Turn-Key Restaurant
For Sale
$1,200,000
33 W Loockerman St, Dover, DE 19901
Turn-key restaurant with a fully leased first floor and two units with full basements, plus seven office suites upstairs.
Property Size8,427 SF
Price / SF$142.40
Days on Market94
Property Features for 33 W Loockerman St
General Information
Standard status
Active
Size
8,427 SF
Additional Details
Highway Access
Yes
Office Units
7
Amenities
large conference room
Building Details
Year Built
1945
Tenancy
Multi
Listing Agency:
Century 21 Harrington Realty, Inc
Listed By:
Mike Harrington
(302) 736-0800
Source:
Kandorre
Added: Jul 29
Changed: Oct 26
Last Checked: Oct 7 at 4:59PM
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 Century 21 Harrington Realty, Inc
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Investment Insights
Based on property information with market context.
Turn-key restaurant building in Downtown Dover offering a flexible floor plan that can be modified to meet tenant needs. The first floor is fully leased. The property includes two units, each with a full basement; 31 Loockerman St has a finished basement, and this property is included in the sale.
The second floor consists of seven office suites served by a large conference room shared by all tenants. The building was constructed in 1945 and totals 8,427 SF. Easy access is available from Rt. 13 and Rt 1 as well as Rt. 8.
Designed to support multiple working setups, the mix of restaurant space on the lower level and office suites above provides separate day-to-day environments within one building layout.
The second floor consists of seven office suites served by a large conference room shared by all tenants. The building was constructed in 1945 and totals 8,427 SF. Easy access is available from Rt. 13 and Rt 1 as well as Rt. 8.
Designed to support multiple working setups, the mix of restaurant space on the lower level and office suites above provides separate day-to-day environments within one building layout.
Key Highlights
- First floor is fully leased
- Two units with full basements; 31 Loockerman St has a finished basement, included in the sale
- Second floor has seven office suites plus a large shared conference room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$107,507
Cap Rate
8.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,150,140
$2.2M
Cap Rate 7%
$1,535,814
$1.5M
Cap Rate 9%
$1,194,522
$1.2M
Market Conditions
NOI Build-Up for 8,427 SF
Gross rent
$151.7K $18.00/SF
− Vacancy
−$8.3K −$0.99/SF
EGI
$143.3K $17.01/SF
− OpEx
−$35.8K −$4.25/SF
NOI
$107.5K $12.76/SF
Area
Kent County, DE
Vacancy
5.50%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,150,140
Cap Rate 7%
$1,535,814
Cap Rate 9%
$1,194,522
Alternative Uses
Best Use
Office B
$1.64M
$1.43M – $1.91M
NOI $114,471 @ 7.0% cap · market cap 9.54%
Second Best
Specialty Retail
$1.54M
$1.34M – $1.79M
NOI $107,507 @ 7.0% cap · market cap 8.96%
Theoretical Best
Office A
$2.12M
$1.86M – $2.48M
NOI $148,537 @ 7.0% cap · market cap 12.38%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
7
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,333
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Turn-key restaurant with a fully leased first floor and two units with full basements, plus seven office suites upstairs.
Where is this conventional restaurant located?
The property is located at 33 W Loockerman St Dover, DE.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: First floor is fully leased; Two units with full basements; 31 Loockerman St has a finished basement, included in the sale; Second floor has seven office suites plus a large shared conference room
