Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Six-Unit Apartment Building For Sale Title is generated by Realmo AI

    57 Sussex St, Rehoboth Beach, DE 19971

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,800,000

    Non-conforming commercial building with six apartments and potential commercial space.

    Added:
    May 13, 2026
    Days on Market:
    14
    Last Refresh:
    May 23 at 6:33 am

    Property Features for 57 Sussex St

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Debbie Reed

    Listing agent Debbie Reed License #RS-0010229

    Listing office RE/MAX Realty Group Rehoboth

    Listing date May 13, 2026

    Source Exprealty

    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 RE/MAX Realty Group Rehoboth

    HighLights

    • Commercial building with six apartments.
    • Potential for future use of lower level (previously a pre‑school).
    • Non‑conforming commercial building.
    • All current leases must be honored.
    • Final lease term concludes in August 2030.
    • Lower level not in operation for several years.

    Overview

    This is a non-conforming commercial building that features six apartments located on the second floor. All current leases must be honored, with the final lease term concluding in August 2030. The lower level was previously utilized as a pre-school, but it has not been in operation for several years.
    Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Law Firm Spa & Massage Center Real Estate Agency Hair Salon Restaurant Nail Salon Pharmacy Auto Repair Shop Building Supply Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Rehoboth Beach
    County
    Sussex
    State
    Delaware
    Longitude
    -75.0861513
    Latitude
    38.7167978

    Nearby Similar for Sale

    • $349,000

      Restaurant Opportunity on Rehoboth Avenue

      Turn-key restaurant with parking in downtown Rehoboth Beach.
      251 REHOBOTH Avenue, REHOBOTH BEACH, DE 19971
      View Details
    • $8,000,000

      Rehoboth Beach Hospitality Investment

      Thriving hotel with expansion potential in Rehoboth Beach.
      19604 BLUE BIRD Ln, Rehoboth Beach, DE 19971
      View Details
    • $5,500,000

      Prime Rehoboth Avenue Commercial Property

      High-visibility commercial property with redevelopment potential near beach.
      251 REHOBOTH AVENUE, REHOBOTH BEACH, DE 19971
      View Details
    • $4,500,000
      6,600 SF

      Renovated Multifamily Property with Licenses

      Two renovated buildings with apartment licenses on oversized lots.
      35 BALTIMORE Ave, Rehoboth Beach, DE 19971
      View Details
    • $349,000

      Rehoboth Avenue Restaurant/Bar Opportunity

      Turn-key restaurant/bar business opportunity in downtown Rehoboth Beach.
      19 REHOBOTH AVENUE, REHOBOTH BEACH, DE 19971
      View Details
    • $1,750,000
      1,521 SF

      Retail Property Near Boardwalk

      Retail property for sale near the boardwalk.
      12 Wilmington Ave, Rehoboth Beach, DE 19971
      View Details
    • $1,395,000
      1,100 SF

      Income-Producing Mixed-Use Property

      Commercially zoned property near Dewey and Rehoboth Beach.
      20905 COASTAL Hwy, Rehoboth Beach, DE 19971
      View Details
    • $1,395,000
      3,150 SF

      Coastal Highway Commercial Building For Sale

      Commercial building for sale on Coastal Highway in Rehoboth Beach.
      20905 Coastal Hwy, Rehoboth Beach, DE 19971
      View Details
    • $1,175,000

      Rehoboth Beach Boardwalk Retail Space

      Oceanfront commercial space on Rehoboth Beach boardwalk.
      1 VIRGINIA Ave, Rehoboth Beach, DE 19971
      View Details
    • $12,000,000

      Rehoboth Beach Commercial Property For Sale

      Commercial property for sale in Rehoboth Beach, Delaware.
      19604 Blue Bird Ln, Rehoboth Beach, DE 19971
      View Details
    • $825,000

      COASTAL Hwy 308 Specialty Property

      Specialty property for sale on COASTAL Hwy 308.
      19805 COASTAL Hwy 308, Rehoboth Beach, DE 19971
      View Details
    • $359,900

      Furnished Condo in Creekwood Community

      Well-maintained 2BR, 2BA condo with rental potential near beaches.
      500 CASCADE Ln 522, Rehoboth Beach, DE 19971
      View Details

    FAQs

    What type of property is this?
    Apartment building - Non-conforming commercial building with six apartments and potential commercial space.
    Where is this apartment building located?
    The property is located at 57 Sussex St Rehoboth Beach, DE.
    What is the asking price?
    The asking price for this property is $1,800,000.
    What are key features of this property?
    This property features: Commercial building with six apartments.; Potential for future use of lower level (previously a pre‑school).; Non‑conforming commercial building.
    (302) 227-3818
    We can help!
    Listing Contact
    Debbie Reed
    Real Estate License ID: RS-0010229
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    57 Sussex St, Rehoboth Beach, DE
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!