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    Property profile & analytics

    18422 Coastal Hwy Lewes, DE 19958

    • Office Properties & Spaces
    • 1.64 lot acres
    For Sale
    View listing
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0097342
    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

    • Office Properties & Spaces

    Property Details for 18422 Coastal Hwy

    Year built
    2024
    Lot size
    1.64 lot acres
    Property type
    Office Properties & Spaces

    Description

    This exceptional office space presents a rare opportunity in the vibrant Lewes/Rehoboth Beach market. Located on Coastal Highway (Route 1), a high-traffic corridor boasting 60,000 average daily vehicles, this property offers unparalleled visibility. Situated within a brand-new, first-class building, this 1,795 square foot unit is the last remaining first-floor space in a 15,840 square foot development. The building features impressive 14-foot first-floor and 12-foot second-floor ceiling heights, creating a spacious and modern environment. Convenience is maximized with elevator and stair access to the second floor, including a dedicated rear stairwell. A free-standing Starbucks, also slated to open Summer 2024, will share the building, adding to the property's appeal and drawing significant foot traffic. The building's completion is anticipated for Summer 2024. This "vanilla box" space will be delivered with concrete floors, electrical systems, bathrooms, and HVAC already installed. The lease rate starts at $32 per square foot, with an estimated CAM of $3 per square foot. Ideal for office, retail, or any business prioritizing high visibility and accessibility, this location is truly exceptional. The 1.64-acre lot ensures ample space and parking. Don't miss this chance to secure a prime location in a thriving Delaware coastal community.

    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
    -75.14628
    Latitude
    38.7392

    Comparable in this City

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      Prime Lewes location, 2600 sq ft office, 0.49 acre lot.
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    Similar Nearby for Sale

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    • $1,400,000
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      Lewes Office Building - Investment Opportunity

      Prime Lewes location, 2600 sq ft office, 0.49 acre lot.
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    • $432,500
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      Updated Condo with Private Elevator

      Two-story townhouse-style condo with private elevator near Lewes and Rehoboth beaches.
      18565 Orton Cir, Lewes, DE 19958
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    • $87,000

      Commercial Land Opportunity in Lewes

      Land with road frontage near a busy intersection.
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    • $395,000

      Land For Sale

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      View Details

    Similar Nearby for Lease

    • $23 SF/Yr
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      Versatile Professional Space in Lewes

      Prime medical or executive office space for lease in Lewes.
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    • $30 SF/Yr

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      Spacious Commercial Space in Lewes

      Large commercial space with parking and flexible usage options available.
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      Lewes Office Building on Highway

      Professional office building with direct highway frontage in Lewes, DE.
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      Route 1 Commercial Space Available

      Prime commercial space on Route 1, available immediately.
      18354 Coastal Hwy, Lewes, DE 19958
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    Lewes, DE 19958
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    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
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