Short-Term Rental Condo with
For Sale
$335,000
34341 SUMMERLYN DRIVE #311, Lewes, DE 19958
Second-floor condominium with three bedrooms, pond views, elevator access, and community amenities managed through the HOA.
Property Size1,560 SF
Price / SF$214.74
Days on Market10
Property Features for 34341 SUMMERLYN DRIVE #311
General Information
Standard status
Active
Size
1,560 SF
Elevators
Yes
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
pool
sunroom
patio
fireplace
Building Details
Building Size
1,560 SF
Year Built
2003
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(302) 645-6661
Listed By:
Lee Ann Wilkinson · License #RA-0002064
(302) 645-6661
Source:
Stevedeboe.kw
Added: Aug 20
Changed: Aug 28
Last Checked: Aug 28 at 7:22AM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This second-floor condominium at Summerlyn offers 1,560 square feet with an open kitchen, dining area, and living room organized around a fireplace. The residence includes three bedrooms, two full baths, a primary suite with a spacious bath, and a four-season sunroom overlooking a pond with a fountain. A private patio adds outdoor space, while elevator service is available in each building.
Community amenities include a pool, and the HOA covers exterior maintenance, trash, and water. Short-term rentals are permitted, supporting use as a primary residence, second home, investment property, or vacation rental. The property is positioned along the Route 1 corridor, with restaurants, shopping, entertainment, and area attractions nearby; Lewes and Rehoboth Beach are a short drive away. Built in 2003.
Community amenities include a pool, and the HOA covers exterior maintenance, trash, and water. Short-term rentals are permitted, supporting use as a primary residence, second home, investment property, or vacation rental. The property is positioned along the Route 1 corridor, with restaurants, shopping, entertainment, and area attractions nearby; Lewes and Rehoboth Beach are a short drive away. Built in 2003.
Key Highlights
- Short‑term rentals permitted
- 1,560‑square‑foot second‑floor condominium built in 2003
- Four‑season sunroom with views of a fountained pond
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
$15,324
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
4.57%
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%
$306,480
$306.5K
Cap Rate 7%
$218,914
$218.9K
Cap Rate 9%
$170,267
$170.3K
Market Conditions
NOI Build-Up for 1,560 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
$29.6K $18.96/SF
− Vacancy
−$1.7K −$1.10/SF
EGI
$27.9K $17.86/SF
− OpEx
−$12.5K −$8.04/SF
NOI
$15.3K $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%
$306,480
Cap Rate 7%
$218,914
Cap Rate 9%
$170,267
Alternative Uses
Best Use
Apartment 5plus
$218.9K
$191.6K – $255.4K
NOI $15,324 @ 7.0% cap · market cap 4.57%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.7K
$375.1K – $500.1K
NOI $30,008 @ 7.0% cap · market cap 8.96%
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
660
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?
Short term rental property - Second-floor condominium with three bedrooms, pond views, elevator access, and community amenities managed through the HOA.
Where is this short term rental property located?
The property is located at 34341 SUMMERLYN DRIVE #311 Lewes, DE.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Short‑term rentals permitted; 1,560‑square‑foot second‑floor condominium built in 2003; Four‑season sunroom with views of a fountained pond
