Furnished Condo in Creekwood
For Sale
$354,900
500 CASCADE LANE #522, Rehoboth Beach, DE 19971
Well-maintained 2BR, 2BA condo with rental potential near beaches.
Property Size1,038 SF
Days on Market617
Property Features for 500 CASCADE LANE #522
General Information
Standard status
Active
Size
1,038 SF
Property subtype
Apartment
Building Details
Building Size
1,038 SF
Year Built
2002
Listing Agency:
Jack Lingo - Rehoboth
Listed By:
SHIRLEY E. KALVINSKY
(302) 227-3883
Source:
Teamtimmons.kw
Added: Feb 8, 2025
Changed: Oct 3
Last Checked: Oct 16 at 5:44AM
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 Jack Lingo - Rehoboth
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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 / Yr
$10,196
Cap Rate
2.87%
Suggested Prices Based on Cap Rates
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
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 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.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
876
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
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 LANE #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.
