Residential Income
For Sale
$329,900
18881 FORGOTTEN HARBOR COURT #204, Rehoboth Beach, DE 19971
Three-bedroom condominium with vaulted ceilings, a sunroom, split-bedroom design, and attached garage.
Property Size1,880 SF
Days on Market274
Property Features for 18881 FORGOTTEN HARBOR COURT #204
General Information
Standard status
Active
Size
1,880 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Building Details
Building Size
1,880 SF
Year Built
2009
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Lee Ann Wilkinson · License #RA-0002064
(302) 645-6661
Source:
Teamtimmons.kw
Added: Jan 5
Changed: Sep 30
Last Checked: Oct 5 at 3:36PM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This 2009 condominium offers three bedrooms and two bathrooms within an open-concept layout. Vaulted ceilings complement the connected kitchen, dining, and living areas, while an L-shaped sunroom adds flexible interior space and natural light. The split-bedroom arrangement separates the primary suite from two secondary bedrooms, and the primary suite includes a private bathroom and walk-in closet. A one-car garage provides parking and additional storage.
Located in the Woods Cove community at 18881 Forgotten Harbor Court #204 in Rehoboth Beach, the property is close to shopping, dining, and area beaches. The residence combines a defined bedroom layout with low-maintenance condominium living.
Located in the Woods Cove community at 18881 Forgotten Harbor Court #204 in Rehoboth Beach, the property is close to shopping, dining, and area beaches. The residence combines a defined bedroom layout with low-maintenance condominium living.
Key Highlights
- Three‑bedroom, two‑bath condominium built in 2009
- Vaulted ceilings and open kitchen, dining, and living areas
- L‑shaped sunroom provides additional flexible living space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,468
Cap Rate
5.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$369,360
$369.4K
Cap Rate 7%
$263,829
$263.8K
Cap Rate 9%
$205,200
$205.2K
Market Conditions
NOI Build-Up for 1,880 SF
Gross rent
$35.6K $18.96/SF
− Vacancy
−$2.1K −$1.10/SF
EGI
$33.6K $17.86/SF
− OpEx
−$15.1K −$8.04/SF
NOI
$18.5K $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 Rate 5%
$369,360
Cap Rate 7%
$263,829
Cap Rate 9%
$205,200
Alternative Uses
Best Use
Apartment 5plus
$263.8K
$230.9K – $307.8K
NOI $18,468 @ 7.0% cap · market cap 5.60%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$516.6K
$452.1K – $602.7K
NOI $36,164 @ 7.0% cap · market cap 10.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
512
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Three-bedroom condominium with vaulted ceilings, a sunroom, split-bedroom design, and attached garage.
Where is this residential income property located?
The property is located at 18881 FORGOTTEN HARBOR COURT #204 Rehoboth Beach, DE.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Three‑bedroom, two‑bath condominium built in 2009; Vaulted ceilings and open kitchen, dining, and living areas; L‑shaped sunroom provides additional flexible living space
