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Millville Mixed-Use Development Opportunity

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
Listed by Andrew Timmons · License #RA-0002917
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 (±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.

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

Suggested Use

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

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

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).
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