2 SAULSBURY STREET, DEWEY BEACH

Overview

Price: 
$299,000
Location: 
Subdivision: 
REHOBOTH BY THE SEA
Type: 
Bedrooms: 
3
Bathrooms: 
2
Square Footage: 
950 ft2
MLS Number: 
DESU172744

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!

List Office: 
Jack Lingo - Rehoboth