Gated First-Floor Income
For Sale
$349,900
33725 SKIFF ALLEY #107, Lewes, DE 19958
Well-maintained condo with split-bedroom layout, private balcony, and access to pool, kayak launch, elevators, and boat slips.
Property Size1,199 SF
Days on Market121
Property Features for 33725 SKIFF ALLEY #107
General Information
Standard status
Active
Size
1,199 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Amenities
private balcony
gated entrance
secure building access
outdoor pool
kayak storage and launch
available boat slips
Building Details
Building Size
1,199 SF
Year Built
2019
Stories
3
Listing Agency:
Compass
(302) 273-4998
Listed By:
Joshua Wilt
(302) 273-4998
Source:
Stevedeboe.kw
Added: May 1
Changed: Aug 28
Last Checked: Aug 29 at 5:49AM
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 Compass
Investment Insights
Based on property information with market context.
This first-floor condominium in a gated community was built in 2019 and features a split-bedroom floor plan with LVP flooring throughout the main living areas. The open living space includes a shiplap-accented fireplace, while the kitchen is equipped with granite countertops and stainless-steel appliances. The primary suite offers a double vanity and tiled shower with frameless glass. A private balcony connects to both bedrooms and the family room.
Community features include gated entry, secure building access, elevators, an outdoor pool, kayak storage, and a kayak launch. Boat slips are available on a first-come basis. The property is located about 7 miles from both Lewes and Rehoboth Beach, with a bus stop at the community entrance. Seven-day minimum rentals are allowed, supporting use as a residence, beach getaway, or investment property.
Community features include gated entry, secure building access, elevators, an outdoor pool, kayak storage, and a kayak launch. Boat slips are available on a first-come basis. The property is located about 7 miles from both Lewes and Rehoboth Beach, with a bus stop at the community entrance. Seven-day minimum rentals are allowed, supporting use as a residence, beach getaway, or investment property.
Key Highlights
- First‑floor condo at 33725 SKIFF ALLEY #107, Lewes, DE 19958
- Built in 2019 with a split‑bedroom layout and LVP flooring in main living areas
- Private balcony accessible from both bedrooms and the family room
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
$11,778
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
3.37%
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%
$235,560
$235.6K
Cap Rate 7%
$168,257
$168.3K
Cap Rate 9%
$130,867
$130.9K
Market Conditions
NOI Build-Up for 1,199 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
$22.7K $18.96/SF
− Vacancy
−$1.3K −$1.10/SF
EGI
$21.4K $17.86/SF
− OpEx
−$9.6K −$8.04/SF
NOI
$11.8K $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%
$235,560
Cap Rate 7%
$168,257
Cap Rate 9%
$130,867
Alternative Uses
Best Use
Apartment 5plus
$168.3K
$147.2K – $196.3K
NOI $11,778 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$329.5K
$288.3K – $384.4K
NOI $23,064 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Well-maintained condo with split-bedroom layout, private balcony, and access to pool, kayak launch, elevators, and boat slips.
Where is this residential income property located?
The property is located at 33725 SKIFF ALLEY #107 Lewes, DE.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: First‑floor condo at 33725 SKIFF ALLEY #107, Lewes, DE 19958; Built in 2019 with a split‑bedroom layout and LVP flooring in main living areas; Private balcony accessible from both bedrooms and the family room
