Two-Unit Retail
For Sale
$375,000
3524 Millington Rd, Clayton, DE 19938
Recently renovated commercial space with two interior-connected storefronts and upgraded HVAC systems.
Property Size2,047 SF
Price / SF$183.19
Days on Market53
Property Features for 3524 Millington Rd
General Information
Standard status
Active
Size
2,047 SF
Taxes and HOA fees
Annual Taxes
$1,247
Building Details
Tenancy
Multi
Listing Agency:
EXP Realty, LLC
(888) 543-4829
Listed By:
Thomas Wright
(302) 932-3317
Source:
Exprealty
Added: Aug 24
Changed: Oct 9
Last Checked: Oct 15 at 2:40AM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This retail property contains two separate storefront units connected through the interior. Each unit measures approximately 828+/- SF, while the right-hand side includes an additional 391+/- SF rear room. The interior has been comprehensively refreshed with new electrical work, 2x4 framing, insulation, drywall, flooring, trim, and paint. Exterior improvements include a replacement roof, fresh paint, and updated porch ceiling and posts, along with HVAC upgrades.
Built in 1978, the property is located at 3524 Millington Rd in Clayton, Delaware, serving the Clayton and Middletown area with access to surrounding communities and major transportation routes. The location previously held a liquor license and remains eligible for a new one, adding a specific use-related consideration for qualified operators.
Built in 1978, the property is located at 3524 Millington Rd in Clayton, Delaware, serving the Clayton and Middletown area with access to surrounding communities and major transportation routes. The location previously held a liquor license and remains eligible for a new one, adding a specific use-related consideration for qualified operators.
Key Highlights
- Two separate retail units with interior access between them
- Each retail side is approximately 828+/- SF
- Right‑side unit includes an additional 391+/- SF rear room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,609
Cap Rate
4.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$372,180
$372.2K
Cap Rate 7%
$265,843
$265.8K
Cap Rate 9%
$206,767
$206.8K
Market Conditions
NOI Build-Up for 2,047 SF
Gross rent
$28.7K $14.04/SF
− Vacancy
−$2.2K −$1.05/SF
EGI
$26.6K $12.99/SF
− OpEx
−$8.0K −$3.90/SF
NOI
$18.6K $9.09/SF
Area
Kent County, DE
Vacancy
7.50%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$372,180
Cap Rate 7%
$265,843
Cap Rate 9%
$206,767
Alternative Uses
Best Use
Retail
$265.8K
$232.6K – $310.2K
NOI $18,609 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$515.4K
$451.0K – $601.4K
NOI $36,081 @ 7.0% cap · market cap 9.62%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
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
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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?
Retail space - Recently renovated commercial space with two interior-connected storefronts and upgraded HVAC systems.
Where is this retail space located?
The property is located at 3524 Millington Rd Clayton, DE.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two separate retail units with interior access between them; Each retail side is approximately 828+/- SF; Right‑side unit includes an additional 391+/- SF rear room
