32735 SPRING WATER DRIVE
About This Property
Past the foyer, you step into the impressive main living area, which opens beneath a soaring vaulted ceiling and is anchored by a fireplace and dramatic paneled accent wall. At the center of the living area, the kitchen features white cabinetry, granite countertops, a pantry and a large island with breakfast-bar seating. Oversized windows with transoms surround the space, bringing in abundant natural light and creating a bright, open feel.
Just off the great room, a bright sunroom creates another inviting place to relax and, along with the dining area, opens to a large deck overlooking a fenced backyard backed by mature trees. It's a private setting that makes the outdoor space feel like a natural extension of the home. Tucked away down a private hallway is the spacious first-floor primary suite, featuring a tray ceiling, walk-in closet and private bath with dual-sink vanity, soaking tub and separate shower. A private office with French doors and custom built-in bookcases, a guest bedroom with a vaulted ceiling and a full bathroom complete the first level.
Upstairs, a large open loft, third bedroom and full bath create an entire additional living area-ideal for guests, family, hobbies or a second gathering space.
Recent improvements include fresh interior paint, new carpet in the primary bedroom and a new HVAC system.
Long Neck Shores offers a tree-lined setting with seven fountain ponds, catch-and-release fishing, a clubhouse, fitness room, outdoor pool and community gathering spaces. With HOA dues of just $402 per quarter, property taxes under $1,000 per year and electric service through a nonprofit cooperative, ownership costs remain refreshingly reasonable.
Close to award-winning golf courses, Indian River Bay and area marinas, yet within an easy drive of Lewes and Rehoboth Beach, this former model home brings together space, privacy, amenities and the relaxed Coastal Delaware lifestyle. Call today to schedule your private tour! 5739-TL
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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.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Oct 16, 2026 | Listed by Jack Lingo - Lewes | $449,950 | |
| Listed by Jack Lingo - Lewes | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017