Mixed-Use Property with
For Sale
Contact for pricing
62 W Commerce St, Smyrna, DE 19977
The property combines a retail storefront, attached warehouse, and second-story studio-office space under Central Commercial zoning.
Property Size1,900 SF
Price / SF$181.58
Days on Market144
Property Features for 62 W Commerce St
General Information
Standard status
Active
Size
1,900 SF
Property subtype
Mixed Use, Retail
Zoning
CC Central Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Opportunity Zone
Yes
Warehouse Space
880 SF
Building Details
Year Built
1900
Year Renovated
2025
Buildings
1
Stories
2
Listing Agency:
The Commercial Moving Experience Real Estate
Listed By:
Chuck Spiegelman · License #DE RA-0020123
Source:
Crexi
Added: Apr 10
Changed: Aug 29
Last Checked: Aug 29 at 1:24PM
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 The Commercial Moving Experience Real Estate
Investment Insights
Based on property information with market context.
This 1,900-square-foot mixed-use property includes a ground-floor retail storefront, an attached 40-by-22-foot warehouse, and a walk-up studio apartment on the second level. The vacant studio has been used as an office and includes a new roof, replacement windows, appliances, mini-split HVAC, LED lighting, Trex stairs, and separate utilities. An on-site parking lot serves the property.
The building is located at 62 W Commerce St in downtown Smyrna, within the Smyrna Downtown district and an Opportunity Zone. Central Commercial zoning applies. The property is near US Route 13 and US Route 1. The owner-operated yarn retail business is available for separate purchase, allowing the real estate and business to be considered independently.
The building is located at 62 W Commerce St in downtown Smyrna, within the Smyrna Downtown district and an Opportunity Zone. Central Commercial zoning applies. The property is near US Route 13 and US Route 1. The owner-operated yarn retail business is available for separate purchase, allowing the real estate and business to be considered independently.
Key Highlights
- 1,900‑square‑foot mixed‑use property with retail, warehouse, and second‑story studio space
- Attached 40x22‑foot warehouse
- Second‑story walk‑up studio with new roof, windows, appliances, mini split HVAC, LED lighting, Trex stairs, and separate utilities
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$26,210
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.60%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$524,200
$524.2K
Cap Rate 7%
$374,429
$374.4K
Cap Rate 9%
$291,222
$291.2K
Market Conditions
NOI Build-Up for 1,900 SF
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.
Gross rent
$31.5K $16.56/SF
− Vacancy
−$629 −$0.33/SF
EGI
$30.8K $16.23/SF
− OpEx
−$4.6K −$2.43/SF
NOI
$26.2K $13.79/SF
Area
Kent County, DE
Vacancy
2.00%
Lease Rate
$16.56 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$524,200
Cap Rate 7%
$374,429
Cap Rate 9%
$291,222
Alternative Uses
Best Use
Warehouse
$374.4K
$327.6K – $436.8K
NOI $26,210 @ 7.0% cap · market cap 7.60%
Second Best
Mixed Use
$350.2K
$306.4K – $408.6K
NOI $24,513 @ 7.0% cap · market cap 7.11%
Theoretical Best
Office A
$478.4K
$418.6K – $558.2K
NOI $33,490 @ 7.0% cap · market cap 9.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
779
Businesses Nearby
Explore this area
Business Placement
Demographics for 19977, DE
27,505
Population
9,899
Households
2.8
Avg Household Size
40
Median Age
23%
College-Educated
92%
High-School Grad
83.1 sq mi
ZIP Area
331
Density / Sq Mi
$78,803
Median Household Income
$48,246
Median Earnings
$1,366
Median Rent
$311,800
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines a retail storefront, attached warehouse, and second-story studio-office space under Central Commercial zoning.
Where is this mixed-use property located?
The property is located at 62 W Commerce St Smyrna, DE.
What is the asking price?
The asking price for this property is $345,000.
What are key features of this property?
This property features: 1,900‑square‑foot mixed‑use property with retail, warehouse, and second‑story studio space; Attached 40x22‑foot warehouse; Second‑story walk‑up studio with new roof, windows, appliances, mini split HVAC, LED lighting, Trex stairs, and separate utilities
