Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Millville Mixed-Use Development Opportunity Title is generated by Realmo AI

    35322 35332 35344 ATLANTIC Ave, Millville, DE 19967

    View on Map
    Claim this Listing
    For Sale
    $2,500,000

    2.5+ acre site suitable for mixed-use or multifamily development.

    Type:Commercial
    Property size:
    17,000 SF
    Lot size:
    2.50 Acres
    Price / SF:
    $147/SF
    Added:
    Apr 10, 2026
    Days on Market:
    56
    Last Refresh:
    Apr 10 at 8:38 am

    Property Features for 35322 35332 35344 ATLANTIC Ave

    General Information

    Standard status
    Active
    Size
    17,000 SF
    Lot size
    2.50 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Andrew Timmons

    Listing agent Andrew Timmons License #682445

    Listing office Keller Williams Realty

    Listing date Apr 10, 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 Keller Williams Realty

    HighLights

    • Prime mixed‑use development opportunity in a rapidly growing coastal area (Millville, Delaware).
    • Fully developable ±2.5+ acre site with no wetlands and supportive local zoning.
    • Concept plans support a mixed‑use layout with retail and residential units (potential for ±32‑48 apartment units).
    • Full utility access with public water and sewer available at the road.
    • Favorable local government stance toward development in this location, with a preliminary site plan submission in progress.
    • Strategic location near Route 26, providing easy access to Bethany Beach, Ocean View, and surrounding areas.

    Overview

    This \u00b12.5+ acre site in Millville, Delaware, comprises three parcels and is positioned for development with no wetlands and supportive local zoning. It offers full utility access with public water and sewer. Preliminary engineering indicates the property is fully developable, with concept plans supporting a mixed-use layout of four buildings featuring retail on the ground level and residential units above. Initial yield estimates suggest approximately 32 apartment units with about 17,000 square feet of retail. The potential exists to increase density to \u00b148 residential units if developed as a fully residential apartment project. Key site features include an existing tax ditch with minimum required buffer and a smaller than typical stormwater management system designed for water quality compliance. The site benefits from strong frontage and accessibility, with preliminary discussions indicating minimal impact to existing utility infrastructure with water and sewer available at the road. A preliminary site plan submission is being prepared, offering investors a clear path toward entitlement and construction. The property is strategically located near Route 26 with easy access to Bethany Beach, Ocean View, and surrounding residential growth, presenting a rare opportunity for developers seeking a scalable mixed-use or multifamily project in a high-demand coastal market.

    Local Financial Insights For Mixed Use

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $367.2k $21.60
    − Vacancy −$44.1k −$2.59
    EGI $323.1k $19.01
    − OpEx −$121.2k −$7.13
    NOI $202.0k $11.88
    17,000 SF · lease $21.60/SF/yr · vacancy 12.00% · expense 37.50%

    Alternative Uses

    Best Use
    Mixed Use
    $2.89M
    $2.52M – $3.37M (±1% cap)
    NOI $201,960 @ 7.0% cap · market cap 8.08%
    Second Best
    Apartment 5plus
    $2.39M
    $2.09M – $2.78M (±1% cap)
    NOI $166,994 @ 7.0% cap · market cap 6.68%
    Theoretical Best
    Office A
    $4.67M
    $4.09M – $5.45M (±1% cap)
    NOI $327,012 @ 7.0% cap · market cap 13.08%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Vickie York At The Beach ... Real Estate Agency Kathy Cramer Realtor ... Real Estate Agency Carol Wayne Real Estate Agency

    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.

    Location Insight

    • Map
    • Local Demand
    City
    Millville
    County
    Sussex
    State
    Delaware
    Longitude
    -75.1187133
    Latitude
    38.5482619

    FAQs

    What type of property is this?
    Mixed-use property - 2.5+ acre site suitable for mixed-use or multifamily development.
    Where is this mixed-use property located?
    The property is located at 35322 35332 35344 ATLANTIC Ave Millville, DE.
    What is the asking price?
    The asking price for this property is $2,500,000.
    What are key features of this property?
    This property features: Prime mixed‑use development opportunity in a rapidly growing coastal area (Millville, Delaware).; Fully developable ±2.5+ acre site with no wetlands and supportive local zoning.; Concept plans support a mixed‑use layout with retail and residential units (potential for ±32‑48 apartment units).
    (302) 236-7349
    We can help!
    Listing Contact
    Andrew Timmons
    Real Estate License ID: 682445
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    35322, 35332, 35344 ATLANTIC Ave, Millville, DE 19967
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!