Ground-Level Residential Income
For Sale
$324,900
36011 CONDO DRIVE #A106, Rehoboth Beach, DE 19971
Two-bedroom condominium with an open layout, screened porch, owner’s suite, and access to a community pool.
Property Size936 SF
Days on Market56
Property Features for 36011 CONDO DRIVE #A106
General Information
Standard status
Active
Size
936 SF
Property subtype
Apartment
Additional Details
Multifamily Units
1
Amenities
community pool
Building Details
Building Size
936 SF
Year Built
1989
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Lee Ann Wilkinson · License #RA-0002064
(302) 645-6661
Source:
Stevedeboe.kw
Added: Jul 15
Changed: Sep 2
Last Checked: Sep 8 at 3:26AM
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 1989 residential income property is a ground-level, end-unit condominium with two bedrooms and an open floor plan. The interior includes an owner’s suite with an en suite bath, while a private screened porch extends the living area outdoors. Residents also have access to a community pool.
The property is located in Beachaven at 36011 Condo Drive in Rehoboth Beach, Delaware, positioned between Lewes and Rehoboth Beach. Its setting places the condominium near local area attractions and the beach.
The property is located in Beachaven at 36011 Condo Drive in Rehoboth Beach, Delaware, positioned between Lewes and Rehoboth Beach. Its setting places the condominium near local area attractions and the beach.
Key Highlights
- Ground‑level, end‑unit condominium
- Two‑bedroom layout with an open floor plan
- Owner’s suite includes an en suite bath
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
$9,194
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
2.83%
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%
$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
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
$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 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%
$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 2.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$257.2K
$225.1K – $300.1K
NOI $18,005 @ 7.0% cap · market cap 5.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with an open layout, screened porch, owner’s suite, and access to a community pool.
Where is this residential income property located?
The property is located at 36011 CONDO DRIVE #A106 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: Ground‑level, end‑unit condominium; Two‑bedroom layout with an open floor plan; Owner’s suite includes an en suite bath
