Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1609 State St Dover, DE 19901-5148

    • Commercial real estate
    • 2,368 SF
    • 0.69 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US17-0170323
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Cemerlic Senad Dr / Pain Management Physician / Anesthesiologist
    • Sarah Kamara / Nurse Practitioner
    • Ambulnz by DocGo, Dover DE / Ambulance Service
    • Leah Patterson / General Practitioner
    • Mary Fenimore / Psychologist

    Property Details for 1609 State St

    Year built
    1998
    Lot size
    0.69 lot acres
    Property size
    2,368 SF
    Zone code
    BN
    Property type
    Commercial real estate
    APN
    2-00-086.14-01-01.00-000
    APU
    20008614010100000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Dover
    County
    Kent
    State
    Delaware
    Longitude
    -75.5186
    Latitude
    39.1304
    CBSA code
    20100
    CBSA name
    DOVER, DE METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,626
    $24,300
    $79,600
    $103,900
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation by Request
      4.70 Acres

      Cor Of Lebanon & Sorghum Ml Rd

      Land • 4.70 Acres
      0 Cor Of Lebanon & Sorghum Ml Rd, Dover, DE 19901
      View Details
    • Value Estimation by Request
      51.13 Acres

      Us Rte 13 & Jerome Dr

      Land • 51.13 Acres
      0 Us Rte 13 & Jerome Dr, Dover, DE 19901
      View Details
    • Value Estimation by Request
      8.20 Acres

      102 Henry Dr

      COMMERCIAL (GENERAL) • 8.20 Acres
      102 Henry Dr, Dover, DE 19901
      View Details
    • Value Estimation by Request
      3,390 SF

      283 Frnt St

      COMMERCIAL (GENERAL) • 3,390 SF
      283 Frnt St, Leipsic, DE 19901-1736
      View Details
    • Value Estimation by Request
      360 SF

      3800 Bay Rd

      COMMERCIAL (GENERAL) • 360 SF
      3800 Bay Rd, Dover, DE 19901
      View Details
    • Value Estimation by Request
      2,304 SF

      500 Denny St

      COMMERCIAL (GENERAL) • 2,304 SF
      500 Denny St, Leipsic, DE 19901-1757
      View Details

    Similar Nearby for Sale

    • $3,846,000
      12.80 Acres

      Dover Commercial Land - 12.8 Acres

      Prime Dover location, high visibility, development potential.
      0 Dupont Hwy, Dover, DE 19901
      View Details
    • Contact for pricing
      51.13 Acres

      Cheswold Village: Prime Development Land

      51 acres, R-3 zoning, high visibility.
      0 Us Rte 13 & Jerome Dr, Dover, DE 19901
      View Details
    • Contact for pricing

      Dover Barn: Huge Storage Potential

      Versatile 4,800 sq ft barn with ample storage.
      2487 Bayside Dr, Dover, DE 19901
      View Details
    • $1,682,000
      5.60 Acres

      Jeter Property: Dover Commercial Land

      5.6-acre commercial land, ideal location.
      4564 Dupont Hwy, Dover, DE 19901
      View Details
    • $159,000
      0.35 Acres

      Dover Commercial Land - $159K

      Build-ready C4 zoned lot, 0.35 acres.
      53 Roosevelt Ave, Dover, DE 19901
      View Details
    • $2,000,000

      150 Dupont Hwy

      Land
      150 Dupont Hwy, Dover, DE 19901
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      192,258 SF

      Dover Retail Center Investment Opportunity

      High-traffic Dover retail space available.
      1001 Dupont Hwy, Dover, DE 19901
      View Details
    • $10 SF/Yr
      17,200 SF

      Dover Industrial Space For Lease

      Multiple Suites, Warehouse & Office Space Available
      0 Little Creek Rd, Dover, DE 19901
      View Details
    • $1,750 /Mo
      100,188 SF

      Professional Office Space For Lease

      Office space with highway exposure and easy access to major routes.
      1325 S State St, Dover, DE 19901
      View Details
    • $1,100 /Mo
      30,056 SF

      Dover Office Space For Rent

      Office space in the heart of Dover with parking.
      614 S Dupont Unit B Hwy, Dover, DE 19901
      View Details
    • $745 /Mo

      Office Space in Dover

      Office space available near major routes and shopping center.
      2089 Dupont St, Dover, DE 19901
      View Details
    • Contact for pricing

      Shovel-Ready Land in Dover, DE

      46-acre industrial parcel in Garrison Oak Technical Park.
      600 Garrison Oak Dr, Dover, DE 19901
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1609 State St
    Dover, DE 19901-5148
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.