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Listed by Wesley Cox • SVN/Miller Commercial Real Estate
$999,999
Est. payment /mo
UPDATED:
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID DESU2112076
Year Built 2015
Annual Tax Amount $930
Tax Year 2025
Lot Dimensions 100.00 x 300.00
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
This offering presents the opportunity to acquire a cash-flowing multifamily investment property located at 28420 Delaware Avenue in Millsboro, Delaware. The property consists of approximately 3,000 square feet and generates estimated rental income of $7,250 per month ($87,000 annually). Estimated annual operating expenses are approximately $12,985, resulting in an estimated net operating income of approximately $74,015. Income and expense figures are estimates and should be independently verified by prospective purchasers.
The property represents an estimated 7.4% cap rate based on the reported income and expenses, providing investors with stable in-place cash flow. The asset benefits from its location within the growing Sussex County market, where continued residential development and population growth are supporting strong rental demand.
This is a compelling opportunity for investors seeking a performing multifamily asset with strong income, low expenses, and long-term upside in one of Delaware's fastest-growing regions.
The property represents an estimated 7.4% cap rate based on the reported income and expenses, providing investors with stable in-place cash flow. The asset benefits from its location within the growing Sussex County market, where continued residential development and population growth are supporting strong rental demand.
This is a compelling opportunity for investors seeking a performing multifamily asset with strong income, low expenses, and long-term upside in one of Delaware's fastest-growing regions.
Location
State DE
County Sussex
Area Indian River Hundred (31008)
Zoning GR
Interior
Hot Water Other
Heating Other
Cooling Other
Heat Source Other
Exterior
Garage Spaces 6.0
Water Access N
Accessibility Ramp - Main Level
Total Parking Spaces 6
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Indian River
Others
Tax ID 234-34.08-78.00
Ownership Other
Special Listing Condition Standard
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