Commercial
For Sale
Contact for pricing
1215 South State Street, Dover, DE 19901
C-4 Highway Commercial zoning supports a range of uses, subject to applicable approvals.
Property Size11,950 SF
Days on Market10
Property Features for 1215 South State Street
General Information
Standard status
Active
Size
11,950 SF
Property subtype
Retail
Lease Term
NNN
Building Details
Building Size
11,950 SF
Year Built
2001
Properties For Sale
at 1215 South State Street
Dover State St Property
Size
11,950 SF
Type
Freestanding Building
Term
60 months
Listing Agency:
SVN/Miller Commercial Real Estate
Listed By:
Tyler Anaya · License #DE #RS-0025305
(302) 943-2274
Source:
Svnmiller
Added: Oct 28
Changed: Oct 30
Last Checked: Nov 4 at 10:50AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
The commercial property at 1215 South State Street in Dover is zoned C-4 (Highway Commercial). It was previously occupied by Walgreens and is available for sale or lease.
The property is near Downtown Dover, the medical district, the YMCA, major highway access, and established retail and commercial destinations. Potential uses identified include retail, grocery, personal services, and multifamily residential development, subject to applicable zoning and development approvals.
The property is near Downtown Dover, the medical district, the YMCA, major highway access, and established retail and commercial destinations. Potential uses identified include retail, grocery, personal services, and multifamily residential development, subject to applicable zoning and development approvals.
Key Highlights
- C‑4 (Highway Commercial) zoning
- Previously occupied by Walgreens
- Near Downtown Dover, the medical district, and the YMCA
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$108,636
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 678,975.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.01M
$2.63M – $3.51M
NOI $210,635 @ 7.0% cap · market cap 1,316,468.75%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,775
Businesses Nearby
224k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 41%
Shops & Services 37%
Groceries 19%
Home Improvements & Furnishings 1%
Wawa
Shops & Services
38,994 visits/mo
0.5 miles
Aldi
Groceries
24,765 visits/mo
0.2 miles
Burger King
Dining
16,324 visits/mo
0.4 miles
Starbucks
Dining
15,075 visits/mo
0.2 miles
Lidl
Groceries
14,529 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
Market
Vacancy Rate% for Retail in South region
Frequently Asked Questions
What type of property is this?
Commercial land - C-4 Highway Commercial zoning supports a range of uses, subject to applicable approvals.
Where is this commercial land located?
The property is located at 1215 South State Street Dover, DE.
What are key features of this property?
This property features: C‑4 (Highway Commercial) zoning; Previously occupied by Walgreens; Near Downtown Dover, the medical district, and the YMCA
