Medical Office with Ample
For Sale
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1288 S Governors Ave, Dover, DE 19904
Business General zoned medical office fit-out with substantial parking and an established physical therapy tenant in place.
Property Size7,480 SF
Price / SF$267.38
Days on Market145
Property Features for 1288 S Governors Ave
General Information
Standard status
Active
Size
7,480 SF
Property subtype
Office
Zoning
Business General
Occupancy
50%
Lease Type
NNN
Investment Type
Owner/User
Building Details
Year Built
2004
Buildings
1
Units
40
Tenancy
Multi
Listing Agency:
The Commercial Moving Experience Real Estate
Listed By:
Jeff Spiegelman · License #DE RS-0025326
Source:
Crexi
Added: Jun 2
Changed: Oct 21
Last Checked: Oct 23 at 5:58AM
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 The Commercial Moving Experience Real Estate
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Investment Insights
Based on property information with market context.
This property offers approximately 7,480 square feet and is zoned Business General. The space is currently fit up as a medical office, with an existing tenant arrangement that includes ATI Physical Therapy occupying approximately 3,500 square feet on a new lease.
The property is positioned near retail and other medical uses, with access described as close to major travel routes. Ample parking supports patient and client visits, making the site workable for day-to-day operations.
For buyers seeking a healthcare-oriented office environment, the combination of an in-place physical therapy tenant, medical-office buildout, and dedicated parking makes it a practical option. The Business General zoning also supports the property’s intended professional and medical use profile, while the surrounding mix of retail and healthcare uses can help support steady customer traffic for appropriate service tenants.
The property is positioned near retail and other medical uses, with access described as close to major travel routes. Ample parking supports patient and client visits, making the site workable for day-to-day operations.
For buyers seeking a healthcare-oriented office environment, the combination of an in-place physical therapy tenant, medical-office buildout, and dedicated parking makes it a practical option. The Business General zoning also supports the property’s intended professional and medical use profile, while the surrounding mix of retail and healthcare uses can help support steady customer traffic for appropriate service tenants.
Key Highlights
- Business General zoned property with a medical office fit‑out (year built 2004)
- Includes 7,480 +/- SF total area
- ATI Physical Therapy tenant in 3,500 +/- SF on a new lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$103,150
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,063,000
$2.1M
Cap Rate 7%
$1,473,571
$1.5M
Cap Rate 9%
$1,146,111
$1.1M
Market Conditions
NOI Build-Up for 7,480 SF
Gross rent
$192.1K $25.68/SF
− Vacancy
−$20.2K −$2.70/SF
EGI
$171.9K $22.98/SF
− OpEx
−$68.8K −$9.19/SF
NOI
$103.2K $13.79/SF
Area
Kent County, DE
Vacancy
10.50%
Lease Rate
$25.68 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,063,000
Cap Rate 7%
$1,473,571
Cap Rate 9%
$1,146,111
Alternative Uses
Best Use
Healthcare Medical
$1.47M
$1.29M – $1.72M
NOI $103,150 @ 7.0% cap · market cap 5.16%
Second Best
Office B
$1.45M
$1.27M – $1.69M
NOI $101,607 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$1.88M
$1.65M – $2.20M
NOI $131,845 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
794
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
Demographics for 19904, DE
36,880
Population
16,047
Households
2.3
Avg Household Size
38
Median Age
27%
College-Educated
91%
High-School Grad
43.2 sq mi
ZIP Area
854
Density / Sq Mi
$66,885
Median Household Income
$39,459
Median Earnings
$1,240
Median Rent
$281,000
Median Home Value
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Market
Vacancy Rate% for Office in South region
Similar Off Market Nearby
- Governors Avenue Animal Hospital — 1008 S Governors Ave, Dover, DE 19904
- Delmarva Equine Clinic — 1008 S Governors Ave, Dover, DE 19904
- Michelle Egli, DVM — 1008 S Governors Ave, Dover, DE 19904
- Sosonowski Janice L DVM — 1008 S Governors Ave, Dover, DE 19904
- Governor's Avenue Animal Hospital: Foor James C DVM — 1008 S Governors Ave, Dover, DE 19904
Frequently Asked Questions
What type of property is this?
Medical Office Space - Business General zoned medical office fit-out with substantial parking and an established physical therapy tenant in place.
Where is this medical office space located?
The property is located at 1288 S Governors Ave Dover, DE.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Business General zoned property with a medical office fit‑out (year built 2004); Includes 7,480 +/- SF total area; ATI Physical Therapy tenant in 3,500 +/- SF on a new lease
