Furnished Two-Bedroom Income
For Sale
$324,900
Pending
35542 E ATLANTIC CIRCLE #207, Rehoboth Beach, DE 19971
First-floor condo with an open layout, screened porch, in-unit laundry, and private storage.
Property Size950 SF
Days on Market54
Property Features for 35542 E ATLANTIC CIRCLE #207
General Information
Standard status
Pending
Size
950 SF
Property subtype
Apartment
Additional Details
Furnished
Yes
Multifamily Units
1
Amenities
in-unit laundry
screened porch
private storage closet
Building Details
Building Size
950 SF
Year Built
2003
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Lee Ann Wilkinson · License #RA-0002064
(302) 645-6661
Source:
Stevedeboe.kw
Added: Jul 17
Changed: Sep 2
Last Checked: Sep 8 at 3:28AM
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 furnished residential income property is a first-floor condominium built in 2003. The two-bedroom, two-bath layout places the kitchen, dining area, and living room within one open-concept gathering space. Luxury vinyl plank flooring runs throughout, and the owner's suite is separated from the guest bedroom for added privacy. The guest room connects to a full bathroom, while in-unit laundry and a private storage closet add everyday functionality.
A screened porch extends the living area outdoors and provides a defined space for enjoying the coastal setting. The property is located between Lewes and Rehoboth Beach, with access to beaches, restaurants, shopping, golf, entertainment, and outdoor recreation. Furnishings are included, supporting use as a primary residence, vacation getaway, or investment property.
A screened porch extends the living area outdoors and provides a defined space for enjoying the coastal setting. The property is located between Lewes and Rehoboth Beach, with access to beaches, restaurants, shopping, golf, entertainment, and outdoor recreation. Furnishings are included, supporting use as a primary residence, vacation getaway, or investment property.
Key Highlights
- Furnished first‑floor condominium with 2 bedrooms and 2 full bathrooms
- Built in 2003 with luxury vinyl plank flooring throughout
- Open‑concept kitchen, dining, and living areas
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
$9,332
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
2.87%
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%
$186,640
$186.6K
Cap Rate 7%
$133,314
$133.3K
Cap Rate 9%
$103,689
$103.7K
Market Conditions
NOI Build-Up for 950 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
$18.0K $18.96/SF
− Vacancy
−$1.0K −$1.10/SF
EGI
$17.0K $17.86/SF
− OpEx
−$7.6K −$8.04/SF
NOI
$9.3K $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%
$186,640
Cap Rate 7%
$133,314
Cap Rate 9%
$103,689
Alternative Uses
Best Use
Apartment 5plus
$133.3K
$116.7K – $155.5K
NOI $9,332 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$261.1K
$228.4K – $304.6K
NOI $18,274 @ 7.0% cap · market cap 5.62%
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
964
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 condo with an open layout, screened porch, in-unit laundry, and private storage.
Where is this residential income property located?
The property is located at 35542 E ATLANTIC CIRCLE #207 Rehoboth Beach, DE.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Furnished first‑floor condominium with 2 bedrooms and 2 full bathrooms; Built in 2003 with luxury vinyl plank flooring throughout; Open‑concept kitchen, dining, and living areas
