Building Details

Year Built 1989

Listing Agency: NAI Coastal

Listed By: George Merritt · License #MD #0681070 Show Phone

Source: Naiglobal

Added: Mar 6 Changed: Jul 6 Last Checked: Oct 5 at 4:31PM

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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 NAI Coastal

Investment Insights

Based on property information with market context.

This 4.66-acre property is zoned Light Industrial (LI-2) and includes a 6,000 sq ft warehouse. The warehouse is equipped with four 14'x14' roll-up doors and individual access doors. The current owners are pursuing permits to construct an additional 6,000 sq ft of warehouse space and a further 6,000 sq ft of office space on the property's street frontage. An asphalt driveway and parking lot are in place. The building benefits from new electric service including 3-phase power, a new metal roof, and LED lighting. Approximately 3.5 acres are fenced in with a new asphalt driveway and parking area. The warehouse has a 22' ceiling height and the option for demising. The property is located one mile north of the Maryland border.

Key Highlights

• 4.66‑acre Light Industrial (LI‑2) zoned property offering versatile business opportunities.
• Existing 6,000 sq ft warehouse featuring four 14'x14' roll‑up doors and individual access doors, plus permits being pursued for an additional 12,000 sq ft of warehouse and office space.
• New upgrades include a metal roof, LED lighting, and 3‑phase electric service.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$39,841

Cap Rate

3.62%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$796,820 $796.8K

Cap Rate 7%

$569,157 $569.2K

Cap Rate 9%

$442,678 $442.7K

Market Conditions

NOI Build-Up for 6,000 SF

Gross rent

$50.4K $8.40/SF

− Vacancy

−$3.5K −$0.59/SF

EGI

$46.9K $7.81/SF

− OpEx

−$7.0K −$1.17/SF

NOI

$39.8K $6.64/SF

Area

Sussex County, DE

Vacancy

7.00%

Lease Rate

$8.40 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$796,820

Cap Rate 7%

$569,157

Cap Rate 9%

$442,678

Alternative Uses

Best Use

Warehouse

$569.2K

$498.0K – $664.0K (±1% cap)

NOI $39,841 @ 7.0% cap · market cap 3.62%

Second Best

Industrial

$504.9K

$441.8K – $589.1K (±1% cap)

NOI $35,343 @ 7.0% cap · market cap 3.21%

Theoretical Best

Office A

$1.65M

$1.44M – $1.92M (±1% cap)

NOI $115,416 @ 7.0% cap · market cap 10.49%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Warehouses

Suggested Use

Top Pick Restaurant Dental Office Building Supply Big Box & Wholesale Store Law Firm Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

218

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 19940, DE

6,541

Population

2,711

Households

2.4

Avg Household Size

40

Median Age

22%

College-Educated

84%

High-School Grad

41.3 sq mi

ZIP Area

158

Density / Sq Mi

$63,361

Median Household Income

$48,067

Median Earnings

$938

Median Rent

$225,700

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this warehouses located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Warehouse - 4.66-acre property with 6,000 sq ft warehouse and expansion potential.

Where is this warehouse located?

The property is located at 9320 Old Racetrack Rd Delmar, DE.

What is the asking price?

The asking price for this property is $1,100,000.

What are key features of this property?

This property features: 4.66‑acre Light Industrial (LI‑2) zoned property offering versatile business opportunities.; Existing 6,000 sq ft warehouse featuring four 14'x14' roll‑up doors and individual access doors, plus permits being pursued for an additional 12,000 sq ft of warehouse and office space.; New upgrades include a metal roof, LED lighting, and 3‑phase electric service.