First-Floor Residential Income
For Sale
$434,900
33725 SKIFF ALLEY #5108, Lewes, DE 19958
First-floor unit in a gated waterfront community with a covered porch, pool, and flexible rental terms.
Property Size1,397 SF
Days on Market203
Property Features for 33725 SKIFF ALLEY #5108
General Information
Standard status
Active
Size
1,397 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Amenities
community pool
pool house
gated
keypad access
Building Details
Building Size
1,397 SF
Year Built
2019
Listing Agency:
JC Realty Inc
(302) 841-2282
Listed By:
JILL A. CICIERSKI · License #RB-0020672
(302) 841-2282
Source:
Stevedeboe.kw
Added: Feb 10
Changed: Aug 31
Last Checked: Aug 31 at 12:36PM
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 JC Realty Inc
Investment Insights
Based on property information with market context.
This first-floor residential unit offers three bedrooms and two bathrooms, with both ramp and stair access. Interior features include soft-close cabinetry, wainscoting, a tiled backsplash, ceiling fans, window treatments, and a wall-mounted TV. A private covered porch provides outdoor space within the waterfront community.
Community amenities include a pool and pool house, while gated entry and keypad access serve the six buildings. Kayaking to Rehoboth Bay is available from the community, and a bus stop is located outside the property. Grocery stores and restaurants are within one mile, with access to outlets and beaches by bus. Rental terms may range from weekly to annual. Water, trash, and master flood and property insurance are included in the condo fees.
Community amenities include a pool and pool house, while gated entry and keypad access serve the six buildings. Kayaking to Rehoboth Bay is available from the community, and a bus stop is located outside the property. Grocery stores and restaurants are within one mile, with access to outlets and beaches by bus. Rental terms may range from weekly to annual. Water, trash, and master flood and property insurance are included in the condo fees.
Key Highlights
- Three‑bedroom, two‑bath first‑floor unit with ramp and stair access
- Private covered porch in a waterfront community with kayaking access to Rehoboth Bay
- Gated community with keypad access to six buildings
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
$13,723
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
3.16%
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%
$274,460
$274.5K
Cap Rate 7%
$196,043
$196.0K
Cap Rate 9%
$152,478
$152.5K
Market Conditions
NOI Build-Up for 1,397 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
$26.5K $18.96/SF
− Vacancy
−$1.5K −$1.10/SF
EGI
$25.0K $17.86/SF
− OpEx
−$11.2K −$8.04/SF
NOI
$13.7K $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%
$274,460
Cap Rate 7%
$196,043
Cap Rate 9%
$152,478
Alternative Uses
Best Use
Apartment 5plus
$196.0K
$171.5K – $228.7K
NOI $13,723 @ 7.0% cap · market cap 3.16%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$383.9K
$335.9K – $447.9K
NOI $26,873 @ 7.0% cap · market cap 6.18%
Zoning and permitted uses should be independently verified with authorities.
Property 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
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 - First-floor unit in a gated waterfront community with a covered porch, pool, and flexible rental terms.
Where is this residential income property located?
The property is located at 33725 SKIFF ALLEY #5108 Lewes, DE.
What is the asking price?
The asking price for this property is $434,900.
What are key features of this property?
This property features: Three‑bedroom, two‑bath first‑floor unit with ramp and stair access; Private covered porch in a waterfront community with kayaking access to Rehoboth Bay; Gated community with keypad access to six buildings
