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    2 State St Dover, DE 19901
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    Property profile & analytics

    2 State St, Dover, DE 19901

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    • Commercial real estate
    • 4,504 SF
    Off-Market
    Property ID
    US17-0100000
    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

    • Chabbott Petrosky Commercial / Real Estate Agency
    • Paradee Financial / Financial Advisor

    Property Details for 2 State St

    Property type
    Commercial real estate

    Description

    This exceptional 4,504 square foot executive office building presents a unique opportunity in the heart of Dover, Delaware. Strategically located at the northwest corner of Division Street and State Street, this property boasts a highly visible and accessible location. The building is zoned RGO, offering flexibility for a variety of professional uses. A significant advantage is the inclusion of a private parking lot providing ample parking for staff and clients, a rare commodity in this desirable area. The interior layout is designed for efficient workflow and professional presentation, making it ideal for established businesses seeking to upgrade their space or startups looking for a prestigious address. The building's size and zoning make it suitable for a range of executive office configurations, allowing for customization to meet specific business needs. This property offers a blend of convenience, visibility, and ample parking, making it an attractive investment for discerning businesses seeking a prime location in Dover, Delaware. The address is 2 North State Street, Dover, DE 19901. Serious inquiries are encouraged to explore this exceptional opportunity.

    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
    -75.4577775
    Latitude
    39.2081349

    Comparable in this City

    • Contact for pricing
      2.30 Acres

      Dover Office Space - Prime Location

      High-visibility office suites, ample parking.
      1325 State St, Dover, DE 19901
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    • $339,900

      Dover Office Condo For Sale

      Office condo in a medical community, suitable for medical/non-medical use.
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      Medical Office Investment Opportunity

      Three-building parcel with office and medical space for sale.
      896 S State St, Dover, DE 19901
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      12,083 SF

      Dover Office Building For Sale

      Office building with 12,083 square feet of space.
      525 N Red Haven Ln, Dover, DE 19901
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      Pending

      Historical Buildings in Downtown Dover

      Two historical buildings joined as one on an acre.
      419 S State St, Dover, DE 19901
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    Similar Nearby for Sale

    • Contact for pricing
      2.30 Acres

      Dover Office Space - Prime Location

      High-visibility office suites, ample parking.
      1325 State St, Dover, DE 19901
      View Details
    • $339,900

      Dover Office Condo For Sale

      Office condo in a medical community, suitable for medical/non-medical use.
      642 S Queen St, Dover, DE 19901
      View Details
    • $875,000

      Medical Office Investment Opportunity

      Three-building parcel with office and medical space for sale.
      896 S State St, Dover, DE 19901
      View Details
    • Contact for pricing
      12,083 SF

      Dover Office Building For Sale

      Office building with 12,083 square feet of space.
      525 N Red Haven Ln, Dover, DE 19901
      View Details
    • Contact for pricing
      Pending

      Historical Buildings in Downtown Dover

      Two historical buildings joined as one on an acre.
      419 S State St, Dover, DE 19901
      View Details

    Similar Nearby for Lease

    • $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.
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      10,000 SF

      Dover Office and Retail Space

      Office and retail spaces available near Dover Air Force Base.
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    • Contact for pricing

      Dover Flex Warehouse For Lease

      Recently constructed flex warehouse in Dover, DE available for lease.
      131 Rosemary Rd, Dover, DE 19901
      View Details
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    2 State St
    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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