Five-Unit Retail
For Sale
$725,000
29786 John J Williams Hwy, Millsboro, DE 19966
Service and retail space is occupied under short-term leases.
Property Size3,966 SF
Price / SF$182.80
Days on Market49
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Property Features for 29786 John J Williams Hwy
General Information
Standard status
Active
Size
3,966 SF
Building Details
Year Built
1980
Tenancy
Multi
Listing Agency:
Keller Williams Realty
Listed By:
BOB WHEATLEY · License #RA-0020418
(302) 841-9320
Source:
Griffinhigginsteam
Added: Aug 28
Changed: Oct 14
Last Checked: Oct 7 at 2:35PM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This retail strip center contains five occupied units serving service and retail functions. Current leases are short term, providing flexibility for continued operation or future repositioning. The west-side building has a gambrel roof and includes a 16-by-48-foot second-floor area. The property was built in 1980.
Situated on John J. Williams Highway near Millsboro, the site benefits from access to the bypass, which has improved traffic movement and reduced congestion along this corridor. The sale also includes four billboard faces, each operating under short-term lease arrangements.
Situated on John J. Williams Highway near Millsboro, the site benefits from access to the bypass, which has improved traffic movement and reduced congestion along this corridor. The sale also includes four billboard faces, each operating under short-term lease arrangements.
Key Highlights
- Five‑unit service and retail strip center
- All five units are currently rented on short‑term leases
- 16‑by‑48‑foot second‑floor area beneath the west building’s gambrel roof
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,553
Cap Rate
4.90%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$711,060
$711.1K
Cap Rate 7%
$507,900
$507.9K
Cap Rate 9%
$395,033
$395.0K
Market Conditions
NOI Build-Up for 3,966 SF
Gross rent
$54.7K $13.80/SF
− Vacancy
−$3.9K −$0.99/SF
EGI
$50.8K $12.81/SF
− OpEx
−$15.2K −$3.84/SF
NOI
$35.6K $8.96/SF
Area
Sussex County, DE
Vacancy
7.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$711,060
Cap Rate 7%
$507,900
Cap Rate 9%
$395,033
Alternative Uses
Best Use
Retail
$507.9K
$444.4K – $592.6K
NOI $35,553 @ 7.0% cap · market cap 4.90%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.09M
$953.6K – $1.27M
NOI $76,290 @ 7.0% cap · market cap 10.52%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
59
Businesses Nearby
5k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
5,423 visits/mo
0.5 miles
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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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Strip mall - Service and retail space is occupied under short-term leases.
Where is this strip mall located?
The property is located at 29786 John J Williams Hwy Millsboro, DE.
What is the asking price?
The asking price for this property is $725,000.
What are key features of this property?
This property features: Five‑unit service and retail strip center; All five units are currently rented on short‑term leases; 16‑by‑48‑foot second‑floor area beneath the west building’s gambrel roof
