Furnished Penthouse Income
For Sale
$365,000
100 CASCADE LANE #124, Rehoboth Beach, DE 19971
Water views, a screened balcony, and in-unit laundry complement the open residential layout.
Property Size1,144 SF
Days on Market596
Property Features for 100 CASCADE LANE #124
General Information
Standard status
Active
Size
1,144 SF
Property subtype
Apartment
Building Details
Building Size
1,144 SF
Year Built
2002
Listing Agency:
Coldwell Banker Premier - Seaford
(302) 629-5575
Listed By:
NANCYANN PRICE · License #RA-0003578
(302) 629-5575
Source:
Stevedeboe.kw
Added: Jan 13, 2025
Changed: Aug 30
Last Checked: Aug 31 at 12:39PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Premier - Seaford
Investment Insights
Based on property information with market context.
This residential income property is a fully furnished penthouse with a two-bedroom, two-bath layout and an open arrangement suited to year-round living or weekend use. The home includes a galley kitchen with substantial cabinet storage, a dedicated laundry room, and a screened balcony overlooking the water. A patio storage closet provides additional space for seasonal equipment.
Built in 2002, the property is positioned just off Route 1 with access to Delaware beaches, outlet shopping, and eateries. Residents also have access to an inground pool, while mailboxes and a trash receptacle are located nearby for convenience.
Built in 2002, the property is positioned just off Route 1 with access to Delaware beaches, outlet shopping, and eateries. Residents also have access to an inground pool, while mailboxes and a trash receptacle are located nearby for convenience.
Key Highlights
- Fully furnished penthouse with 2 bedrooms and 2 bathrooms
- Water views from a screened balcony
- Open floor plan with galley kitchen and extensive cabinet storage
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,238
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$224,760
$224.8K
Cap Rate 7%
$160,543
$160.5K
Cap Rate 9%
$124,867
$124.9K
Market Conditions
NOI Build-Up for 1,144 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$21.7K $18.96/SF
− Vacancy
−$1.3K −$1.10/SF
EGI
$20.4K $17.86/SF
− OpEx
−$9.2K −$8.04/SF
NOI
$11.2K $9.82/SF
Area
Sussex County, DE
Vacancy
5.80%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$224,760
Cap Rate 7%
$160,543
Cap Rate 9%
$124,867
Alternative Uses
Best Use
Apartment 5plus
$160.5K
$140.5K – $187.3K
NOI $11,238 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$314.4K
$275.1K – $366.8K
NOI $22,006 @ 7.0% cap · market cap 6.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 19971, DE
14,348
Population
16,948
Households
0.8
Avg Household Size
60
Median Age
55%
College-Educated
96%
High-School Grad
18.0 sq mi
ZIP Area
797
Density / Sq Mi
$103,301
Median Household Income
$49,905
Median Earnings
$1,383
Median Rent
$561,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Water views, a screened balcony, and in-unit laundry complement the open residential layout.
Where is this residential income property located?
The property is located at 100 CASCADE LANE #124 Rehoboth Beach, DE.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Fully furnished penthouse with 2 bedrooms and 2 bathrooms; Water views from a screened balcony; Open floor plan with galley kitchen and extensive cabinet storage
