Multi-Unit Investment Property
45 WHISPERING OAK DRIVE, Milford, DE 19963
3.9-acre property with eight apartments and land lease.
Type:Commercial/Industrial
Property size:
4,400 SFLot size:
2.10 AcresPrice / SF:
$172/SF- Added:
- Jan 29, 2025
- Days on Market:
- 484
- Last Refresh:
- May 19 at 8:30 pm
Property Features for 45 WHISPERING OAK DRIVE
General Information
- Standard status
- Active
- Size
- 4,400 SF
- Lot size
- 2.10 Acres
- Property subtype
- Commercial/Industrial
Building Details
- Year Built
- 1961
Listing agent Kate Lewis License #5021288 (302) 922-7572
Listing office Keller Williams Realty (302) 922-7572
Listing date Jan 29, 2025
Source Exitrealty
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
- Income‑generating investment property with 8 efficiency apartments and 1 land lease.
- All units are currently leased until December 2025, providing immediate income.
- Includes a 3.9‑acre property with three separate single‑level buildings.
- On‑site maintenance man ensures smooth operations and will stay with the property.
- Recent updates in several units, including flooring, windows, and room renovations.
- Potential for rent increase when current leases expire.
Overview
This 3.9-acre property features eight efficiency apartments and one land lease, presenting a multi-unit investment opportunity. The property includes three separate single-level buildings, housing the eight apartments. Each apartment is 550 sq. ft. and contains 2 bedrooms, 1 bathroom, a kitchen/dining combo, a living room, and baseboard heating. Recent updates in several units include vinyl flooring in the kitchens and living rooms, carpet in the bedrooms, and newer room and windows in building 1. The property has three septic systems, one shared well with a pump house, and concrete foundations. All units are leased until December 2025, with tenants paying an additional $20 per month for trash service. An on-site mobile home is on a land lease; the home is owned by the maintenance man, who will stay with the property. The property is subject to rent increase when the current lease is up, delivering immediate income and future possibilities.
Financial Insights
Value Estimation Calculated for Apartment 5plus
Conservative
$480.2K
NOI $43,222 @ 9.00% cap · cautious / downside scenario
Moderate
$617.5K
NOI $43,222 @ 7.00% cap · market / base-case scenario
Aggressive
$864.4K
NOI $43,222 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Apartment 5plus
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $83.4k | $18.96 |
| − Vacancy | −$4.8k | −$1.10 |
| EGI | $78.6k | $17.86 |
| − OpEx | −$35.4k | −$8.04 |
| NOI | $43.2k | $9.82 |
4,400 SF · lease $18.96/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Use Scenarios
Best Use
Apartment 5plus
$617.5K
$540.3K – $720.4K
NOI $43,222 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,638 @ 7.0% cap · market cap 11.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
Map
- City
- Milford
- County
- Sussex
- State
- Delaware
- Longitude
- -75.3930516
- Latitude
- 38.9697261
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FAQs
What type of property is this?
Apartment building - 3.9-acre property with eight apartments and land lease.
Where is this apartment building located?
The property is located at 45 WHISPERING OAK DRIVE Milford, DE.
What is the asking price?
The asking price for this property is $760,000.
What are key features of this property?
This property features: Income‑generating investment property with 8 efficiency apartments and 1 land lease.; All units are currently leased until December 2025, providing immediate income.; Includes a 3.9‑acre property with three separate single‑level buildings.
