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    Second-Floor Office Condo Suite Title is generated by Realmo AI

    846 WALKER Rd 32-2, Dover, DE 19904

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    For Sale
    $179,000

    Second-floor office condo with five private offices, reception area, private bath, and large paved parking lot.

    Type:Commercial
    Added:
    Jun 1, 2026
    Days on Market:
    6
    Last Refresh:
    Jun 6 at 4:06 am

    Property Features for 846 WALKER Rd 32-2

    General Information

    Standard status
    Active
    Property subtype
    Commercial

    Building Details

    Year Built
    1986

    We can help!

    Listing Contact
    Nikhil Patel

    Listing agent Nikhil Patel License #RS-0022350

    Listing office Keller Williams Realty Central-Delaware

    Listing date Jun 1, 2026

    Source Elliman

    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 Keller Williams Realty Central-Delaware

    HighLights

    • Second‑floor office condo built in 1986
    • Includes five private offices plus a reception/waiting area
    • Has a private bathroom
    • Large, paved parking lot available for staff and visitors
    • Convenient location minutes from Downtown Dover with easy access to Route 1

    Overview

    This second-floor office condo unit is laid out for client and team traffic, featuring five private offices plus a reception and waiting area. The suite includes a private bathroom, providing convenience for staff and visitors. The unit is described as a flexible office layout, with the ability to customize the configuration to fit different business needs.

    The property is centrally located, positioned within minutes of Downtown Dover and accessible from Route 1. Parking is a strong point here, with a large paved parking lot provided for occupants and guests.

    For tenants, buyers, or owner-operators looking for a ready-to-use professional space, the combination of multiple offices and a separate reception/waiting area supports both day-to-day operations and client-facing appointments. The presence of on-site paved parking helps accommodate a team and visitors while keeping the suite functional as a maintained office environment.
    Location Intelligence

    Current Use by Public Records

    Psychiatric Access Physician Carol S. Bugglin, ... Physician The Bond Agency Insurance Agency Dr. Mark S. ... Physician Angle Financial and Business ... Business Broker

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Dover
    County
    Kent
    State
    Delaware
    Longitude
    -75.54471
    Latitude
    39.169717

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    FAQs

    What type of property is this?
    Office units - Second-floor office condo with five private offices, reception area, private bath, and large paved parking lot.
    Where is this office units located?
    The property is located at 846 WALKER Rd 32-2 Dover, DE.
    What is the asking price?
    The asking price for this property is $179,000.
    What are key features of this property?
    This property features: Second‑floor office condo built in 1986; Includes five private offices plus a reception/waiting area; Has a private bathroom
    (302) 270-2917
    We can help!
    Listing Contact
    Nikhil Patel
    Real Estate License ID: RS-0022350
    Learn More
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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.

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