Second-Generation Restaurant
47 REHOBOTH AVENUE, Rehoboth Beach, DE 19971
For Sale
$200,000
Fully built-out food service space with existing equipment, seating, and an optional franchise operation.
Property Size2,000 SF
Price / SF$100
Days on Market50
Property Features for 47 REHOBOTH AVENUE
General Information
Standard status
Size
Property subtype
Restaurant
Seating Capacity
Grease Trap
Equipment Included
Additional Details
Furnished
Business Included
Building Details
Year Built
Listing Agency:
DSM COMMERCIAL
Listed By:
BRITTANY DANAHY · License #RB-0020210
(302) 227-0768
Source:
Cummingsrealtors
Added: Sep 20
Changed: Nov 6
Last Checked: Nov 8 at 6:44AM
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 DSM COMMERCIAL
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This second-generation restaurant space is built out for food service and measures approximately 2,000 SF. The layout accommodates approximately 24 patrons and includes furniture, fixtures, equipment, a 50-gallon grease trap, and dual HVAC systems replaced in 2025. Storefront glass was upgraded in 2023, providing a refreshed customer-facing frontage.
The space is positioned on the first block of Rehoboth Avenue beside Louie's Pizza in downtown Rehoboth Beach. Its location offers street frontage, pedestrian visibility, and signage exposure along the retail corridor. Rita's has operated at the property since 2017, and the franchise may be continued or replaced with another food-service concept.
The existing lease runs through 12/31/2026, with a new 10-year option available.
The space is positioned on the first block of Rehoboth Avenue beside Louie's Pizza in downtown Rehoboth Beach. Its location offers street frontage, pedestrian visibility, and signage exposure along the retail corridor. Rita's has operated at the property since 2017, and the franchise may be continued or replaced with another food-service concept.
The existing lease runs through 12/31/2026, with a new 10-year option available.
Key Highlights
- Approximately 2,000 SF restaurant space with seating for approximately 24 patrons
- Second‑generation food‑service buildout with furniture, fixtures, and equipment included
- 50‑gallon grease trap and dual HVAC systems replaced in 2025
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,929
Cap Rate
8.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$358,580
$358.6K
Cap Rate 7%
$256,129
$256.1K
Cap Rate 9%
$199,211
$199.2K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$27.6K $13.80/SF
− Vacancy
−$2.0K −$0.99/SF
EGI
$25.6K $12.81/SF
− OpEx
−$7.7K −$3.84/SF
NOI
$17.9K $8.96/SF
Area
Sussex County, DE
Vacancy
7.20%
Lease Rate
$13.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$358,580
Cap Rate 7%
$256,129
Cap Rate 9%
$199,211
Alternative Uses
Best Use
Specialty Retail
$346.0K
$302.7K – $403.7K
NOI $24,219 @ 7.0% cap · market cap 12.11%
Second Best
Retail
$256.1K
$224.1K – $298.8K
NOI $17,929 @ 7.0% cap · market cap 8.96%
Theoretical Best
Office A
$549.6K
$480.9K – $641.2K
NOI $38,472 @ 7.0% cap · market cap 19.24%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Grease trap
Location Intelligence
Trade Area within ½ mile
658
Businesses Nearby
15k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 88%
Electronics 7%
Shops & Services 5%
Big Fish Grill
Dining
13,426 visits/mo
0.3 miles
Verizon
Electronics
1,090 visits/mo
0.3 miles
Fulton Bank
Shops & Services
799 visits/mo
0.3 miles
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
Market
Properties on Market for Conventional restaurants in Sussex County
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully built-out food service space with existing equipment, seating, and an optional franchise operation.
Where is this conventional restaurant located?
The property is located at 47 REHOBOTH AVENUE Rehoboth Beach, DE.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Approximately 2,000 SF restaurant space with seating for approximately 24 patrons; Second‑generation food‑service buildout with furniture, fixtures, and equipment included; 50‑gallon grease trap and dual HVAC systems replaced in 2025
