Water-View Short-Term Rental
New
For Sale
$375,000
33725 SKIFF ALY #304, Lewes, DE 19958
Third-floor coastal residence with split bedrooms, a balcony, and rentals permitted for stays of seven days or longer.
Property Size1,369 SF
Days on Market6
Property Features for 33725 SKIFF ALY #304
General Information
Standard status
Active
Size
1,369 SF
Elevators
Yes
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
gated entry
secure building access
outdoor pool
kayak storage and launch
boat slips
Building Details
Building Size
1,369 SF
Year Built
2019
Listing Agency:
Coldwell Banker Realty
Listed By:
Catina Fair
(302) 539-1777
Source:
Stevedeboe.kw
Added: Sep 4
Changed: Sep 6
Last Checked: Sep 9 at 5:26AM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This third-floor condominium at Residences at Rehoboth Bay was built in 2019 and features two bedrooms, two baths, and an open living arrangement. The split-bedroom plan separates the primary suite from the guest bedroom, while the kitchen includes granite countertops, stainless-steel appliances, ample cabinetry, and a breakfast bar. A family-room fireplace with shiplap detailing and expansive glass doors add character and connect the interior to the balcony, where views extend across the marsh, water, and surrounding natural landscape. The primary bath includes dual vanities and a tiled shower.
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 situated between Lewes and Rehoboth Beach, with access to area beaches, dining, shopping, and entertainment. Short-term rentals are permitted with a 7-day minimum stay, supporting use as a residence, retreat, 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 situated between Lewes and Rehoboth Beach, with access to area beaches, dining, shopping, and entertainment. Short-term rentals are permitted with a 7-day minimum stay, supporting use as a residence, retreat, or investment property.
Key Highlights
- Third‑floor condominium with expansive views across the water, marsh, wetlands, and natural landscape
- Two‑bedroom, two‑bath layout with a split‑bedroom design
- Kitchen includes granite countertops, stainless‑steel appliances, generous cabinetry, and a breakfast bar
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
$13,448
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
3.59%
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%
$268,960
$269.0K
Cap Rate 7%
$192,114
$192.1K
Cap Rate 9%
$149,422
$149.4K
Market Conditions
NOI Build-Up for 1,369 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
$26.0K $18.96/SF
− Vacancy
−$1.5K −$1.10/SF
EGI
$24.5K $17.86/SF
− OpEx
−$11.0K −$8.04/SF
NOI
$13.4K $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%
$268,960
Cap Rate 7%
$192,114
Cap Rate 9%
$149,422
Alternative Uses
Best Use
Apartment 5plus
$192.1K
$168.1K – $224.1K
NOI $13,448 @ 7.0% cap · market cap 3.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$376.2K
$329.2K – $438.9K
NOI $26,334 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Short term rental property - Third-floor coastal residence with split bedrooms, a balcony, and rentals permitted for stays of seven days or longer.
Where is this short term rental property located?
The property is located at 33725 SKIFF ALY #304 Lewes, DE.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Third‑floor condominium with expansive views across the water, marsh, wetlands, and natural landscape; Two‑bedroom, two‑bath layout with a split‑bedroom design; Kitchen includes granite countertops, stainless‑steel appliances, generous cabinetry, and a breakfast bar
