UPDATED:
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 4,000 sqft
Price per Sqft $218
Subdivision Island Development
MLS Listing ID DESU2080504
Originating Board BRIGHT
Year Built 1950
Lot Size 1.300 Acres
Acres 1.3
Lot Dimensions 0.00 x 0.00
Property Sub-Type Mixed Use
Property Description
This prime mixed-use property is a turnkey investment generating $11,800/month in gross rental income ($141,600/year) across multiple income-producing assets:
Breakdown of Rental Income:
Commercial Spaces:
Unit 1 (Tire Shop): $1,500/mo
Unit 2 (Barber Shop): $1,500/mo
Unit 3 (Barber Shop): $2,000/mo
Unit 4 (Grocery Store): $1,800/mo
Residential Units – 7 Mobile Homes:
Trailer 1: $1,400/mo
Trailer 2: $1,000/mo
Trailer 3: $650/mo
Trailer 4: Not paying rent
Trailer 5: (Lot Rent Only): $550/mo
Trailer 6: $600/mo
Trailer 7: $800/mo
Stable Tenants + Expansion Potential = Strong ROI
Net Operating Income (NOI): $131,600/year (after estimated $10,000 annual expenses.
Estimated Cap Rate: 15%+ (based on list price – excellent return in today's market!)
Low Overhead: Minimal owner expenses with separate electric meters and long-term tenants.
Value-Add Opportunity:
✔ Seller is offering a $75,000 credit for reinvestment, closing costs or prepaid expenses if purchased before planned pole buildings are added—creating even more rental income!
✔ Trailer 7 is not generating income, but it will be an instant income boost once it does!
Why This Property?
It is fully leased with a strong rental history
Diversified income streams (commercial + residential)
Minimal owner responsibilities
Planned improvements for increased revenue
High cash-on-cash return potential
Perfect for investors seeking a high-yield, low-maintenance portfolio addition! Schedule a showing today!
Location
State DE
County Sussex
Area Seaford Hundred (31013)
Zoning C-1
Interior
Hot Water Electric
Heating Other
Cooling Window Unit(s)
Heat Source Other
Exterior
Garage Spaces 20.0
Water Access N
Accessibility 2+ Access Exits, Level Entry - Main
Total Parking Spaces 20
Garage N
Building
Sewer On Site Septic, Public Hook/Up Avail
Water Public Hook-up Available, Private
New Construction N
Schools
School District Seaford
Others
Tax ID 331-07.00-60.00
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Conventional, Lease Purchase
Listing Terms Cash, Conventional, Lease Purchase
Financing Cash,Conventional,Lease Purchase
Special Listing Condition Standard
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John Martinich
Co-Owner | License ID: VA-0225221526
Co-Owner License ID: VA-0225221526