Furnished Condo in Creekwood
For Sale
$354,900
500 CASCADE Ln 522, Rehoboth Beach, DE 19971
Well-maintained 2BR, 2BA condo with rental potential near beaches.
Property Size1,038 SF
Days on Market280
Property Features for 500 CASCADE Ln 522
General Information
Standard status
Active
Size
1,038 SF
Property subtype
Other
Taxes and HOA fees
Annual Taxes
$647
Building Details
Building Size
1,038 SF
Year Built
2002
Listed By:
RANDY MASON · License #RA-0003542
(302) 236-1142
Source:
Elliman
Added: Nov 27, 2025
Changed: Aug 16
Last Checked: Sep 1 at 9:55PM
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 RANDY MASON
Investment Insights
Based on property information with market context.
This furnished condo is located on the third floor within the Creekwood community, offering convenient access to shopping, dining, Cape Henlopen State Park, the boardwalk, and the Wolfe Neck Breakwater Trail. The 2-bedroom, 2-bathroom home features bamboo flooring and a bright, open living area. The primary bedroom includes a walk-in closet and an en-suite bathroom. Updates include a new roof, new windows, a new electric stove, a new dishwasher, and a new hot water heater. Additional features include a private, screened-in porch with a wooded pond view, in-unit laundry, and access to a community pool. The property is situated east of Route 1, between Rehoboth and Lewes beaches, offering rental potential. It can serve as a full-time residence, a weekend getaway, or an investment property.
Key Highlights
- Prime Location: East of Route 1, between Rehoboth and Lewes beaches, with easy access to shopping, dining and Cape Henlopen State Park.
- Turnkey Furnished Condo: Well‑maintained, furnished 2BR/2BA unit ready for immediate occupancy or rental.
- Recent Updates: New roof, windows, electric stove, dishwasher, and hot water heater.
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
$10,196
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%
$203,920
$203.9K
Cap Rate 7%
$145,657
$145.7K
Cap Rate 9%
$113,289
$113.3K
Market Conditions
NOI Build-Up for 1,038 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
$19.7K $18.96/SF
− Vacancy
−$1.1K −$1.10/SF
EGI
$18.5K $17.86/SF
− OpEx
−$8.3K −$8.04/SF
NOI
$10.2K $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%
$203,920
Cap Rate 7%
$145,657
Cap Rate 9%
$113,289
Alternative Uses
Best Use
Apartment 5plus
$145.7K
$127.5K – $169.9K
NOI $10,196 @ 7.0% cap · market cap 2.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$285.2K
$249.6K – $332.8K
NOI $19,967 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
876
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Well-maintained 2BR, 2BA condo with rental potential near beaches.
Where is this apartment building located?
The property is located at 500 CASCADE Ln 522 Rehoboth Beach, DE.
What is the asking price?
The asking price for this property is $354,900.
What are key features of this property?
This property features: Prime Location: East of Route 1, between Rehoboth and Lewes beaches, with easy access to shopping, dining and Cape Henlopen State Park.; Turnkey Furnished Condo: Well‑maintained, furnished 2BR/2BA unit ready for immediate occupancy or rental.; Recent Updates: New roof, windows, electric stove, dishwasher, and hot water heater.
