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    The Largest CRE Database in the US with Over 1 Million Listings

    863/865/869 Buttner Pl Dover, DE 19904

    Sponsored
    For Sale
    Under Contract
    $1,200,000

    Commercial Sale - DOVER, DE

    Type:Office
    Lot size:
    0.80 Acres
    Days on Market:
    52
    Last Refresh:
    Jan 24 at 2:06 am

    Property Features for 863/865/869 Buttner Pl

    General Information

    Property type
    Other
    Property subtype
    Office
    Standard status
    Active Under Contract
    Parking
    35
    Parking features
    Special Needs, Parking Lot
    Lot size
    0.80 Acres

    Utilities

    Heating system
    Central
    Cooling system
    Multi Units, Central Air

    Building Details

    Year built
    1989
    Number of units
    2
    Building materials
    Brick, Brick Front

    We can help!

    Listing Contact
    Courtney Gallagher

    L3D LLC (302) 677-0020

    Listing agent Courtney Gallagher (302) 943-2025 License #RS0037275

    Listing date Dec 4, 2025

    MLS# DEKT2041944

    Copyright © 2025 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Dover Commercial Investment Opportunity

    This commercial investment opportunity in Dover, DE, features a two-story building with 12,750+/- square feet of space. The first floor is fully leased and features a medical build-out, including multiple exam rooms, private offices, a reception area, a waiting area, and ADA access. The second floor is currently vacant and can be divided for multiple tenants or utilized by a single user. This floor also has several private rooms/offices and a large reception area. The property includes three basements for storage or operational use, is ADA compliant, and includes an elevator. The building offers flexible configurations suitable for office, medical, or professional services. Included in the sale is an additional 0.49-acre lot located directly next door, providing potential additional parking or future expansion options.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Medical offices

    Similar Places Nearby

    Schmeitzer Eric W DVM

    Map

    City
    Dover
    County
    Kent
    State
    Delaware
    Longitude
    -75.54240417
    Latitude
    39.17177963

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    FAQs

    What type of property is this?
    Medical office - Two-story commercial building with income and expansion potential in Dover.
    Where is this medical office located?
    The property is located at 863/865/869 Buttner Pl Dover, DE.
    What is the asking price?
    The asking price for this property is $1,200,000.
    What are key features of this property?
    This property features: - Fully leased first floor with quality medical build-out provides immediate rental income.; - Vacant second floor offers flexible configuration for single or multiple tenants, maximizing cash flow potential.; - Additional .49-acre lot included for potential parking expansion or future development.
    (302) 943-2025
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    863/865/869 Buttner Pl Dover, DE 19904
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    Dover, DE 19904
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    863/865/869 Buttner Pl Dover, DE 19904
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    We can help!
    Listing Contact
    Courtney Gallagher
    Real Estate License ID: RS0037275
    (302) 943-2025
    Learn more
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