Renovation-Ready Storefront
For Sale
$169,900
317319 LOOCKERMAN STREET, Dover, DE 19904
Two-level commercial property with a new tin roof and potential for retail, office, or financial services use.
Property Size1,166 SF
Price / SF$145.71
Days on Market96
Property Features for 317319 LOOCKERMAN STREET
General Information
Standard status
Active
Size
1,166 SF
Property subtype
Business Opportunities
Property Condition
Severity
Major Repairs Needed
Evidence
needs to be gutted and renovated
Amenities
3
Wood
Unfurnished
Pitched
Parking.
On Street.
City
Other, Downtown.
Building Details
Year Built
1910
Buildings
1
Listing Agency:
RE/MAX Horizons
(302) 678-4596
Listed By:
Karen Smolarek · License #R3-0013561
(302) 678-4596
Source:
Xome
Added: May 19
Changed: Aug 20
Last Checked: Aug 21 at 4:10AM
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 RE/MAX Horizons
Investment Insights
Based on property information with market context.
Built in 1910, this 1,166-square-foot storefront building is positioned in downtown Dover and requires a complete interior renovation. The property is being offered in its existing condition, with the interior needing to be gutted and rebuilt for a future commercial layout. The prior configuration included a ground-floor barber and beauty shop and an upper-level apartment, although those improvements are not presented as current finished spaces.
A new tin roof has been installed, while the building currently lacks electricity. The property includes on-street parking and may support retail, financial, office, and other commercial uses. Its storefront format and downtown setting provide a clear starting point for an owner-user renovation project.
A new tin roof has been installed, while the building currently lacks electricity. The property includes on-street parking and may support retail, financial, office, and other commercial uses. Its storefront format and downtown setting provide a clear starting point for an owner-user renovation project.
Key Highlights
- 1,166‑square‑foot storefront building
- Downtown Dover location at 317319 Loockerman Street
- New tin roof installed
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$10,600
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.24%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$212,000
$212.0K
Cap Rate 7%
$151,429
$151.4K
Cap Rate 9%
$117,778
$117.8K
Market Conditions
NOI Build-Up for 1,166 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$16.4K $14.04/SF
− Vacancy
−$1.2K −$1.05/SF
EGI
$15.1K $12.99/SF
− OpEx
−$4.5K −$3.90/SF
NOI
$10.6K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$212,000
Cap Rate 7%
$151,429
Cap Rate 9%
$117,778
Alternative Uses
Best Use
Retail
$151.4K
$132.5K – $176.7K
NOI $10,600 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$293.6K
$256.9K – $342.5K
NOI $20,552 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
226k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 41%
Groceries 27%
Dining 25%
Shops & Services 5%
Target
Superstores
93,354 visits/mo
0.4 miles
Safeway
Groceries
32,770 visits/mo
0.4 miles
Aldi
Groceries
24,765 visits/mo
0.5 miles
Burger King
Dining
16,324 visits/mo
0.4 miles
Taco Bell
Dining
11,612 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Two-level commercial property with a new tin roof and potential for retail, office, or financial services use.
Where is this storefront property located?
The property is located at 317319 LOOCKERMAN STREET Dover, DE.
What is the asking price?
The asking price for this property is $169,900.
What are key features of this property?
This property features: 1,166‑square‑foot storefront building; Downtown Dover location at 317319 Loockerman Street; New tin roof installed
