Retail Property in C-4
New
For Sale
$2,500,000
1215 S State St, Dover, DE 19901
A former Walgreens site in Dover’s C-4 Highway Commercial district is suited to consideration for redevelopment or continued commercial use.
Property Size11,950 SF
Price / SF$209.21
Days on Market3
Property Features for 1215 S State St
General Information
Standard status
Active
Size
11,950 SF
Property subtype
Commercial
Zoning
C-4
Additional Details
Highway Access
Yes
Land Use
commercial
Building Details
Year Built
2001
Listing Agency:
SVN/Miller Commercial Real Estate
Listed By:
Jeffrey Fowler Group · License ##RS-0025305
(302) 727-3013
Source:
Jeffreyfowler
Added: Oct 28
Last Checked: Oct 28 at 7:02AM
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 SVN/Miller Commercial Real Estate
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Investment Insights
Based on property information with market context.
This Dover commercial property was built in 2001 and was formerly occupied by Walgreens. Its C-4 Highway Commercial zoning allows consideration of retail, grocery, personal service, and multifamily residential uses, subject to applicable zoning and development approvals.
The site is on S. State Street near downtown Dover, the medical district, the YMCA, major highway access, and established retail and commercial destinations. Walk Score is 57, Bike Score is 55, and Transit Score is 27.
The site is on S. State Street near downtown Dover, the medical district, the YMCA, major highway access, and established retail and commercial destinations. Walk Score is 57, Bike Score is 55, and Transit Score is 27.
Key Highlights
- C‑4 (Highway Commercial) zoning
- Built in 2001
- Formerly occupied by Walgreens
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$108,636
Cap Rate
4.35%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,172,720
$2.2M
Cap Rate 7%
$1,551,943
$1.6M
Cap Rate 9%
$1,207,067
$1.2M
Market Conditions
NOI Build-Up for 11,950 SF
Gross rent
$167.8K $14.04/SF
− Vacancy
−$12.6K −$1.05/SF
EGI
$155.2K $12.99/SF
− OpEx
−$46.6K −$3.90/SF
NOI
$108.6K $9.09/SF
Area
Kent County, DE
Vacancy
7.50%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,172,720
Cap Rate 7%
$1,551,943
Cap Rate 9%
$1,207,067
Alternative Uses
Best Use
Retail
$1.55M
$1.36M – $1.81M
NOI $108,636 @ 7.0% cap · market cap 4.35%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,635 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,397
Businesses Nearby
28k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 75%
Groceries 13%
Shops & Services 12%
McDonald's
Dining
19,273 visits/mo
0.5 miles
Liquor Mart
Groceries
3,502 visits/mo
0.2 miles
MyEyeDr.
Shops & Services
2,701 visits/mo
0.1 miles
Pizza Time
Dining
1,573 visits/mo
0.2 miles
Meineke Car Care Center
Shops & Services
584 visits/mo
0.3 miles
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
View Realmo Analytics
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Retail space - A former Walgreens site in Dover’s C-4 Highway Commercial district is suited to consideration for redevelopment or continued commercial use.
Where is this retail space located?
The property is located at 1215 S State St Dover, DE.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: C‑4 (Highway Commercial) zoning; Built in 2001; Formerly occupied by Walgreens
