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    19 State St Dover, DE 19901
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    19 State St, Dover, DE 19901

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    • Office Units
    • 5,442 SF
    • 0.49 lot acres
    For Sale
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    Historic Dover Office Space For Sale
    Contact for pricing

    Historic Dover Office Space

    Prime Downtown Location, Flexible Lease Options

    19 State St, Dover, DE 19901
    View Listing
    Property ID
    US17-0454616
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • First Preference Mortgage / Loan Service / Bank
    • Weber Gallagher Simpson / Law Firm

    Property Details for 19 State St

    Year built
    1890
    Lot size
    0.49 lot acres
    Property type
    Office Units
    Property subtype
    Medical Office Space

    Description

    This distinctive three-story, 5,442 square foot office building at 19 S State St, Dover, DE 19901, offers exceptional commercial space in the heart of downtown. Built in 1890, this beautifully preserved building boasts 3 suites, with a total of 3,905 square feet currently vacant. Leasing options range from 1,053 to 3,905 contiguous square feet, accommodating businesses of various sizes. The building features high 9-foot ceilings and retains its unique architectural charm. Amenities include a shared break room, kitchen, and restroom. Ample off-street parking for 20 vehicles is available, along with an ADA-compliant ramp for convenient access. The property's prime location across from the Jackson House restaurant and near numerous professional services, the post office, library, and courthouse, provides unparalleled convenience and accessibility. The zoning is RG-0, and the APN is 2-05-07705-04-3000-000. This Class C building presents an unbeatable value in a vibrant downtown Dover location. The land encompasses 0.49 acres. There are no elevators. The minimum divisible space is 1,119 square feet. This is a multi-tenant building.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Dover
    County
    Kent
    State
    Delaware
    Longitude
    -75.52555547738
    Latitude
    39.161190690936

    Comparable in this City

    • $1,850 /Mo

      Ground Floor Office Space Available

      1,006 SF office space for lease in Dover, DE.
      1675 S State St, Dover, DE 19901
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    • $3,500 /Mo

      Historic Office Space Near Governor's Mansion

      Premier Dover location suitable for medical, legal, or professional offices.
      144 Kings Hwy, Dover, DE 19901
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    • $975 /Mo

      Dover Office Space For Lease

      Office space available near Rodney Village, close to major routes.
      2089 S Dupont Hwy, Dover, DE 19901
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    • $4,700 /Mo

      Dover Office Space Available Now

      General use office space near Legislative Hall, City Hall, Library.
      116 E Water St, Dover, DE 19901
      View Details

    Similar Nearby for Sale

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      Dover Office Condo For Sale

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    • $875,000

      Medical Office Investment Opportunity

      Three-building parcel with office and medical space for sale.
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    • Contact for pricing
      Pending

      Versatile Commercial Property on Dupont Highway

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    Similar Nearby for Lease

    • $1,850 /Mo

      Ground Floor Office Space Available

      1,006 SF office space for lease in Dover, DE.
      1675 S State St, Dover, DE 19901
      View Details
    • $3,500 /Mo

      Historic Office Space Near Governor's Mansion

      Premier Dover location suitable for medical, legal, or professional offices.
      144 Kings Hwy, Dover, DE 19901
      View Details
    • $975 /Mo

      Dover Office Space For Lease

      Office space available near Rodney Village, close to major routes.
      2089 S Dupont Hwy, Dover, DE 19901
      View Details
    • $4,700 /Mo

      Dover Office Space Available Now

      General use office space near Legislative Hall, City Hall, Library.
      116 E Water St, Dover, DE 19901
      View Details
    View Listing
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    Dover, DE 19901
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    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.

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