Third-Floor Residential Income
For Sale
$323,500
35979 CONDO DRIVE #B-303, Rehoboth Beach, DE 19971
Tenant-occupied condominium with a single-level layout, screened balcony, community pool access, and on-site parking.
Property Size936 SF
Days on Market74
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Property Features for 35979 CONDO DRIVE #B-303
General Information
Standard status
Active
Size
936 SF
Property subtype
Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Amenities
community pool
Building Details
Building Size
936 SF
Year Built
1989
Tenancy
Single
Listing Agency:
SEA BOVA ASSOCIATES INC.
Listed By:
LINDA BOVA · License #RB-0003161
(302) 227-1222
Source:
Stevedeboe.kw
Added: Aug 3
Changed: Oct 13
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 SEA BOVA ASSOCIATES INC.
Investment Insights
Based on property information with market context.
This third-floor condominium offers a single-level floor plan with two bedrooms and two full baths. The entry hall opens to a breakfast bar kitchen equipped with a dishwasher, electric range, range hood, and refrigerator. An adjoining dining area and living room include a wet bar and access to a screened balcony overlooking the common grounds and community pool. The primary bedroom has an en suite bath with a walk-in shower, while the second bedroom is near the other full bath with a tub and shower combination. A large laundry room includes a side-by-side washer and dryer. Electric HVAC provides heating and air conditioning, and the unit has an electric water heater.
The property is approximately a 3-mile drive from the Rehoboth boardwalk and slightly more than 5 miles from Lewes public beach. Wolfe Neck trailhead and the State Park hiking and biking trail are also nearby. The condominium is tenant occupied under a lease extending through the end of December 2026, with tenants willing to remain for an investment purchase. Parking is available within the community.
The property is approximately a 3-mile drive from the Rehoboth boardwalk and slightly more than 5 miles from Lewes public beach. Wolfe Neck trailhead and the State Park hiking and biking trail are also nearby. The condominium is tenant occupied under a lease extending through the end of December 2026, with tenants willing to remain for an investment purchase. Parking is available within the community.
Key Highlights
- Third‑floor condominium with a single‑level two‑bedroom, two‑bath layout
- Lease term extends through the end of December 2026
- Screened balcony overlooks common grounds and the community pool
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,194
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$183,880
$183.9K
Cap Rate 7%
$131,343
$131.3K
Cap Rate 9%
$102,156
$102.2K
Market Conditions
NOI Build-Up for 936 SF
Gross rent
$17.7K $18.96/SF
− Vacancy
−$1.0K −$1.10/SF
EGI
$16.7K $17.86/SF
− OpEx
−$7.5K −$8.04/SF
NOI
$9.2K $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%
$183,880
Cap Rate 7%
$131,343
Cap Rate 9%
$102,156
Alternative Uses
Best Use
Apartment 5plus
$131.3K
$114.9K – $153.2K
NOI $9,194 @ 7.0% cap · market cap 2.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$257.2K
$225.1K – $300.1K
NOI $18,005 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
1
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
738
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
Frequently Asked Questions
What type of property is this?
Residential income property - Tenant-occupied condominium with a single-level layout, screened balcony, community pool access, and on-site parking.
Where is this residential income property located?
The property is located at 35979 CONDO DRIVE #B-303 Rehoboth Beach, DE.
What is the asking price?
The asking price for this property is $323,500.
What are key features of this property?
This property features: Third‑floor condominium with a single‑level two‑bedroom, two‑bath layout; Lease term extends through the end of December 2026; Screened balcony overlooks common grounds and the community pool
