Golf-View Residential Income
For Sale
$321,000
33585 WINDSWEPT DRIVE #7303, Millsboro, DE 19966
Second-level condominium with elevator access, screened porch, and an open two-bedroom layout.
Property Size1,325 SF
Days on Market213
Property Features for 33585 WINDSWEPT DRIVE #7303
General Information
Standard status
Active
Size
1,325 SF
Property subtype
Apartment
Amenities
Fireplace
Security System
Central A/C
Forced Air
Heat Pump(s)
Central
Built-In Microwave
Dishwasher
Disposal
Dryer - Electric
Oven/Range - Gas
Refrigerator
Washer
WaterHeater
Porch, Cable TV, Natural Gas Available
Building Details
Building Size
1,325 SF
Year Built
2007
Stories
4
Listed By:
Chrisy Tingle · License #RS
(302) 377-4159
Source:
Kw
Added: Feb 25
Changed: Sep 25
Last Checked: Sep 24 at 3:04PM
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 Chrisy Tingle
Investment Insights
Based on property information with market context.
This 2007 residential income property is a second-level, two-bedroom, two-bath condominium with approximately 1,325 square feet of living area and elevator access. The interior includes an open kitchen, dining, and living arrangement, engineered wood flooring, crown molding, recessed lighting, and a fireplace. The galley kitchen offers a breakfast bar, built-in microwave, pantry storage, and gas range. The primary suite features a walk-in closet and ensuite bath, while the screened porch overlooks the golf course and surrounding woods.
The property is located in The Peninsula community in Millsboro, approximately 2,000 feet from the Indian River Bay. Community amenities include indoor and outdoor pools, a fitness center, golf facilities with membership availability, clubhouse dining, tennis and basketball courts, walking trails, a spa, sauna, private beach area, and gated security. HOA and condominium fees cover exterior maintenance, lawn care, snow removal, trash, insurance, reserve funds, high-speed internet, and security.
The property is located in The Peninsula community in Millsboro, approximately 2,000 feet from the Indian River Bay. Community amenities include indoor and outdoor pools, a fitness center, golf facilities with membership availability, clubhouse dining, tennis and basketball courts, walking trails, a spa, sauna, private beach area, and gated security. HOA and condominium fees cover exterior maintenance, lawn care, snow removal, trash, insurance, reserve funds, high-speed internet, and security.
Key Highlights
- Approximately 1,325 SF, two‑bedroom, two‑bath condominium
- Second‑level residence with elevator access and screened porch
- Golf course and wooded views from the porch
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
$13,016
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
4.05%
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%
$260,320
$260.3K
Cap Rate 7%
$185,943
$185.9K
Cap Rate 9%
$144,622
$144.6K
Market Conditions
NOI Build-Up for 1,325 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
$25.1K $18.96/SF
− Vacancy
−$1.5K −$1.10/SF
EGI
$23.7K $17.86/SF
− OpEx
−$10.6K −$8.04/SF
NOI
$13.0K $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%
$260,320
Cap Rate 7%
$185,943
Cap Rate 9%
$144,622
Alternative Uses
Best Use
Apartment 5plus
$185.9K
$162.7K – $216.9K
NOI $13,016 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$364.1K
$318.6K – $424.8K
NOI $25,488 @ 7.0% cap · market cap 7.94%
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
24
Businesses Nearby
Explore this area
Business Placement
Demographics for 19966, DE
32,520
Population
19,625
Households
1.7
Avg Household Size
53
Median Age
28%
College-Educated
90%
High-School Grad
89.1 sq mi
ZIP Area
365
Density / Sq Mi
$75,436
Median Household Income
$36,815
Median Earnings
$1,293
Median Rent
$282,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Second-level condominium with elevator access, screened porch, and an open two-bedroom layout.
Where is this residential income property located?
The property is located at 33585 WINDSWEPT DRIVE #7303 Millsboro, DE.
What is the asking price?
The asking price for this property is $321,000.
What are key features of this property?
This property features: Approximately 1,325 SF, two‑bedroom, two‑bath condominium; Second‑level residence with elevator access and screened porch; Golf course and wooded views from the porch
