Luxurious Condo in Bayside
For Sale
$520,000
31574 WINTERBERRY PARKWAY #208B, Selbyville, DE 19975
Spacious, fully furnished condo with resort-style amenities and convenient location.
Property Size2,055 SF
Days on Market389
Property Features for 31574 WINTERBERRY PARKWAY #208B
General Information
Standard status
Active
Size
2,055 SF
Property subtype
Apartment
Amenities
Fireplace
Forced Air
Central A/C
Built-In Microwave
Built-In Range
Cooktop
Dishwasher
Dryer
Icemaker
Oven - Self Cleaning
Refrigerator
Water Heater - Tankless
Disposal
Microwave
Oven/Range - Electric
Stainless Steel Appliances
Patio, Porch, Cable TV Available, Electric Available, Phone Available, Sewer Available, Water Available, Propane - Community, Pitched, Shingle, Wood
Building Details
Building Size
2,055 SF
Year Built
2006
Listed By:
Gail Mitkoff · License #RS0036768
(301) 467-5161
Source:
Kw
Added: Aug 11, 2025
Changed: Aug 8
Last Checked: Sep 3 at 4:00AM
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 Gail Mitkoff
Investment Insights
Based on property information with market context.
Located 4 miles from the beach in the Bayside Resort Golf Club, this fully furnished condo offers over 2,000 square feet of living space. The property features a 4-bedroom layout, including two primary suites and three bathrooms. The condo is situated in a sought-after building and includes a large entryway, a living area with a fireplace, a floor-to-ceiling slider, built-ins, a dining space, and a screened-in balcony with treetop views of the pond adjacent to the pool. There is also a bonus room suitable for an extra bedroom or home office. The kitchen provides ample storage, a breakfast bar, and a pantry. The primary suite includes a walk-in closet, and the second primary bedroom has an en-suite bath. Residents have access to the Sunridge pool, tennis and pickleball courts, and a hot tub. Recent updates include a new roof (Dec. 2023), a new HVAC system (Nov 2024), and a tankless water heater (2020). Additional features include extra storage, in-unit laundry, assigned parking, and extra garage spaces. The Bayside Community offers amenities such as a Health & Aquatic Center with a 75-foot, 5-lane indoor pool and a fitness center, Har-Tru tennis courts, pickleball courts, four outdoor pools, a splash zone, a waterfall hot tub, basketball, volleyball, bocce courts, nature trails, fishing ponds, a beach shuttle, a community garden, and a kayak launch. Dining is available at the 38 Degrees restaurant, and live music can be enjoyed at the Freeman Arts Pavilion.
Key Highlights
- Located in the highly desirable Bayside Resort Golf Club, offering a luxurious coastal lifestyle.
- Spacious, FULLY FURNISHED, move‑in‑ready 4‑bedroom condo with two primary suites and three bathrooms, totaling over 2,000 square feet.
- Recent updates include a new roof (Dec. 2023) and a new HVAC system (Nov 2024).
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
$20,187
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
3.88%
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%
$403,740
$403.7K
Cap Rate 7%
$288,386
$288.4K
Cap Rate 9%
$224,300
$224.3K
Market Conditions
NOI Build-Up for 2,055 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
$39.0K $18.96/SF
− Vacancy
−$2.3K −$1.10/SF
EGI
$36.7K $17.86/SF
− OpEx
−$16.5K −$8.04/SF
NOI
$20.2K $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 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%
$403,740
Cap Rate 7%
$288,386
Cap Rate 9%
$224,300
Alternative Uses
Best Use
Apartment 5plus
$288.4K
$252.3K – $336.5K
NOI $20,187 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$564.7K
$494.1K – $658.8K
NOI $39,530 @ 7.0% cap · market cap 7.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 19975, DE
10,476
Population
8,890
Households
1.2
Avg Household Size
60
Median Age
39%
College-Educated
94%
High-School Grad
25.5 sq mi
ZIP Area
411
Density / Sq Mi
$86,063
Median Household Income
$41,090
Median Earnings
$1,098
Median Rent
$430,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Spacious, fully furnished condo with resort-style amenities and convenient location.
Where is this apartment building located?
The property is located at 31574 WINTERBERRY PARKWAY #208B Selbyville, DE.
What is the asking price?
The asking price for this property is $520,000.
What are key features of this property?
This property features: Located in the highly desirable Bayside Resort Golf Club, offering a luxurious coastal lifestyle.; Spacious, FULLY FURNISHED, move‑in‑ready 4‑bedroom condo with two primary suites and three bathrooms, totaling over 2,000 square feet.; Recent updates include a new roof (Dec. 2023) and a new HVAC system (Nov 2024).
