Turn-Key Restaurant
For Sale
$1,200,000
33 W Loockerman St, Dover, DE 19901
Turn-key restaurant with a fully leased first floor and two units with full basements, plus seven office suites upstairs.
Property Size8,427 SF
Price / SF$142.40
Days on Market49
Property Features for 33 W Loockerman St
General Information
Standard status
Active
Size
8,427 SF
Additional Details
Highway Access
Yes
Office Units
7
Amenities
large conference room
Building Details
Year Built
1945
Tenancy
Multi
Listing Agency:
Century 21 Harrington Realty, Inc
Listed By:
Mike Harrington
(302) 736-0800
Source:
Kandorre
Added: Jul 29
Changed: Sep 9
Last Checked: Sep 14 at 7:38PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Harrington Realty, Inc
Investment Insights
Based on property information with market context.
Turn-key restaurant building in Downtown Dover offering a flexible floor plan that can be modified to meet tenant needs. The first floor is fully leased. The property includes two units, each with a full basement; 31 Loockerman St has a finished basement, and this property is included in the sale.
The second floor consists of seven office suites served by a large conference room shared by all tenants. The building was constructed in 1945 and totals 8,427 SF. Easy access is available from Rt. 13 and Rt 1 as well as Rt. 8.
Designed to support multiple working setups, the mix of restaurant space on the lower level and office suites above provides separate day-to-day environments within one building layout.
The second floor consists of seven office suites served by a large conference room shared by all tenants. The building was constructed in 1945 and totals 8,427 SF. Easy access is available from Rt. 13 and Rt 1 as well as Rt. 8.
Designed to support multiple working setups, the mix of restaurant space on the lower level and office suites above provides separate day-to-day environments within one building layout.
Key Highlights
- First floor is fully leased
- Two units with full basements; 31 Loockerman St has a finished basement, included in the sale
- Second floor has seven office suites plus a large shared conference room
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$107,507
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,150,140
$2.2M
Cap Rate 7%
$1,535,814
$1.5M
Cap Rate 9%
$1,194,522
$1.2M
Market Conditions
NOI Build-Up for 8,427 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$151.7K $18.00/SF
− Vacancy
−$8.3K −$0.99/SF
EGI
$143.3K $17.01/SF
− OpEx
−$35.8K −$4.25/SF
NOI
$107.5K $12.76/SF
Area
Kent County, DE
Vacancy
5.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,150,140
Cap Rate 7%
$1,535,814
Cap Rate 9%
$1,194,522
Alternative Uses
Best Use
Office B
$1.64M
$1.43M – $1.91M
NOI $114,471 @ 7.0% cap · market cap 9.54%
Second Best
Specialty Retail
$1.54M
$1.34M – $1.79M
NOI $107,507 @ 7.0% cap · market cap 8.96%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,537 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,333
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 19901, DE
36,839
Population
15,443
Households
2.4
Avg Household Size
34
Median Age
27%
College-Educated
89%
High-School Grad
75.8 sq mi
ZIP Area
486
Density / Sq Mi
$63,891
Median Household Income
$33,069
Median Earnings
$1,353
Median Rent
$258,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turn-key restaurant with a fully leased first floor and two units with full basements, plus seven office suites upstairs.
Where is this conventional restaurant located?
The property is located at 33 W Loockerman St 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: First floor is fully leased; Two units with full basements; 31 Loockerman St has a finished basement, included in the sale; Second floor has seven office suites plus a large shared conference room
