Add Listing
    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

    STEEPLE CHASE RUN Lewes, DE 19958

    View on Map
    Claim this Listing
    For Sale
    $324,999

    LAND - LEWES, DE

    Lot size:
    1.92 Acres
    Added:
    Nov 17, 2024
    Days on Market:
    520
    Last Refresh:
    Apr 21 at 8:06 pm

    Property Features for STEEPLE CHASE RUN

    General Information

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

    Taxes and HOA fees

    Tax Annual Amount
    237

    We can help!

    Listing Contact
    Anton Balakin

    Listing agent Anton Balakin License #0039258

    Listing office EXP Realty, LLC 144 Kings Highway unit: 301, Dover, DE

    Listing date Nov 17, 2024

    MLS# DESU2074552 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.

    Overview

    Lewes Land Opportunity

    This is a large, wooded lot located in Lewes, Delaware. The property is almost 2 acres in size and is situated off of Beaver Dam Road, providing quick access to Route 1 and nearby beaches. It is part of Iron Horse Ranch, a small community consisting of only 5 lots featuring upscale homes. The sewer connection fee has been taken care of.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Map

    City
    Lewes
    County
    Sussex
    State
    Delaware
    Longitude
    -75.215958
    Latitude
    38.706507

    Nearby Similar for Sale

    • $349,000

      Residential Land in Lewes, DE

      Residential land in Lewes, DE with community amenities.
      33504 W HUNTERS Run, LEWES, DE 19958
      View Details
    • $849,900

      Lewes Land Opportunity Near Canal

      Homesite near canal, dining, and shopping in Lewes, DE.
      149 JACKS Way, LEWES, DE 19958
      View Details
    • $639,999

      Residential Land in Olde Town

      Land in Lewes, build your dream home!
      77 FILLY Lane, LEWES, DE 19958
      View Details
    • $2,200,000

      Lewes Canalfront Building Opportunity

      Rare oversized building site on the Lewes-Rehoboth Canal.
      GILLS NECK Road lot: A, LEWES, DE 19958
      View Details
    • $2,200,000

      Lewes Canalfront Building Lot

      Rare opportunity to own an oversized building site.
      GILLS NECK Road lot: B, LEWES, DE 19958
      View Details
    • $749,900

      Lewes Land Opportunity

      Oversized lots near downtown Lewes, no builder tie-in.
      157 TYLER'S CIRCLE, LEWES, DE 19958
      View Details
    • $249,900

      Cleared Lot Near Beaches

      Half-acre lot near Lewes and Rehoboth Beach.
      6 GAINSBOROUGH Drive, LEWES, DE 19958
      View Details
    • $569,900

      Lewes Land Opportunity

      Homesite near Lewes Beach, Cape Henlopen State Park.
      91 FILLY Lane lot: 1, LEWES, DE 19958
      View Details
    • $500,000

      Lewes Land For Sale

      50x100 lot in the heart of Lewes, Delaware.
      N MULBERRY Street lot: 3, LEWES, DE 19958
      View Details
    • $160,000

      Land Near Rehoboth Beach

      Vacant lot minutes from Rehoboth Beach and Rehoboth Bay.
      22969 MAGNOLIA DR, LEWES, DE 19958
      View Details
    • $975,000

      Commercial Property with Residential Structure

      Half-acre commercial property with existing home and business potential.
      17548 SHADY ROAD, LEWES, DE 19958
      View Details
    • $1,009,999

      Corner Lot in Olde Town

      Large corner lot near downtown Lewes and beaches.
      LOT 21 FILLY LANE AND 0 PADDOCK WAY, LEWES, DE 19958
      View Details

    FAQs

    What type of property is this?
    Residential land & home lot - Large wooded lot near beaches in Lewes, Delaware.
    Where is this residential land & home lot located?
    The property is located at STEEPLE CHASE RUN Lewes, DE.
    What is the asking price?
    The asking price for this property is $324,999.
    What are key features of this property?
    This property features: Offered below appraised value.; Large, wooded lot - almost 2 acres of privacy.; Sewer connection fee paid - over $10,000 savings!
    (302) 228-2756
    We can help!
    Listing Contact
    Anton Balakin
    Real Estate License ID: 0039258
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!