Traditions at Whitehall 55+
For Sale
$587,000
204 BALDY Ln CAYOT MODEL, Middletown, DE 19709
Charming 3-bedroom home in a vibrant active adult community.
Property Size2,004 SF
Lot Size0.18 Acres
Days on Market275
Property Features for 204 BALDY Ln CAYOT MODEL
General Information
Standard status
Active
Size
2,004 SF
Lot size
0.18 Acres
Property subtype
Other
Building Details
Building Size
2,004 SF
Listing Agency:
(302) 540-5249
Listed By:
Lindsay L Shaffer · License #RS-0022034
(302) 540-5249
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 23
Last Checked: Aug 26 at 9:58AM
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 Lindsay L Shaffer
Investment Insights
Based on property information with market context.
Located in the desirable 55+ community of Traditions at Whitehall, this charming home features an open concept floor plan designed for one-floor living. The Cayot Model includes three bedrooms, a welcoming dining room, and a great room upon entry. At the rear of the home is the luxurious owner's suite, complete with a walk-in closet and an en-suite bath that includes a 5-foot tile shower. Residents of this active adult community enjoy access to amenities such as a state-of-the-art clubhouse, fitness facilities, swimming pools, walking trails, and a calendar of social events.
Key Highlights
- Located in the desirable 55+ community of Traditions at Whitehall.
- Offers single‑floor living.
- Features a luxurious owner's suite with walk‑in closet and en‑suite bath, including a 5‑foot tile shower.
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
$18,982
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
3.23%
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%
$379,640
$379.6K
Cap Rate 7%
$271,171
$271.2K
Cap Rate 9%
$210,911
$210.9K
Market Conditions
NOI Build-Up for 2,004 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
$36.8K $18.36/SF
− Vacancy
−$2.3K −$1.14/SF
EGI
$34.5K $17.22/SF
− OpEx
−$15.5K −$7.75/SF
NOI
$19.0K $9.47/SF
Area
New Castle County, DE
Vacancy
6.20%
Lease Rate
$18.36 /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%
$379,640
Cap Rate 7%
$271,171
Cap Rate 9%
$210,911
Alternative Uses
Best Use
Apartment 5plus
$271.2K
$237.3K – $316.4K
NOI $18,982 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$479.3K
$419.4K – $559.2K
NOI $33,554 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19709, DE
49,599
Population
17,819
Households
2.8
Avg Household Size
39
Median Age
49%
College-Educated
96%
High-School Grad
77.6 sq mi
ZIP Area
639
Density / Sq Mi
$129,971
Median Household Income
$69,505
Median Earnings
$1,571
Median Rent
$444,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Senior housing / Retirement Home - Charming 3-bedroom home in a vibrant active adult community.
Where is this senior housing / retirement home located?
The property is located at 204 BALDY Ln CAYOT MODEL Middletown, DE.
What is the asking price?
The asking price for this property is $587,000.
What are key features of this property?
This property features: Located in the desirable 55+ community of Traditions at Whitehall.; Offers single‑floor living.; Features a luxurious owner's suite with walk‑in closet and en‑suite bath, including a 5‑foot tile shower.
