Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Property profile & analytics

    134 Heather Dr Lewes, DE 19958

    • Manufacturing properties
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0182425
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Manufacturing properties

    Property Details for 134 Heather Dr

    Property type
    Manufacturing properties

    Description

    This exceptional 1.09-acre parcel presents a rare opportunity in the desirable Webb's Landing community of Lewes, Delaware. Located in Sussex County, at 134 Heather Drive, zip code 19958 (38.710539, -75.178409), this property is zoned for commercial and manufacturing use, offering significant potential for development. Its prime location offers the tranquility of country living while being conveniently close to the vibrant downtown Lewes, the popular Rehoboth Beach, and the recreational amenities of Cape Henlopen State Park, including boating, fishing, and extensive hiking trails. The expansive lot provides ample space for a variety of commercial or industrial projects, allowing for substantial building footprints and potential outdoor areas. This property is ideal for those seeking a peaceful setting while maintaining proximity to coastal attractions and the conveniences of a thriving community. The asking price for this unique opportunity is $265,900. This is a truly exceptional chance to acquire a significant commercial property in a highly sought-after Delaware coastal location. The property is classified as Special Purpose, Industrial, and Land.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Lewes
    County
    Sussex
    State
    Delaware
    Longitude
    -75.178409
    Latitude
    38.710539

    Comparable in this City

    • $489,000

      Southern Pines Drive Property

      Property for sale in Lewes, Delaware.
      22630 Southern Pines Dr, Lewes, DE 19958
      View Details
    • $425,000

      Lewes Specialty Property For Sale

      Specialty property available for purchase in Lewes, Delaware.
      49 Love Creek Dr, Lewes, DE 19958
      View Details
    • $199,000

      Lewes Specialty Property For Sale

      Specialty property available for purchase in Lewes, Delaware.
      34945 South Dr, Lewes, DE 19958
      View Details
    • $325,000

      Summerlyn Drive Condo For Sale

      Condo located on Summerlyn Drive, Lewes, DE for sale.
      34363 Summerlyn Dr, Lewes, DE 19958
      View Details
    • $291,900

      Specialty Property for Sale

      Specialty property available for purchase.
      22915 Angola Rd W, Lewes, DE 19958
      View Details
    • $564,900

      Falmouth Way Specialty Property

      Specialty property for sale in Lewes, Delaware.
      31349 Falmouth Way, Lewes, DE 19958
      View Details

    Similar Nearby for Sale

    • $489,000

      Southern Pines Drive Property

      Property for sale in Lewes, Delaware.
      22630 Southern Pines Dr, Lewes, DE 19958
      View Details
    • $425,000

      Lewes Specialty Property For Sale

      Specialty property available for purchase in Lewes, Delaware.
      49 Love Creek Dr, Lewes, DE 19958
      View Details
    • $199,000

      Lewes Specialty Property For Sale

      Specialty property available for purchase in Lewes, Delaware.
      34945 South Dr, Lewes, DE 19958
      View Details
    • $325,000

      Summerlyn Drive Condo For Sale

      Condo located on Summerlyn Drive, Lewes, DE for sale.
      34363 Summerlyn Dr, Lewes, DE 19958
      View Details
    • $291,900

      Specialty Property for Sale

      Specialty property available for purchase.
      22915 Angola Rd W, Lewes, DE 19958
      View Details
    • $564,900

      Falmouth Way Specialty Property

      Specialty property for sale in Lewes, Delaware.
      31349 Falmouth Way, Lewes, DE 19958
      View Details

    Similar Nearby for Lease

    • $1,333 /Mo
      13,000 SF

      16727 Coastal Hwy

      Distribution properties • 13,000 SF
      16727 Coastal Hwy, Lewes, DE 19958
      View Details
    • $22 SF/Yr

      Versatile Lewes Commercial Flex Space

      Adaptable 1,962 SF space suitable for various business types.
      32191 Nassau Rd, Lewes, DE 19958
      View Details
    • $20 SF/Yr

      Coastal Highway Industrial Property

      Industrial properties available for rent on Coastal Highway.
      18355 Coastal Hwy, Lewes, DE 19958
      View Details
    • $22 SF/Yr

      Lewes Office/Flex Space Available

      Professional office/flex space in Lewes, DE, ideal for various businesses.
      32191 Nassau Rd, Lewes, DE 19958
      View Details
    • $23 SF/Yr
      46,609 SF

      Professional Office Space For Lease

      Versatile office space ideal for medical or executive use.
      16529 N Coastal Hwy, Lewes, DE 19958
      View Details
    • $23 SF/Yr
      46,609 SF

      Versatile Professional Space in Lewes

      Prime medical or executive office space for lease in Lewes.
      16529 N Coastal Hwy, Lewes, DE 19958
      View Details
    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.
    134 Heather Dr
    Lewes, DE 19958
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.