Residential Income Property with Two-Car
For Sale
$355,000
34687 REFUGE COVE #1001, Rehoboth Beach, DE 19971
First-floor condominium offering one-level living, a three-season room, and a finished interior with wood flooring.
Property Size1,553 SF
Days on Market66
Property Features for 34687 REFUGE COVE #1001
General Information
Standard status
Active
Size
1,553 SF
Total Parking Spaces
2
Property subtype
Apartment
Units
Unit Mix
1 x 3BR/2BA
Multifamily Units
1
Parking per Unit
2
Amenities
bocce ball and shuffleboard courts
playground
picnic pavilion
Building Details
Building Size
1,553 SF
Year Built
2006
Listing Agency:
Monument Sotheby's International Realty
Listed By:
Brian K Barrows
(302) 227-6767
Source:
Teamtimmons.kw
Added: Aug 11
Changed: Oct 10
Last Checked: Oct 14 at 7:51PM
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 Monument Sotheby's International Realty
Investment Insights
Based on property information with market context.
This first-floor condominium at Woods Cove offers three bedrooms, two full bathrooms, and one-level living. The home includes a two-car garage with additional storage, wood flooring across the kitchen, dining area, and great room, plus a built-in wall in the great room. The kitchen is fitted with white cabinetry, granite countertops, substantial work surfaces, and a breakfast bar. A wraparound three-season room adds flexible enclosed living space, while natural light and ample closet storage extend throughout the bedroom areas.
Community amenities include bocce ball and shuffleboard courts, a playground, and a picnic pavilion positioned beside the community pond. Landscaping and lawn care are included within the community setting. The property is located midway between Lewes and Rehoboth Beach, with access to beaches, shopping, restaurants, recreation, and local attractions. Built in 2006.
Community amenities include bocce ball and shuffleboard courts, a playground, and a picnic pavilion positioned beside the community pond. Landscaping and lawn care are included within the community setting. The property is located midway between Lewes and Rehoboth Beach, with access to beaches, shopping, restaurants, recreation, and local attractions. Built in 2006.
Key Highlights
- Three‑bedroom, two‑bathroom first‑floor condominium with one‑level living
- Two‑car garage provides dedicated parking and storage
- Wraparound three‑season room expands the enclosed living area
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,255
Cap Rate
4.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$305,100
$305.1K
Cap Rate 7%
$217,929
$217.9K
Cap Rate 9%
$169,500
$169.5K
Market Conditions
NOI Build-Up for 1,553 SF
Gross rent
$29.4K $18.96/SF
− Vacancy
−$1.7K −$1.10/SF
EGI
$27.7K $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 Rate 5%
$305,100
Cap Rate 7%
$217,929
Cap Rate 9%
$169,500
Alternative Uses
Best Use
Apartment 5plus
$217.9K
$190.7K – $254.3K
NOI $15,255 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$426.8K
$373.4K – $497.9K
NOI $29,874 @ 7.0% cap · market cap 8.42%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
512
Businesses Nearby
Explore this area
Business Placement
Demographics for 19971, DE
14,348
Population
16,948
Households
0.8
Avg Household Size
60
Median Age
55%
College-Educated
96%
High-School Grad
18.0 sq mi
ZIP Area
797
Density / Sq Mi
$103,301
Median Household Income
$49,905
Median Earnings
$1,383
Median Rent
$561,300
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - First-floor condominium offering one-level living, a three-season room, and a finished interior with wood flooring.
Where is this residential income property located?
The property is located at 34687 REFUGE COVE #1001 Rehoboth Beach, DE.
What is the asking price?
The asking price for this property is $355,000.
What are key features of this property?
This property features: Three‑bedroom, two‑bathroom first‑floor condominium with one‑level living; Two‑car garage provides dedicated parking and storage; Wraparound three‑season room expands the enclosed living area
