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

    38183 Terrace Rd Rehoboth Beach, DE 19971

    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,250,000

    Specialty property available for purchase in Rehoboth Beach.

    Lot size:
    0.13 Acres

    Property Features for 38183 Terrace Rd

    General Information

    Lot size
    0.13 Acres

    Building Details

    Year built
    2002

    We can help!

    Listing Contact
    Joseph Choma
    Source: Elliman

    Listing Agent: Joseph Choma

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Specialty Property For Sale

    A specialty property is available for sale. The list price is $1,250,000.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Specialty properties

    Suggested Use

    Law Firm Realty agency Restaurant Spa & Massage Hair Salon Nail Salon Auto Repair Shop Building Supply Pharmacy Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Rehoboth Beach
    County
    Sussex
    State
    Delaware
    Longitude
    -75.0844436
    Latitude
    38.7061813

    Nearby Similar for Sale

    • $399,000
      0.32 Acres

      Restaurant Opportunity on Rehoboth Avenue

      Restaurant with parking in the heart of Rehoboth Beach.
      251 Rehoboth Avenue Ext, Rehoboth Beach, DE 19971
      View Details
    • $899,000

      Rehoboth Beach Commercial Condo

      Income-producing commercial space in downtown Rehoboth Beach.
      50 Wilmington Ave, Rehoboth Beach, DE 19971
      View Details
    • $899,000

      Coastal Townhome Near Rehoboth Beach

      Stylish 4-bedroom townhome with pond views, near downtown Rehoboth.
      43 Canal Landing Ct, Rehoboth Beach, DE 19971
      View Details
    • $575,000
      1,400 SF

      Updated Condo in Eagles Landing

      Furnished 3BR condo with resort-style amenities near Rehoboth Beach.
      241 American Eagle Way, Rehoboth Beach, DE 19971
      View Details
    • $163,000

      Updated Mobile Home Near Beach

      Charming, upgraded 2-bed, 2-bath mobile home near Rehoboth Beach.
      16 Olde Coach Dr, Rehoboth Beach, DE 19971
      View Details
    • Contact for pricing

      Affordable Beach Home Opportunity

      Three-bed, one-bath home near beaches with community amenities.
      20015 Golden Ave, Rehoboth Beach, DE 19971
      View Details
    • $579,000

      Coastal Townhome Near Rehoboth Beach

      3-bedroom townhome with rental history near beaches and amenities.
      280 American Eagle Way, Rehoboth Beach, DE 19971
      View Details
    • $359,900

      Furnished Condo in Creekwood Community

      Well-maintained 2BR, 2BA condo with rental potential near beaches.
      500 Cascade Ln, Rehoboth Beach, DE 19971
      View Details
    • $425,000

      Rehoboth Beach Condo Near Shore

      Charming 2-bedroom, 2-bath condo near beach, shops, restaurants.
      35948 Hvn Dr Dr, Rehoboth Beach, DE 19971
      View Details
    • $599,000

      Rehoboth Beach Condo Near Boardwalk

      2-bedroom condo near beach, boardwalk, shops, and restaurants.
      58 Maryland Ave, Rehoboth Beach, DE 19971
      View Details
    • $386,000

      Rehoboth Beach First-Floor Condo

      Two-bedroom condo with updated features and convenient location.
      100 Cascade Ln, Rehoboth Beach, DE 19971
      View Details
    • $2,597,000

      Oceanfront Condo with Rental History

      Three-bedroom condo with ocean views, amenities, and rental income.
      527 N Boardwalk 202, Rehoboth Beach, DE 19971
      View Details

    FAQs

    What type of property is this?
    Specialty property - Specialty property available for purchase in Rehoboth Beach.
    Where is this specialty property located?
    The property is located at 38183 Terrace Rd Rehoboth Beach, DE.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: - Year Built: 2002
    (302) 227-6101
    Request Owner's contact information
    38183 Terrace Rd Rehoboth Beach, DE 19971
    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.
    38183 Terrace Rd
    Rehoboth Beach, DE 19971
    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
    38183 Terrace Rd Rehoboth Beach, DE 19971
    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
    Joseph Choma
    (302) 227-6101
    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.