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Listing IDDESU2030004
Sold For$4,800,000
SqFt
68,000
Acres
4.850
StatusCLOSED
CountySussex
Year Built1980
Property TypeCommercial Sale
Property Sub TypeIndustrial
+/- 68,000 SF industrial manufacturing sale / partial leaseback opportunity - located in the heart of Milford in Kent County, the First State Manufacturing facility is available as an industrial investment opportunity.
This sale offering includes a leaseback from First State Manufacturing of +/- 34,000 SF on a triple net basis. The lease term shall be an 8 year term with base rent of $6.50 PSF increasing 3% annually. A slightly below market rent allows a buyer to realize additional income/upside in the event tenant were to leave at the end of their 8 year term. The remaining 34,000 SF will be delivered vacant and consists of office/production space and fully conditioned warehouse. Ideal opportunity for a user seeking space and additional income OR for a pure investment and the opportunity to achieve long term stable cashflow.
The 68,000 SF building is comprised of Class A office space and fully conditioned warehouse space. Conveniently located between Rt 113 and Rt 1, the wood/steel building has a poured concrete slab foundation and a flat rubber membrane roof. The building was completed renovated in 2011 and is fully sprinkled and has solar panels to increase efficiency. Drive in and dock high loading capabilities are both available. Based on the minimal inventory available, we expect to see strong demand for the vacant warehouse/manufacturing space.
County
Sussex
Price/SqFt
76.47
Property Sub Type
Industrial
Property Type
Commercial Sale
Year Built
1980
Zoning
I-1/R-2
Building Total SqFt Source
Estimated
Central Air
yes
Cooling Type
Central A/C
Flooring Type
Concrete
Heating
yes
Heating Type
Heat Pump(s)
Car Parking Spaces
60
Construction Materials
Mixed, Brick, Concrete
Cooling Fuel
Electric
Electric Service
3 Phases
Heating Fuel
Natural Gas Available
Hot Water
Natural Gas
Lot Size Source
Assessor
Lot Size Units
Square Feet
New Construction
no
Roof
Flat
Sewer Septic
Public Sewer
Tidal Water
no
Total Drive In Doors
1
Total Garage and Parking Spaces
68
Total Loading Docks
6
Truck/Trailer Parking Spaces
8
Type of Parking
Parking Lot
Water Access
no
Water Oriented
no
Water Source
Public
Water View
no
Country
US
In City Limits
yes
MLS Area
Cedar Creek Hundred (31004)
Waterfront
no
Accessibility Features
None
Base Off Market Date
2022-12-22T00:00:00+00:00
Business Type
Flex, Manufacturing, Institutional, Professional, Warehouse
Days on Market
17
Potential Tenancy
Multiple
Sussex DE Quadrants
Between Rt 1 & 113
Total Levelers
5
Year Assessed
2022
Year Built Source
Estimated
Automatically Update Tax Values
yes
Buyer Financing
Conventional, Exchange/Trade
Net SqFt
68000
Ownership Interest
Fee Simple
Possession
Settlement
Riparian Rights
no
Sale Type
Standard
Tax Annual Amount
12458
Tax Lot
MILFORD
Tax Year
2022
Vacation Rental
no
Listing courtesy of SVN |Miller Commercial Real Estate 410-543-2440
© 2024 Bright MLS. All rights reserved. Information Deemed Reliable, but Not Guaranteed. Listing information is from various brokers who participate in IDX and not all listings may be visible on the site. The property information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Listing courtesy of SVN |Miller Commercial Real Estate. Data last updated on Friday, March 29th, 2024 03:22:16 AM.
© 2024 Bright MLS. All rights reserved. Information Deemed Reliable, but Not Guaranteed. Listing information is from various brokers who participate in IDX and not all listings may be visible on the site. The property information being provided is for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The listing broker’s offer of compensation is made only to participants of the MLS where the listing is filed. Listing courtesy of SVN |Miller Commercial Real Estate. Data last updated on Friday, March 29th, 2024 03:22:16 AM.
Contact - Listing ID DESU2030004
John Luca
88 Lantana Dr.
Hockessin, DE 19707
Phone: 3029996966
Phone Alt: 3027405872
Data services provided by IDX Broker