Multi-Level Victorian
New
For Sale
$2,500,000
210 SAVANNAH Rd, Lewes, DE 19958
Dining rooms, a custom bar, porch seating, and a dumbwaiter support the existing restaurant configuration.
Property Size6,089 SF
Price / SF$410.58
Days on Market2
Property Features for 210 SAVANNAH Rd
General Information
Standard status
Active
Size
6,089 SF
Property subtype
Commercial
Restaurant
Patio
Yes
Equipment Included
No
Taxes and HOA fees
Annual Taxes
$3,936
Amenities
wrap-around porch
gazebo
skylights
Building Details
Year Built
1900
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Lee Ann Wilkinson · License #RA-0002064
(302) 645-6664
Source:
Elliman
Added: Sep 26
Last Checked: Sep 26 at 3:25PM
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.
Built in 1900, this Victorian property is arranged across multiple levels and currently operates as a restaurant. Dining rooms feature hardwood floors and skylights, with a custom bar and a wrap-around porch that includes a gazebo area for outdoor seating. A dumbwaiter connects to the kitchen operation, while the upper floors contain multiple private rooms. Restaurant equipment is not included in the real estate sale and is available separately.
The property is at 210 Savannah Road in Lewes, in the downtown historic area. Its existing restaurant layout combines indoor dining areas, outdoor seating, kitchen facilities, and upper-level rooms.
The property is at 210 Savannah Road in Lewes, in the downtown historic area. Its existing restaurant layout combines indoor dining areas, outdoor seating, kitchen facilities, and upper-level rooms.
Key Highlights
- Victorian property built in 1900
- Restaurant layout spans multiple levels and includes upper‑floor private rooms
- Dining rooms feature hardwood floors and skylights
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
$73,735
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
2.95%
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%
$1,474,700
$1.5M
Cap Rate 7%
$1,053,357
$1.1M
Cap Rate 9%
$819,278
$819.3K
Market Conditions
NOI Build-Up for 6,089 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
$109.6K $18.00/SF
− Vacancy
−$11.3K −$1.85/SF
EGI
$98.3K $16.15/SF
− OpEx
−$24.6K −$4.04/SF
NOI
$73.7K $12.11/SF
Area
Sussex County, DE
Vacancy
10.30%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,474,700
Cap Rate 7%
$1,053,357
Cap Rate 9%
$819,278
Alternative Uses
Best Use
Specialty Retail
$1.05M
$921.7K – $1.23M
NOI $73,735 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,128 @ 7.0% cap · market cap 4.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
795
Businesses Nearby
8k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 65%
Shops & Services 35%
Lloyd's Market
Groceries
5,220 visits/mo
0.4 miles
M&T Bank
Shops & Services
2,852 visits/mo
0.1 miles
Demographics for 19958, DE
27,911
Population
19,410
Households
1.4
Avg Household Size
61
Median Age
49%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
590
Density / Sq Mi
$91,445
Median Household Income
$49,124
Median Earnings
$1,654
Median Rent
$488,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Dining rooms, a custom bar, porch seating, and a dumbwaiter support the existing restaurant configuration.
Where is this conventional restaurant located?
The property is located at 210 SAVANNAH Rd Lewes, DE.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Victorian property built in 1900; Restaurant layout spans multiple levels and includes upper‑floor private rooms; Dining rooms feature hardwood floors and skylights
