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    Versatile Commercial Space For Sale Title is generated by Realmo AI

    32191 Nassau Road, Lewes, DE 19958

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    Adaptable 1,962 SF commercial space, ideal for various businesses.

    Type:Mixed Use
    Property size:
    1,962 SF
    Price / SF:
    $0.01/SF
    Added:
    Mar 5, 2026
    Days on Market:
    81
    Last Refresh:
    Apr 5 at 8:46 pm

    Property Features for 32191 Nassau Road

    General Information

    Standard status
    Active
    Size
    1,962 SF
    Property subtype
    Mixed Use

    Building Details

    Year Built
    1990

    We can help!

    Listing Contact
    Julie Gritton

    Listing agent Julie Gritton License #RA-0031139

    Listing office Coldwell Banker Premier

    Listing date Mar 5, 2026

    Source Cbcworldwide

    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 Coldwell Banker Premier

    HighLights

    • Versatile 1,962 SF open‑concept space adaptable for various uses.
    • Strong visibility and easy customer access in an established business environment with co‑tenant Old World Breads.
    • Located adjacent to the Lewes‑Georgetown Bike Path, increasing accessibility and foot traffic.
    • Potential lease incentives offered to offset impacts from nearby road construction.
    • Improved traffic flow and visibility expected upon completion of road construction (roundabouts).
    • Configurable footprint suitable for multiple layout options.

    Overview

    This versatile first-floor commercial space offers 1,962 square feet of open-concept design. Currently operating as a brewery/distillery, it is adaptable for a wide range of future uses, including design studios, consulting firms, architectural or engineering offices, wellness or fitness concepts, and other creative or administrative operations. The flexible layout includes an expansive open area, one private bathroom, and a configurable footprint suitable for multiple layout options, providing strong visibility and easy customer access. Co-tenants include Old World Breads, creating a vibrant, established business environment. Located adjacent to the Lewes-Georgetown Bike Path, the site benefits from convenient accessibility and added foot-traffic potential. A $3.30 per square foot CAM charge applies. The owner is offering potential lease incentives to help offset temporary impacts from nearby road construction. These incentives, customized to the lease term and tenant needs, may include creative options to support businesses as they launch or grow during this period. Once construction is complete (expected by the end of next year), newly added roundabouts and improved access are projected to significantly enhance traffic flow and visibility, further strengthening this location's long-term value.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mike Georgules Active ... Alternative Medicine Practice Beach Time Distilling Brewery & Distillery Dog Pirate Beer ... Production Facility D&B Construction Group ... Construction Company Karen L. Barwick, ... Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lewes
    County
    Sussex
    State
    Delaware
    Longitude
    -75.1873
    Latitude
    38.7519

    Nearby Similar for Sale

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      Lewes Office Building on Coastal Highway

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      Office/Flex Space For Sale

      Professional office/flex space ideal for design, consulting, or fitness.
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    FAQs

    What type of property is this?
    Mixed-use property - Adaptable 1,962 SF commercial space, ideal for various businesses.
    Where is this mixed-use property located?
    The property is located at 32191 Nassau Road Lewes, DE.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Versatile 1,962 SF **open‑concept space adaptable for various uses**.; **Strong visibility and easy customer access** in an established business environment with co‑tenant Old World Breads.; Located adjacent to the Lewes‑Georgetown Bike Path, increasing accessibility and foot traffic.
    (302) 645-1111
    We can help!
    Listing Contact
    Julie Gritton
    Real Estate License ID: RA-0031139
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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