Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    106 Paddock Way Lewes, DE 19958

    Sponsored
    For Sale
    $729,000

    LAND - LEWES, DE

    Lot size:
    0.23 Acres
    Days on Market:
    2
    Last Refresh:
    Jan 22 at 1:06 am

    Property Features for 106 Paddock Way

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Lot size
    0.23 Acres

    We can help!

    Listing Contact
    Will Emmert

    RE/MAX Realty Group Rehoboth (302) 227-4800 [email protected]

    Listing agent WILL EMMERT Jr. (302) 227-4800 License #RA-0002483

    Listing date Jan 21, 2026

    MLS# DESU2103514 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Residential Lot in Olde Town

    This 0.23-acre lot is located in the Olde Town community in Lewes, Delaware. The property offers the opportunity to build a custom home with no builder tie-in. The community features a pond and an outdoor pool located across the street from the lot. The Breakwater Bike Trail, which connects Lewes and Rehoboth, is adjacent to the community.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Hair Salon Building Supply Auto Repair Shop Gym & Fitness Wholesale Shop Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Lewes
    County
    Sussex
    State
    Delaware
    Longitude
    -75.13757
    Latitude
    38.7655

    Nearby Similar for Sale

    • $432,500
      1,500 SF

      Updated Condo with Private Elevator

      Two-story townhouse-style condo with private elevator near Lewes and Rehoboth beaches.
      18565 Orton Cir, Lewes, DE 19958
      View Details
    • $53,900
      864 SF

      Updated Mobile Home Near Beaches

      Updated mobile home near beaches, restaurants, and shopping.
      33873 Mcnicol Rd, Lewes, DE 19958
      View Details
    • $365,900

      Spacious Condo Near Beach Attractions

      Two-bedroom condo with community amenities and easy beach access.
      17054 N Brandt St, Lewes, DE 19958
      View Details
    • $79,000

      Move-In Ready Home in Lewes

      Charming 3-bedroom home in Whispering Pines community, Lewes, DE.
      31614 Dogwood Ct, Lewes, DE 19958
      View Details
    • $89,900

      Updated Home in Sweet Briar

      Well-maintained 2-bed, 1.5-bath home with modern upgrades.
      17248 Pine Water Dr, Lewes, DE 19958
      View Details
    • $221,900

      Residential Development in Historic Lewes

      Residential development with affordable workforce housing in Lewes, Delaware.
      2103 Emden Ln, Lewes, DE 19958
      View Details
    • $155,000

      Park Model Tiny Home Retreat

      Seasonal tiny home with marina views in West Bay.
      35080 North Dr, Lewes, DE 19958
      View Details
    • $839,900

      Lewes Duplex with Open Floorplan

      Custom-built Lewes duplex near attractions, shopping, dining, and beach.
      310 Burton Ave, Lewes, DE 19958
      View Details
    • $1,995,000

      Historic Lewes Mixed-Use Building

      Mixed-use building with restaurant and residential units in historic Lewes.
      109 W Market St, Lewes, DE 19958
      View Details
    • $365,900

      Spacious Apartment with Unique Kitchen

      Large apartment featuring a uniquely shaped kitchen and balcony.
      24686 Merlot Dr, Lewes, DE 19958
      View Details
    • $1,050,000

      Retail Property Near Five Points

      Centrally located retail property with easy beach access.
      1622 Savannah Rd, Lewes, DE 19958
      View Details
    • $649,000

      Lewes Specialty Property For Sale

      Specialty property available for purchase in Lewes, Delaware.
      34078 N Heron Dr, Lewes, DE 19958
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Residential lot in Lewes, DE with community pool and bike trail.
    Where is this residential land & home lot located?
    The property is located at 106 Paddock Way Lewes, DE.
    What is the asking price?
    The asking price for this property is $729,000.
    What are key features of this property?
    This property features: - Lot in highly desirable Olde Town community, in-town Lewes.; - No builder tie-in: choose your own builder.; - Enjoy the outdoor pool directly across the street from the lot.
    (302) 227-4800
    Request Owner's contact information
    106 Paddock Way Lewes, DE 19958
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    106 Paddock Way
    Lewes, DE 19958
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    106 Paddock Way Lewes, DE 19958
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Will Emmert
    Real Estate License ID: RA-0002483
    (302) 227-4800
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.