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    Renovated Condo with Ocean Views Title is generated by Realmo AI

    402 ISLAND HOUSE Road E, Bethany Beach, DE 19930

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    For Sale
    $1,085,000

    MULTI_FAMILY - Other - BETHANY BEACH, DE

    Property size:
    1,060 SF
    Price / SF:
    $1,023/SF
    Added:
    Jun 7, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 7 at 1:06 pm

    Property Features for 402 ISLAND HOUSE Road E

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Rooms
    Dining Room
    Interior features
    Bathroom - Tub Shower, Bathroom - Walk-In Shower, Breakfast Area, Ceiling Fan(s), Combination Dining/Living, Window Treatments, Dining Area, Entry Level Bedroom, Primary Bedroom - Ocean Front, Sprinkler System, Upgraded Countertops
    Appliances
    Built-In Microwave, Built-In Range, Cooktop, Dishwasher, Dryer, Icemaker, Microwave, Oven/Range - Electric, Washer/Dryer Stacked, WaterHeater
    Standard status
    Active
    Size
    1,060 SF

    Taxes and HOA fees

    Tax Annual Amount
    3676

    Utilities

    Heating system
    Central
    Cooling system
    Central Air
    Water front features
    Navigable Water, Waterfront
    Water front
    1

    Building Details

    Year built
    1980
    Number of units
    1
    Building materials
    Composition, Masonry
    Architectural style
    Other

    We can help!

    Listing Contact
    JANE BAXTER
    JANE BAXTER

    Listing agent JANE BAXTER License #RS-0016970

    Listing office Keller Williams Realty 39682 Sunrise Court, Rehoboth Beach, DE

    Listing date Jun 7, 2026

    MLS# DESU2113430 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.

    HighLights

    • Renovated condo with ocean and beach views described as 180 degrees
    • Oceanfront location with navigable water and waterfront features
    • Central heating and central air conditioning
    • Upgraded countertops and built‑in kitchen appliances including range, cooktop, microwave, and dishwasher
    • Bathrooms include walk‑in shower and tub/shower, with renovated fixtures and lighting
    • Sea Colony amenities include private indoor and outdoor pools, tennis courts, and pickle‑ball courts

    Overview

    This renovated condo in Sea Colony is presented with high-end interior finishes. The property includes a renovated kitchen with updated countertops, along with renovated bathrooms featuring elegant vanities, new fixtures, and refreshed lighting. Interior updates also include a new ceiling fan, and the living area has recently updated furnishings referenced in the remarks, along with access to the balcony for outdoor relaxation.

    Located in the private, quiet section of Sea Colony, the unit is described as offering 180-degree views of the ocean and beach. The balcony is noted as a place to enjoy both the views and the sound of the waves, supporting a resort-style atmosphere while maintaining a calmer, more secluded feel within the community.

    For buyers seeking a move-in ready residential income property within a full-service resort environment, Sea Colony’s on-site support is highlighted in the remarks for owners and guests. The community offers multiple amenities, including private indoor and outdoor pools, tennis courts, and pickle-ball courts, which can appeal to tenants and buyers who want on-site recreation. This combination of recent renovations and amenity access makes the condo a practical option for those evaluating Sea Colony’s condominium lifestyle.
    Property Profile Location Intelligence

    Current Use by Public Records

    Residential income properties

    Suggested Use

    Restaurant Law Firm Real Estate Agency Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Nail Salon Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Bethany Beach
    County
    Sussex
    State
    Delaware
    Longitude
    -75.05446
    Latitude
    38.52563

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    FAQs

    What type of property is this?
    Residential income property - Renovated Sea Colony condo features a balcony with ocean and beach views in a quiet, private setting.
    Where is this residential income property located?
    The property is located at 402 ISLAND HOUSE Road E Bethany Beach, DE.
    What is the asking price?
    The asking price for this property is $1,085,000.
    What are key features of this property?
    This property features: Renovated condo with ocean and beach views described as 180 degrees; Oceanfront location with navigable water and waterfront features; Central heating and central air conditioning
    (302) 245-8831
    We can help!
    Listing Contact
    JANE BAXTER
    JANE BAXTER
    Real Estate License ID: RS-0016970
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    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.

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