Three-Parcel Residential Income
31414 Collins Ct, Millsboro, DE 19966
For Sale
$200,000
Three adjoining parcels combine lot rentals with a seller-owned residence.
Property Size1,008 SF
Price / SF$198.41
Days on Market83
Property Features for 31414 Collins Ct
General Information
Standard status
Size
Property subtype
Building Details
Year Built
Listing Agency:
Keller Williams Realty
Listed By:
Jonna Shea Heritage
(302) 932-9304
Source:
Harmonandassociatesrealestate
Added: Aug 19
Changed: Oct 25
Last Checked: Oct 7 at 4:00PM
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
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Investment Insights
Based on property information with market context.
This residential income property consists of three adjoining tax parcels offered together. Two Atkins Court parcels have tenant-owned mobile homes on the land; those homes are excluded from the sale. The Collins Court parcel includes a seller-owned two-bedroom, two-bath mobile home built in 1989, which is currently rented.
The property addresses are 22170 Atkins Court, 22162 Atkins Court, and 31414 Collins Court in Millsboro, Delaware. All three parcels currently share one well and one septic system. The offering combines two mobile-home lot rentals with one seller-owned residence, creating an existing multi-parcel income configuration.
The property addresses are 22170 Atkins Court, 22162 Atkins Court, and 31414 Collins Court in Millsboro, Delaware. All three parcels currently share one well and one septic system. The offering combines two mobile-home lot rentals with one seller-owned residence, creating an existing multi-parcel income configuration.
Key Highlights
- Three adjoining parcels sold together at 22170 Atkins Court, 22162 Atkins Court, and 31414 Collins Court
- Two Atkins Court parcels include tenant‑owned mobile homes; the homes are excluded from the sale
- 31414 Collins Court includes a seller‑owned 2‑bedroom, 2‑bath mobile home
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,902
Cap Rate
4.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$198,040
$198.0K
Cap Rate 7%
$141,457
$141.5K
Cap Rate 9%
$110,022
$110.0K
Market Conditions
NOI Build-Up for 1,008 SF
Gross rent
$19.1K $18.96/SF
− Vacancy
−$1.1K −$1.10/SF
EGI
$18.0K $17.86/SF
− OpEx
−$8.1K −$8.04/SF
NOI
$9.9K $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%
$198,040
Cap Rate 7%
$141,457
Cap Rate 9%
$110,022
Alternative Uses
Best Use
Apartment 5plus
$141.5K
$123.8K – $165.0K
NOI $9,902 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$277.0K
$242.4K – $323.2K
NOI $19,390 @ 7.0% cap · market cap 9.70%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
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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
$282,100
Median Home Value
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Market
Average Price Trend$/SF for Residential income properties in Sussex County, DE
Properties on Market for Residential income properties in Sussex County
Frequently Asked Questions
What type of property is this?
Residential income property - Three adjoining parcels combine lot rentals with a seller-owned residence.
Where is this residential income property located?
The property is located at 31414 Collins Ct Millsboro, DE.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Three adjoining parcels sold together at 22170 Atkins Court, 22162 Atkins Court, and 31414 Collins Court; Two Atkins Court parcels include tenant‑owned mobile homes; the homes are excluded from the sale; 31414 Collins Court includes a seller‑owned 2‑bedroom, 2‑bath mobile home
