Professional Office Building with Pond
For Sale
$780,000
924 MIDDLEFORD Rd, Seaford, DE 19973
Office building with expansion potential and adjacent parcel included.
Property Size3,053 SF
Lot Size0.51 Acres
Price / SF$255.49
Days on Market164
Property Features for 924 MIDDLEFORD Rd
General Information
Standard status
Active
Size
3,053 SF
Lot size
0.51 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$1,440
Building Details
Year Built
2001
Units
1
Listing Agency:
Keller Williams Realty
(302) 841-9320
Listed By:
BOB WHEATLEY · License #RA-0020418
(302) 841-9320
Source:
Elliman
Added: Mar 11
Changed: Aug 14
Last Checked: Aug 21 at 7:19AM
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 professional office building features 3,053 square feet of finished space on the first floor, complemented by an unfinished 2,182-square-foot second floor with separate access from a common entry foyer. The finished area includes a reception/waiting room, administrative offices, large exam rooms (office-sized), bathrooms, a staff lounge, storage, and mechanical rooms. The second floor can be built out for a separate tenant or integrated with the first floor, offering both a separate entrance stairway from a common entry foyer and a stairway to the interior of the first floor. The property offers a view of Williams Pond. The purchase price includes the adjacent parcel on the west side.
Key Highlights
- Prime location professional office building.
- Includes adjacent parcel on the west side.
- 3,053 sq. ft. of finished space on the first floor.
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
$47,923
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
6.14%
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%
$958,460
$958.5K
Cap Rate 7%
$684,614
$684.6K
Cap Rate 9%
$532,478
$532.5K
Market Conditions
NOI Build-Up for 3,053 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
$78.4K $25.68/SF
− Vacancy
−$14.5K −$4.75/SF
EGI
$63.9K $20.93/SF
− OpEx
−$16.0K −$5.23/SF
NOI
$47.9K $15.70/SF
Area
Sussex County, DE
Vacancy
18.50%
Lease Rate
$25.68 /SF/Yr
Expense Ratio
25.00%
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%
$958,460
Cap Rate 7%
$684,614
Cap Rate 9%
$532,478
Alternative Uses
Best Use
Office B
$684.6K
$599.0K – $798.7K
NOI $47,923 @ 7.0% cap · market cap 6.14%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$839.0K
$734.1K – $978.8K
NOI $58,728 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
715
Businesses Nearby
Explore this area
Business Placement
Demographics for 19973, DE
25,550
Population
10,725
Households
2.4
Avg Household Size
42
Median Age
18%
College-Educated
84%
High-School Grad
84.0 sq mi
ZIP Area
304
Density / Sq Mi
$62,668
Median Household Income
$36,439
Median Earnings
$1,131
Median Rent
$254,300
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with expansion potential and adjacent parcel included.
Where is this office building located?
The property is located at 924 MIDDLEFORD Rd Seaford, DE.
What is the asking price?
The asking price for this property is $780,000.
What are key features of this property?
This property features: Prime location professional office building.; Includes adjacent parcel on the west side.; 3,053 sq. ft. of finished space on the first floor.
