Bought with Tonney H Insley IV • SVN/Miller Commercial Real Estate
$2,200,000
$2,400,000
8.3%For more information regarding the value of a property, please contact us for a free consultation.
6,900 SqFt
SOLD DATE : 11/10/2022
Key Details
Sold Price $2,200,000
Property Type Commercial
Sub Type Retail
Listing Status Sold
Purchase Type For Sale
Square Footage 6,900 sqft
Price per Sqft $318
MLS Listing ID DESU2013510
Sold Date 11/10/22
Originating Board BRIGHT
Year Built 1980
Annual Tax Amount $1,535
Tax Year 2021
Lot Size 1.450 Acres
Acres 1.45
Property Sub-Type Retail
Property Description
REDEVELOPMENT OR HOSPITALITY EXPANSION OPPORTUNITY! The Driftwood Motel is situated on the busy Route 1 corridor in Lewes, DE. The motel features 9 rooms that are rented on a weekly basis and remain consistently full. Gross rental income for 2021 was in excess of $211,000. The owner is currently limiting rentals to only full weeks. Additional income is likely available to an operator offering shorter term stays.
The property is two parcels for a combined 1.45 acres boasting the coveted C1 commercial zoning.
The motel is on public utilities. There is a residence towards the rear of the property that has been well
maintained. There is currently no income on the home as the operator spends weekends there. This property is a great value add opportunity for a hotel/motel operator or as a redevelopment play along one of the busiest corridors in the state of Delaware. Showings available by appointment only with qualified buyer.
Location
State DE
County Sussex
Area Lewes Rehoboth Hundred (31009)
Zoning C1
Interior
Hot Water Electric
Heating Baseboard - Electric
Cooling Central A/C
Heat Source Electric
Exterior
Garage Spaces 20.0
Water Access N
Accessibility None
Total Parking Spaces 20
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Cape Henlopen
Others
Tax ID 334-06.00-491.00
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
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Agent | License ID: 0787303
129 CHESTER AVE., MOORESTOWN, Jersey, 08057, United States