Delaware Commercial Site Near
For Sale
$1,920,000
30387 CEDAR NECK ROAD, Ocean View, DE 19970
Fully developed commercial site with 11,500 SF usable space.
Property Size11,500 SF
Lot Size2.00 Acres
Price / SF$166.96
Days on Market125
Property Features for 30387 CEDAR NECK ROAD
General Information
Standard status
Active
Size
11,500 SF
Total Parking Spaces
25
Lot size
2.00 Acres
Zoning
C-1
Taxes and HOA fees
Annual Taxes
$2,377
Amenities
Central Air, Electric
Electric, Heat Pump
Electric Water Heater
Fenced
On Street, Garage, Parking Lot
Building Details
Year Built
1992
Stories
2
Listing Agency:
Keller Williams Realty Delmarva
(410) 430-5880
Listed By:
Grant Fritschle · License ##653457
(410) 430-5880
Source:
Evrealestate
Added: Apr 21
Changed: Aug 23
Last Checked: Aug 23 at 7:26AM
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 Delmarva
Investment Insights
Based on property information with market context.
Located in Ocean View, Delaware, this 2-acre C-1 zoned property is minutes from Route 26, providing a direct corridor to Bethany Beach, Fenwick Island, Millville, and Dagsboro. The primary building, constructed around 2019, offers approximately 7,500 square feet of fully insulated space suitable for showroom, office, or conditioned storage use. It features six-inch spray foam insulation in the walls, blown-in ceiling insulation, and three high-efficiency HVAC systems. The layout includes a showroom floor, office space, a lounge area, two fully ADA-compliant bathrooms, and a lofted workspace and storage area. A loading dock with handicap ramp and a 12x14 overhead door facilitate movement of goods. A roughly 4,000 square foot secondary building expands the operational capacity. Configured as a four-bay shop with four 12x14 electric garage doors and 16-foot ceiling heights, it is ideal for service-based businesses, light industrial use, or additional warehouse and distribution needs. An upper-level loft provides additional storage and workspace. The site has a paved lot with ample space for large trucks and trailers, and is fully fenced with an aluminum sliding gate. Stormwater management is installed underground. Public sewer and well water are in place, along with 200-amp electric service. C-1 zoning allows for distribution, office, warehouse, light industrial, retail, and dealership opportunities. The property is positioned to support multiple business models while allowing for long-term flexibility as the market grows.
Key Highlights
- Prime location in Ocean View, Delaware, minutes from Route 26 and Delaware beaches.
- Fully developed 2‑acre C‑1 zoned commercial site, ready to operate.
- Approximately 11,500 sq ft of usable space across two buildings.
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
$107,281
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
5.59%
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%
$2,145,620
$2.1M
Cap Rate 7%
$1,532,586
$1.5M
Cap Rate 9%
$1,192,011
$1.2M
Market Conditions
NOI Build-Up for 11,500 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
$179.4K $15.60/SF
− Vacancy
−$14.4K −$1.25/SF
EGI
$165.0K $14.35/SF
− OpEx
−$57.8K −$5.02/SF
NOI
$107.3K $9.33/SF
Area
Sussex County, DE
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
35.00%
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%
$2,145,620
Cap Rate 7%
$1,532,586
Cap Rate 9%
$1,192,011
Alternative Uses
Best Use
Flex RnD
$1.53M
$1.34M – $1.79M
NOI $107,281 @ 7.0% cap · market cap 5.59%
Second Best
Industrial
$967.7K
$846.8K – $1.13M
NOI $67,741 @ 7.0% cap · market cap 3.53%
Theoretical Best
Office A
$3.16M
$2.77M – $3.69M
NOI $221,214 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
69
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 19970, DE
8,591
Population
8,418
Households
1
Avg Household Size
63
Median Age
47%
College-Educated
96%
High-School Grad
9.3 sq mi
ZIP Area
924
Density / Sq Mi
$90,802
Median Household Income
$49,096
Median Earnings
$1,458
Median Rent
$489,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Fully developed commercial site with 11,500 SF usable space.
Where is this flex space located?
The property is located at 30387 CEDAR NECK ROAD Ocean View, DE.
What is the asking price?
The asking price for this property is $1,920,000.
What are key features of this property?
This property features: Prime location in Ocean View, Delaware, minutes from Route 26 and Delaware beaches.; Fully developed 2‑acre C‑1 zoned commercial site, ready to operate.; Approximately 11,500 sq ft of usable space across two buildings.
