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124 JERSEY STREET
About This Property
Originally built as a quintessential North Dewey beach retreat, this classic 3-bedroom, 2-bath Windjammer cottage has been thoughtfully improved while preserving its authentic coastal character. In 2021, the property underwent significant structural enhancements, including lifting of the home by East Coast Structural to allow for the addition of a full foundation and insulated crawlspace. Major infrastructure improvements were completed at that time, including new plumbing, updated electrical systems, ductless mini-split HVAC, new siding and upgraded insulation-capital improvements that provide both peace of mind and long-term durability.
The home is further complemented by its distinctive and durable red metal roof, adding both architectural charm and practical longevity to this timeless coastal property.
Inside, the home features an inviting, airy layout designed for relaxed coastal living, with numerous gathering spaces ideal for entertaining after a day on the beach. The kitchen has been updated with new appliances and countertops, while outdoor spaces include spacious decking, dramatic lighting, lush landscaping, and multiple entertaining areas perfect for summer evenings, morning coffee, or casual gatherings with friends and family.
In a community largely comprised of land lease properties, fee-simple opportunities within Rehoboth by the Sea are limited and rarely available, providing long-term security, flexibility, and freedom from annual ground rent. Ideally located just steps from the beach and Dewey Beach's vibrant dining, nightlife, and coastal attractions. Take a walk to local favorites like the Starboard, Bottle & Cork, or Woody's for their famous crabcakes. Downtown Rehoboth's boutique shopping and award-winning restaurants-including Back Porch Cafe, Fable, and Henlopen Oyster House-are just a mile away. Park the car, hop on a bike, or catch the Jolly Trolley and enjoy the best of coastal living.
Whether enjoyed as a nostalgic personal retreat, income-producing rental, or strategic long-term investment, the property offers compelling future potential in one of coastal Delaware's most sought-after beach communities.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
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Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
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About Dewey Beach
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017