Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    400-410 S Governors Ave Dover, DE 19901

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $500,000

    Corner lot with development potential near downtown Dover landmarks.

    Lot size:
    0.34 Acres

    Property Features for 400-410 S Governors Ave

    General Information

    Standard status
    Active
    Lot size
    0.34 Acres

    Building Details

    Year built
    2025

    We can help!

    Listing Contact
    Phil Mcginnis
    Phil Mcginnis
    Source: Exitrealty

    Listing Agency: McGinnis Commercial Real Estate Listing Agent: Phil Mcginnis

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Dover Land Assemblage For Sale

    This property is an assemblage of four parcels located on the southwest corner of South Governors Ave and Bank Lane, between Loockerman St and Water St, in the City of Dover, Kent County, Delaware. The property consists of four parcels assembled into 14,993 +/- sq ft of land, with two buildings totaling 3,470 sq ft, including an office, retail space, and an apartment. The property is zoned C2-A, Limited Central Commercial Zone, which permits a variety of uses including office, retail, hotel, churches, restaurants, personal service establishments, and many more. All central utilities are connected to the property in sufficient capacity to accommodate a number of alternative uses, including multi- family, office, retail, and storage. The existing buildings should be demolished and removed. Governors Ave is a major north – south linkage route in the City of Dover. The new courthouse is to be built directly across the street. Many important landmarks are located nearby, including the existing courthouses, Dept of Justice, Downtown Dover, Legislative Hall, and Loockerman St for east-west linkage.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Dover
    County
    Kent
    State
    Delaware
    Longitude
    -75.5309089
    Latitude
    39.1670886

    Nearby Similar for Sale

    • $999,999
      0.35 Acres

      Dover Commercial Property on Rt 13

      Commercial property with office spaces and full operating kitchen.
      2089 S Dupont Hwy, Dover, DE 19901
      View Details
    • $655,000

      Turnkey Retail Business Opportunity

      Established vape business with loyal customer base and growth potential.
      470 N Dupont Hwy, Dover, DE 19901
      View Details
    • New
      $875,000
      0.78 Acres

      Dover Commercial Sale Opportunity

      Three-building parcel with road frontage, suitable for medical office.
      896 S State St, Dover, DE 19901
      View Details
    • $585,000
      1.00 Acre

      Retail Space on Forrest Avenue

      One-acre retail space suitable for fast food or medical development.
      1244 Forrest Ave, Dover, DE 19904
      View Details
    • $339,900

      Dover Office Condo For Sale

      Office condo in a medical community, suitable for medical/non-medical use.
      642 S Queen St, Dover, DE 19901
      View Details
    • $425,000
      0.14 Acres

      Dover Commercial Property For Sale

      Two commercial properties in downtown Dover with redevelopment potential.
      222 Railroad Ave, Dover, DE 19904
      View Details
    • New
      $1,200,000
      7,030 SF

      Turnkey Multifamily Investment Property

      Nine-unit multifamily property in Dover with strong in-place income.
      26 S State St, Dover, DE 19901
      View Details
    • $599,000
      3,432 SF

      Stabilized Multifamily Investment Opportunity

      Five-unit property in Downtown Dover with immediate cash flow.
      118 W Division St, Dover, DE 19901
      View Details
    • $999,999

      Route 13 Commercial Opportunity

      Commercial property with operating kitchen and office spaces for sale.
      2089 S Dupont Hwy, Dover, DE 19901
      View Details
    • $999,000

      Dover Law Office Building For Sale

      Three-story office building in Dover, renovated in 2015.
      6 S State St, Dover, DE 19901
      View Details
    • $620,000
      Pending

      Historical Buildings in Downtown Dover

      Two historical buildings joined as one on an acre.
      419 S State St, Dover, DE 19901
      View Details
    • $2,900,000
      0.86 Acres

      Dover Retail Investment Opportunity

      NNN investment property anchored by Pizza Hut in Dover, DE.
      515 S Dupont Hwy, Dover, DE 19901
      View Details

    FAQs

    What type of property is this?
    Commercial land - Corner lot with development potential near downtown Dover landmarks.
    Where is this commercial land located?
    The property is located at 400-410 S Governors Ave Dover, DE.
    What is the asking price?
    The asking price for this property is $500,000.
    What are key features of this property?
    This property features: - Prime location on Governors Ave, a major north-south route in Dover, DE.; - Assemblage of four parcels totaling 14,993 sq ft of land.; - Zoned C2-A, permitting a wide variety of commercial uses including office, retail, hotel, and restaurants.
    (302) 270-0656
    Request Owner's contact information
    400-410 S Governors Ave Dover, DE 19901
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    400-410 S Governors Ave
    Dover, DE 19901
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    400-410 S Governors Ave Dover, DE 19901
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Phil Mcginnis
    Phil Mcginnis
    Real Estate License ID: R1-0001967
    (302) 270-0656 (302) 736-1538
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!