2 Saulsbury Street Unit #5, Dewey Beach, DE 19971

$299,000
3
BD
2
BA
950
SqFt
Sold Price
$299,000
List Price
$299,000
Closing Date
Feb 09, 2021
Days on Market
67
Status
CLOSED
MLS#
DESU172744
Bedrooms
3
Bathrooms
2
Full Baths
2
Living Area
950
Lot Size (Acres)
0.32
Style
Coastal, Unit/Flat
Year Built
1963
County
Sussex
School District
Cape Henlopen

Property Description

This is for you IF: This is a ground lease property. There are 6 years remaining on the ground lease- you leave the property at the end of the 6 year term-no buy out or renewal option . Must be a cash buyer only- financing is not an option for only a 6 year term. Great opportunity to enjoy 6 years of OCEAN FRONT!! Welcome to Shorebreak on Saulsbury!" This charmingly appointed, recently renovated condo sits directly atop the beach! It features 3 bedrooms and 2 baths, central HVAC, hardwood floors throughout, granite countertops in the full kitchen, two reserved parking spaces, and direct dune access to the beach. Located in Colonial Seas, the 6-unit building received a new roof in 2019, and new stairs are set to be installed in November 2020. Association dues cover all grounds and exterior building maintenance, communal hot water, outside shower, community grill and dune seating. Unit #5 generated over $65,000 of rental income in 2020; take out the covid losses and income would be closer to 80K. The prime Summer weeks rent for $4,250/week, and are consistently fully booked. There are 6 years left on the land lease at a very low $1,200 per year, so you can recoup your investment AND enjoying living in style right on the beach!

Additional Information

Area
Lewes Rehoboth Hundred (31009)
Subdivision
Rehoboth By The Sea
Building Name
Colonial Seas
Taxes
$803
Condo Fee
$400
Stories
2
Interior Features
Kitchen - Country, Floor Plan - Open, Wood Floors
Amenities
Beach
School District
Cape Henlopen
Elementary School
Rehoboth
Middle School
Beacon
High School
Cape Henlopen
Flooring
Hardwood
Exterior Features
Flood Lights, Street Lights
Community Amenities
Beach
View
Ocean
Heating
Heat Pump(s)
Heating Fuel
Electric
Cooling
Heat Pump(s), Central A/C
Roof
Flat
Utilities
Cable TV
Water
Public
Sewer
Public Sewer
Room Level
Kitchen: Main, Living Room: Main, Screened Porch: Main

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
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Calculator source: Real Geeks

Listing courtesy of Jack Lingo - Rehoboth. Contact: (302) 227-3883

Selling Office: .