Three-Parcel Mobile Home
New
For Sale
$249,000
31414 COLLINS Court, Millsboro, DE 19966
Multi-Family, MILLSBORO, DE
Property Size1,008 SF
Lot Size0.35 Acres
Price / SF$247.02
Days on Market5
Property Features for 31414 COLLINS Court
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking
3
Parking features
Driveway
Elementary school district
INDIAN RIVER
Middle school district
INDIAN RIVER
High school district
INDIAN RIVER
Standard status
Active
Size
1,008 SF
Lot size
0.35 Acres
Taxes and HOA fees
Tax Annual Amount
246
Building Details
Year built
1989
Number of units
3
Building materials
Aluminum Siding
Architectural style
Other
Listing Agency:
Keller Williams Realty
(302) 360-0300
Listed By:
Jonna Shea Heritage
(302) 932-9304
Added: Aug 17
Changed: Aug 19
Last Checked: Aug 21 at 3:06PM
MLS# DESU2118576
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering combines three adjoining parcels with an established mix of lot-rental and residential use. Two Atkins Court parcels each contain a tenant-owned mobile home; those homes are excluded from the sale. The Collins Court parcel includes a seller-owned two-bedroom, two-bath mobile home that is currently rented. The home contains 1008 square feet and was built in 1989, with aluminum siding and driveway parking.
The assembled property covers 0.35 acres and the parcels share one well and one septic system. Existing rental activity is in place across the two lot-rental parcels and the Collins Court residence. The properties are being conveyed together and include 22170 Atkins Court, 22162 Atkins Court, and 31414 Collins Court in Millsboro, Delaware.
The assembled property covers 0.35 acres and the parcels share one well and one septic system. Existing rental activity is in place across the two lot-rental parcels and the Collins Court residence. The properties are being conveyed together and include 22170 Atkins Court, 22162 Atkins Court, and 31414 Collins Court in Millsboro, Delaware.
Key Highlights
- Three adjoining parcels offered together at 0.35 acres
- Two Atkins Court parcels support lot rentals with tenant‑owned mobile homes 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 = 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
$9,902
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
3.98%
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%
$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
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
$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 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%
$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 3.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$277.0K
$242.4K – $323.2K
NOI $19,390 @ 7.0% cap · market cap 7.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
14
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Adjoining parcels include two lot rentals and a seller-owned two-bedroom mobile home.
Where is this mobile home & rv park located?
The property is located at 31414 COLLINS Court Millsboro, DE.
What is the asking price?
The asking price for this property is $249,000.
What are key features of this property?
This property features: Three adjoining parcels offered together at 0.35 acres; Two Atkins Court parcels support lot rentals with tenant‑owned mobile homes excluded from the sale; 31414 Collins Court includes a seller‑owned 2‑bedroom, 2‑bath mobile home
