Three-Bedroom Residential Income
For Sale
$379,900
18942 SHORE POINTE COURT #2504, Rehoboth Beach, DE 19971
Second-floor home with vaulted ceilings, an updated kitchen, sunroom, and attached garage.
Property Size1,523 SF
Days on Market206
Property Features for 18942 SHORE POINTE COURT #2504
General Information
Standard status
Active
Size
1,523 SF
Total Parking Spaces
1
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Amenities
sunroom
Building Details
Building Size
1,523 SF
Year Built
2011
Listing Agency:
Coldwell Banker Realty
Listed By:
Katie Marie Lowry · License #RS-0026282
(443) 856-2211
Source:
Teamtimmons.kw
Added: Feb 20
Changed: Sep 9
Last Checked: Sep 14 at 5:22AM
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 Realty
Investment Insights
Based on property information with market context.
Built in 2011, this second-floor residential income property offers a three-bedroom, two-bath layout with vaulted ceilings and hardwood flooring. The kitchen includes refreshed cabinetry, a new backsplash, granite countertops, and stainless appliances. A four-season sunroom extends the living space and features French doors and custom plantation shutters.
An attached one-car garage provides storage for recreational equipment, while additional storage is available beneath the stairs and in the foyer closet. The property is located at 18942 Shore Pointe Court in Rehoboth Beach, Delaware, approximately 4 miles from the Rehoboth Boardwalk. Restaurants, shopping, and golf courses are also described as nearby.
An attached one-car garage provides storage for recreational equipment, while additional storage is available beneath the stairs and in the foyer closet. The property is located at 18942 Shore Pointe Court in Rehoboth Beach, Delaware, approximately 4 miles from the Rehoboth Boardwalk. Restaurants, shopping, and golf courses are also described as nearby.
Key Highlights
- Three‑bedroom, two‑bath residential income property
- Second‑floor main level with vaulted ceilings and hardwood flooring
- Updated kitchen with refreshed cabinetry, new backsplash, granite counters, and stainless appliances
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
$14,961
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
3.94%
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%
$299,220
$299.2K
Cap Rate 7%
$213,729
$213.7K
Cap Rate 9%
$166,233
$166.2K
Market Conditions
NOI Build-Up for 1,523 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
$28.9K $18.96/SF
− Vacancy
−$1.7K −$1.10/SF
EGI
$27.2K $17.86/SF
− OpEx
−$12.2K −$8.04/SF
NOI
$15.0K $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%
$299,220
Cap Rate 7%
$213,729
Cap Rate 9%
$166,233
Alternative Uses
Best Use
Apartment 5plus
$213.7K
$187.0K – $249.4K
NOI $14,961 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$418.5K
$366.2K – $488.3K
NOI $29,296 @ 7.0% cap · market cap 7.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
605
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 - Second-floor home with vaulted ceilings, an updated kitchen, sunroom, and attached garage.
Where is this residential income property located?
The property is located at 18942 SHORE POINTE COURT #2504 Rehoboth Beach, DE.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: Three‑bedroom, two‑bath residential income property; Second‑floor main level with vaulted ceilings and hardwood flooring; Updated kitchen with refreshed cabinetry, new backsplash, granite counters, and stainless appliances
