Occupied Medical Office
For Sale
$875,000
896 S State St, Dover, DE 19901
Three buildings contain office and physician-office space with occupants in each unit.
Property Size3,310 SF
Price / SF$264.35
Days on Market48
Property Features for 896 S State St
General Information
Standard status
Active
Size
3,310 SF
Occupancy
100%
Additional Details
Road Access
Yes
Building Details
Year Built
1981
Buildings
3
Tenancy
Multi
Listing Agency:
Keller Williams Realty Central-Delaware
Listed By:
Elizabeth Johnson · License #RS-0024287
(302) 562-8405
Source:
Riverfoxrealty
Added: Sep 2
Changed: Oct 8
Last Checked: Oct 5 at 8:49PM
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
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Investment Insights
Based on property information with market context.
The property consists of a three-building parcel containing office and physician-office space. Occupants are in all three units, creating an established tenant configuration across the property. Constructed in 1981, the asset is located at 896 S State St in Dover, Delaware.
Key Highlights
- Three‑building parcel with office and physician‑office space
- All 3 units are occupied
- Located at 896 S State St, Dover, DE 19901
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$45,645
Cap Rate
5.22%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$912,900
$912.9K
Cap Rate 7%
$652,071
$652.1K
Cap Rate 9%
$507,167
$507.2K
Market Conditions
NOI Build-Up for 3,310 SF
Gross rent
$85.0K $25.68/SF
− Vacancy
−$8.9K −$2.70/SF
EGI
$76.1K $22.98/SF
− OpEx
−$30.4K −$9.19/SF
NOI
$45.6K $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%
$912,900
Cap Rate 7%
$652,071
Cap Rate 9%
$507,167
Alternative Uses
Best Use
Healthcare Medical
$652.1K
$570.6K – $760.8K
NOI $45,645 @ 7.0% cap · market cap 5.22%
Second Best
Office B
$642.3K
$562.0K – $749.4K
NOI $44,963 @ 7.0% cap · market cap 5.14%
Theoretical Best
Office A
$833.5K
$729.3K – $972.4K
NOI $58,343 @ 7.0% cap · market cap 6.67%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,377
Businesses Nearby
Well-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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Cap Rate, Value Estimation, Potential NOI and more
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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 - Three buildings contain office and physician-office space with occupants in each unit.
Where is this medical office space located?
The property is located at 896 S State St Dover, DE.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Three‑building parcel with office and physician‑office space; All 3 units are occupied; Located at 896 S State St, Dover, DE 19901
