3-Bedroom Residential Income
For Sale
$325,000
Pending
34383 SUMMERLYN DRIVE #104, Lewes, DE 19958
Open living areas, a pond-facing sunroom, fireplace, and community pool define this well-maintained residential property.
Property Size1,560 SF
Days on Market104
Property Features for 34383 SUMMERLYN DRIVE #104
General Information
Standard status
Pending
Size
1,560 SF
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Amenities
sunroom
fireplace
outdoor pool
Building Details
Building Size
1,560 SF
Year Built
2003
Listing Agency:
Crowley Associates Realty
(302) 539-4013
Listed By:
Marsha White · License #RS-0017470
(302) 539-4013
Source:
Teamtimmons.kw
Added: May 20
Changed: Aug 31
Last Checked: Aug 31 at 12:59AM
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 Crowley Associates Realty
Investment Insights
Based on property information with market context.
Built in 2003, this residential income property offers 1,560 square feet with three bedrooms and two bathrooms. The interior centers on an open arrangement linking the living, dining, and kitchen areas. Bedrooms are positioned on the entry level, while the primary suite includes a private bathroom. A sunroom overlooks the pond, and a fireplace adds a defined gathering feature to the home.
The property is located within the Summerlyn community, which includes an outdoor pool. The surrounding area offers access to restaurants, shopping, and local attractions. Its combination of bedroom count, accessible layout, pond outlook, and community amenity creates a practical residential configuration for continued ownership or rental use.
The property is located within the Summerlyn community, which includes an outdoor pool. The surrounding area offers access to restaurants, shopping, and local attractions. Its combination of bedroom count, accessible layout, pond outlook, and community amenity creates a practical residential configuration for continued ownership or rental use.
Key Highlights
- 1,560‑square‑foot residential property with 3 bedrooms and 2 bathrooms
- Open‑concept connection between living, dining, and kitchen areas
- Entry‑level bedrooms and a primary suite with private bathroom
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
4.72%
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 4.72%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$428.7K
$375.1K – $500.1K
NOI $30,008 @ 7.0% cap · market cap 9.23%
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Open living areas, a pond-facing sunroom, fireplace, and community pool define this well-maintained residential property.
Where is this residential income property located?
The property is located at 34383 SUMMERLYN DRIVE #104 Lewes, DE.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 1,560‑square‑foot residential property with 3 bedrooms and 2 bathrooms; Open‑concept connection between living, dining, and kitchen areas; Entry‑level bedrooms and a primary suite with private bathroom
