Cash-Flowing Multifamily
For Sale
$925,000
28420 Delaware Ave, Millsboro, DE 19966
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$308.33
Days on Market94
Property Features for 28420 Delaware Ave
General Information
Standard status
Active
Size
3,000 SF
Financials
Cap Rate
7.4%
Business Included
Yes
Building Details
Year Built
2015
Listing Agency:
SVN/Miller Commercial Real Estate
Listed By:
Wesley Cox · License #574198
(410) 251-6408
Source:
Premierehomegroup
Added: Jul 20
Changed: Oct 8
Last Checked: Oct 7 at 5:35PM
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
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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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$29,470
Cap Rate
3.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$589,400
$589.4K
Cap Rate 7%
$421,000
$421.0K
Cap Rate 9%
$327,444
$327.4K
Market Conditions
NOI Build-Up for 3,000 SF
Gross rent
$56.9K $18.96/SF
− Vacancy
−$3.3K −$1.10/SF
EGI
$53.6K $17.86/SF
− OpEx
−$24.1K −$8.04/SF
NOI
$29.5K $9.82/SF
Area
Sussex County, DE
Vacancy
5.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$589,400
Cap Rate 7%
$421,000
Cap Rate 9%
$327,444
Alternative Uses
Best Use
Apartment 5plus
$421.0K
$368.4K – $491.2K
NOI $29,470 @ 7.0% cap · market cap 3.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$824.4K
$721.4K – $961.8K
NOI $57,708 @ 7.0% cap · market cap 6.24%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
29
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
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
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 $925,000.
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.
