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    Ground-Up Neighborhood Retail Shopping Center Title is generated by Realmo AI

    35246 ATLANTIC Ave 3, Millville, DE 19967

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    For Lease
    $29 SF/Yr $61,733/Mo (calc)

    Three-building retail center with landlord-workletter delivery and about 68 parking spaces.

    Type:Commercial
    Property size:
    25,545 SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 5:59 am

    Property Features for 35246 ATLANTIC Ave 3

    General Information

    Standard status
    Active
    Size
    25,545 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    2024

    We can help!

    Listing Contact
    BRITTANY DANAHY
    BRITTANY DANAHY

    Listing agent BRITTANY DANAHY

    Listing office DSM COMMERCIAL

    Listing date Jun 3, 2026

    Source Elliman

    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 DSM COMMERCIAL

    HighLights

    • Ground‑up retail shopping center built in 2024 with three buildings totaling 25,545 SF
    • Located on eastbound Atlantic Avenue (Route 26) in Millville, DE with highway signage
    • Includes about 68 parking spaces and a landscaped area
    • Tenant mix includes a full‑service gym, Pilates studio, law office, nail salon, and a virtual reality room
    • Leasing update: second and third buildings are 100% occupied; 3 suites remain in building 1 (units 3, 4 & 5)
    • Spaces delivered per Landlord Workletter

    Overview

    This ground-up neighborhood retail shopping center features three buildings totaling 25,545 SF, supported by approximately 68 parking spaces and a landscaped outdoor area. Suites will be delivered per the Landlord Workletter, making it straightforward for qualifying tenants to align improvements with their plans. Leasing availability is currently limited to three suites in Building 1 (units 3, 4 and 5), while Buildings 2 and 3 are reported as fully occupied.

    Millville Square is positioned on eastbound Atlantic Avenue (Route 26), with excellent highway signage in Millville, DE. The center is described as car-dependent, with Walk Score of 18 and Bike Score of 41.

    The tenant mix includes a full-service gym, Pilates studio, law office, nail salon, and a virtual reality room, supporting a practical blend of personal services and experience-based uses. Available space may suit a small cafe, hair salon, medical office, or retail boutique, depending on the layout and buildout approach under the Landlord Workletter.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon Hotel & Motel Gym & Fitness Center

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

    Similar Places Nearby

    • Coinstar Kiosk - Bitcoin ATM — Giant Landover, 38069 Town Center Dr #9, Millville, DE 19967

    Location Insight

    • Map
    • Local Demand
    City
    Millville
    County
    Sussex
    State
    Delaware
    Longitude
    -75.121322
    Latitude
    38.5487448

    Nearby Similar for Lease

    • $200 SF/Yr

      Retail Space with Fenced Yard

      Retail space with fenced yard in a convenient location.
      35849 ATLANTIC Ave FENCED IN SIDE YARD, Millville, DE 19967
      View Details
    • $29 SF/Yr

      Retail Space in Millville Square

      Retail space for rent, close to Bethany Beach.
      35246 Atlantic Ave #1, Millville, DE 19967
      View Details

    FAQs

    What type of property is this?
    Shopping center - Three-building retail center with landlord-workletter delivery and about 68 parking spaces.
    Where is this shopping center located?
    The property is located at 35246 ATLANTIC Ave 3 Millville, DE.
    What is the lease rate?
    The lease rate is $29 SF/Yr.
    What are key features of this property?
    This property features: Ground‑up retail shopping center built in 2024 with three buildings totaling 25,545 SF; Located on eastbound Atlantic Avenue (Route 26) in Millville, DE with highway signage; Includes about 68 parking spaces and a landscaped area
    (302) 227-0768
    We can help!
    Listing Contact
    BRITTANY DANAHY
    BRITTANY DANAHY
    Learn More
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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.

    More about this property
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