Cash-Flowing Multifamily
28420 Delaware Ave Millsboro, DE 19966
28420 Delaware Ave, Millsboro, DE, 19966
$999,999
For Sale
$999,999
Approximately 3,000-square-foot multifamily property with estimated $7,250 monthly rental income and estimated annual NOI of $74,015.
Property Size3,000 SF
Price / SF$333.33
Days on Market68
Property Features for 28420 Delaware Ave
General Information
- Standard status
- Active
- Size
- 3,000 SF
Listing agency
SVN/Miller Commercial Real Estate
(410) 543-2421
Listed by
Wesley Cox · License #574198
(410) 543-2421
Source
Exprealty
Added: May 15 Updated: Jul 21 at 5:24AM Checked: Jul 21 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 SVN/Miller Commercial Real Estate
Investment Insights
Based on property information with market context.
This offering presents a cash-flowing multifamily investment property with approximately 3,000 square feet. The property generates estimated rental income of $7,250 per month, or $87,000 annually. Estimated annual operating expenses are approximately $12,985, resulting in an estimated net operating income of approximately $74,015.
The property is located at 28420 Delaware Avenue in Millsboro, Delaware, within the Sussex County market. The remarks indicate continued residential development and population growth supporting strong rental demand.
Income and expense figures are estimates and should be independently verified by prospective purchasers. Based on the reported income and expenses, the offering is presented as an estimated 7.4% cap rate.
The property is located at 28420 Delaware Avenue in Millsboro, Delaware, within the Sussex County market. The remarks indicate continued residential development and population growth supporting strong rental demand.
Income and expense figures are estimates and should be independently verified by prospective purchasers. Based on the reported income and expenses, the offering is presented as an estimated 7.4% cap rate.
Key Highlights
- Approximately 3,000 SF multifamily property at 28420 Delaware Avenue in Millsboro, Delaware.
- Estimated rental income of $7,250 per month ($87,000 annually).
- Estimated annual operating expenses of approximately $12,985.
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $56.9k | $18.96 |
| − Vacancy | −$3.3k | −$1.10 |
| EGI | $53.6k | $17.86 |
| − OpEx | −$24.1k | −$8.04 |
| NOI | $29.5k | $9.82 |
3,000 SF · lease $18.96/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$421.0K
$368.4K – $491.2K
NOI $29,470 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$824.4K
$721.4K – $961.8K
NOI $57,708 @ 7.0% cap · market cap 5.77%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Multifamily properties
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FAQs
What type of property is this?
Multifamily property - Approximately 3,000-square-foot multifamily property with estimated $7,250 monthly rental income and estimated annual NOI of $74,015.
Where is this multifamily property located?
The property is located at 28420 Delaware Ave Millsboro, DE.
What is the asking price?
The asking price for this property is $999,999.
What are key features of this property?
This property features: Approximately 3,000 SF multifamily property at 28420 Delaware Avenue in Millsboro, Delaware.; Estimated rental income of $7,250 per month ($87,000 annually).; Estimated annual operating expenses of approximately $12,985.
