Millville Mixed-Use Development
35322 35332 35344 ATLANTIC Ave Millville, DE 19967
35322 35332 35344 ATLANTIC Ave, Millville, DE, 19967
$2,500,000
For Sale
$2,500,000
2.5+ acre site suitable for mixed-use or multifamily development.
Property Size17,000 SF
Lot Size2.50 Acres
Price / SF$147.06
Days on Market101
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
Listing Agency
Keller Williams Realty
(302) 236-7349
Listed by
Andrew Timmons · License #RA-0002917
(302) 236-7349
Source
Elliman
Added: Apr 10 Checked: Jul 17 at 1:06 pm
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
Investment Insights
Based on property information with market context.
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.
Key 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).
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
NOI $201,960 @ 7.0% cap · market cap 8.08%
Second Best
Apartment 5plus
$2.39M
$2.09M – $2.78M
NOI $166,994 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$4.67M
$4.09M – $5.45M
NOI $327,012 @ 7.0% cap · market cap 13.08%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
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
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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).