – $326.5K
NOI $19,590 @ 7.0% cap · market cap 4.91%
Second Best
Mixed Use
$211.8K
$185.3K – $247.1K
NOI $14,826 @ 7.0% cap · market cap 3.72%
Theoretical Best
Office A
$343.0K
$300.1K – $400.1K
NOI $24,007 @ 7.0% cap · market cap 6.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Service bays
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
56
Businesses Nearby
Explore this area
Business Placement
Demographics for 19966, DE
32,520
Population
19,625
Households
1.7
Avg Household Size
53
Median Age
28%
College-Educated
90%
High-School Grad
89.1 sq mi
ZIP Area
365
Density / Sq Mi
$75,436
Median Household Income
$36,815
Median Earnings
$1,293
Median Rent
$282,100
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - C1-zoned property combines a maintained residence or office building with covered work and storage areas.
Where is this mixed-use property located?
The property is located at 24532 BETTS POND ROAD Millsboro, DE.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: C1 (General Commercial District) zoning in Sussex County; 3‑bedroom, 1½‑bath building suitable for residence or office space; Two pole barns provide 7 total bays
