Mixed-Use Property with
New
For Sale
$300,000
308 MAIN STREET, Clayton, DE 19938
Renovated mixed-use building combining a commercial storefront with two apartments and separately metered units.
Property Size1,575 SF
Lot Size0.06 Acres
Price / SF$190.48
Days on Market5
Property Features for 308 MAIN STREET
General Information
Standard status
Active
Size
1,575 SF
Lot size
0.06 Acres
Property subtype
Commercial
Additional Details
Road Access
Yes
Multifamily Units
2
Building Details
Year Built
1901
Tenancy
Multi
Listing Agency:
R&R Commercial Realty
(302) 674-3400
Listed By:
Immocolata Carannante
(302) 333-7297
Source:
Cummingsrealtors
Added: Sep 20
Changed: Sep 23
Last Checked: Sep 23 at 2:51AM
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 R&R Commercial Realty
Investment Insights
Based on property information with market context.
This 1,575-square-foot mixed-use property includes a commercial storefront and two apartments within a three-unit configuration. The storefront is grandfathered for commercial use, while each unit is separately metered. Both apartments include in-unit laundry, and the interior includes a combination of carpet and laminate flooring. A new roof was installed in August 2026.
Built in 1901, the property sits on a 0.06-acre lot at 308 Main Street in Clayton, Delaware. Off-site parking options are available, and the layout accommodates a combination of commercial and residential occupancy in one building.
Built in 1901, the property sits on a 0.06-acre lot at 308 Main Street in Clayton, Delaware. Off-site parking options are available, and the layout accommodates a combination of commercial and residential occupancy in one building.
Key Highlights
- 1,575 SF mixed‑use property with three units
- Grandfathered commercial storefront with two apartments
- All units are separately metered
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
$20,320
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
6.77%
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%
$406,400
$406.4K
Cap Rate 7%
$290,286
$290.3K
Cap Rate 9%
$225,778
$225.8K
Market Conditions
NOI Build-Up for 1,575 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
$35.5K $22.56/SF
− Vacancy
−$3.0K −$1.92/SF
EGI
$32.5K $20.64/SF
− OpEx
−$12.2K −$7.74/SF
NOI
$20.3K $12.90/SF
Area
Kent County, DE
Vacancy
8.50%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
37.50%
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%
$406,400
Cap Rate 7%
$290,286
Cap Rate 9%
$225,778
Alternative Uses
Best Use
Mixed Use
$290.3K
$254.0K – $338.7K
NOI $20,320 @ 7.0% cap · market cap 6.77%
Second Best
Apartment 5plus
$225.0K
$196.9K – $262.5K
NOI $15,751 @ 7.0% cap · market cap 5.25%
Theoretical Best
Office A
$396.6K
$347.0K – $462.7K
NOI $27,762 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
1k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Southern States
Home Improvements & Furnishings
1,443 visits/mo
0.3 miles
Demographics for 19938, DE
10,131
Population
3,246
Households
3.1
Avg Household Size
39
Median Age
23%
College-Educated
91%
High-School Grad
48.2 sq mi
ZIP Area
210
Density / Sq Mi
$96,338
Median Household Income
$47,487
Median Earnings
$1,624
Median Rent
$335,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Renovated mixed-use building combining a commercial storefront with two apartments and separately metered units.
Where is this mixed-use property located?
The property is located at 308 MAIN STREET Clayton, DE.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 1,575 SF mixed‑use property with three units; Grandfathered commercial storefront with two apartments; All units are separately metered
