Residential Income Property with
For Sale
$439,000
Pending
24565 MERLOT DRIVE, Lewes, DE 19958
Updated condominium residence with flexible living space, screened porch, private elevator, and access to community pools and fitness facilities.
Property Size1,756 SF
Days on Market50
Property Features for 24565 MERLOT DRIVE
General Information
Standard status
Pending
Size
1,756 SF
Total Parking Spaces
1
Elevators
Yes
Property subtype
Condominium
Additional Details
Multifamily Units
1
Amenities
screened-in porch
community pools
fitness center
walking trails
lake
Building Details
Year Built
2023
Listing Agency:
Jack Lingo - Rehoboth
(302) 227-3883
Listed By:
Lucius Webb · License #RS-0017469
(302) 258-4590
Source:
Cummingsrealtors
Added: Aug 30
Changed: Oct 16
Last Checked: Oct 16 at 9:11AM
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 Jack Lingo - Rehoboth
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Investment Insights
Based on property information with market context.
Built in 2023, this 1,756-square-foot condominium offers three bedrooms, two bathrooms, and an open interior arrangement connecting the kitchen, dining area, and living room. The home includes 9-foot ceilings, a screened porch overlooking a wooded landscaped setting, a primary suite with walk-in closet and ensuite bath, two additional bedrooms, and space for a home office. A private elevator connects the foyer and one-car garage for convenient access.
The property is located in Lewes, Delaware, within walking distance of restaurants and grocery shopping. Community amenities include two pools, a fitness center, walking trails, and a lake suitable for kayaking. The HOA covers water, exterior maintenance, grounds landscaping, pool and fitness amenities, and the master insurance policy, leaving owners responsible for insuring the condominium interior.
The property is located in Lewes, Delaware, within walking distance of restaurants and grocery shopping. Community amenities include two pools, a fitness center, walking trails, and a lake suitable for kayaking. The HOA covers water, exterior maintenance, grounds landscaping, pool and fitness amenities, and the master insurance policy, leaving owners responsible for insuring the condominium interior.
Key Highlights
- 3BR, 2BA condominium with 1,756 SF of living area
- Built in 2023 with 9 ft ceilings and an open kitchen, dining, and living layout
- Private elevator connects the foyer with the 1‑car garage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,249
Cap Rate
3.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$344,980
$345.0K
Cap Rate 7%
$246,414
$246.4K
Cap Rate 9%
$191,656
$191.7K
Market Conditions
NOI Build-Up for 1,756 SF
Gross rent
$33.3K $18.96/SF
− Vacancy
−$1.9K −$1.10/SF
EGI
$31.4K $17.86/SF
− OpEx
−$14.1K −$8.04/SF
NOI
$17.2K $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%
$344,980
Cap Rate 7%
$246,414
Cap Rate 9%
$191,656
Alternative Uses
Best Use
Apartment 5plus
$246.4K
$215.6K – $287.5K
NOI $17,249 @ 7.0% cap · market cap 3.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$482.5K
$422.2K – $563.0K
NOI $33,778 @ 7.0% cap · market cap 7.69%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
40
Businesses Nearby
Explore this area
Business Placement
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
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium residence with flexible living space, screened porch, private elevator, and access to community pools and fitness facilities.
Where is this residential income property located?
The property is located at 24565 MERLOT DRIVE Lewes, DE.
What is the asking price?
The asking price for this property is $439,000.
What are key features of this property?
This property features: 3BR, 2BA condominium with 1,756 SF of living area; Built in 2023 with 9 ft ceilings and an open kitchen, dining, and living layout; Private elevator connects the foyer with the 1‑car garage
