Residential Income Property with Two-Car
For Sale
$365,000
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 Market19
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
(302) 227-6767
Listed By:
Brian K Barrows
(302) 227-6767
Source:
Teamtimmons.kw
Added: Aug 11
Changed: Aug 28
Last Checked: Aug 29 at 5:46AM
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 = 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
$15,255
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
4.18%
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%
$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
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
$29.4K $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 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%
$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 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$426.8K
$373.4K – $497.9K
NOI $29,874 @ 7.0% cap · market cap 8.18%
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
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
Questions? Ask Rey
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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 $365,000.
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
