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Investment Highlights

  • Income in place with ability to increase NOI through lease up
  • Minutes from downtown Dover and Loockerman Street business district
  • Vacant unit ready for owner occupancy or rental
  • Near Kent County government offices and court buildings

Executive Summary

Two unit office condominium located within North Queen Plaza in Dover. The property consists of two separately deeded units totaling approximately 2,070 square feet and is being offered together as a single acquisition. The first floor unit is currently leased at $1,300 per month with a lease in place through December 2026, providing immediate income. The second floor unit is vacant and ready for occupancy, allowing a buyer to operate their business while offsetting costs, or lease the space for additional income. Each unit has its own entrance, mailing address, and utilities, allowing for straightforward management and flexibility in use. The layout supports a range of professional, office, or service-based users. The first floor is configured with four private offices and two restrooms, including handicap accessibility. The second floor offers a more open layout with one private office, two restrooms, and access to a private balcony. The property is part of a condominium association, with quarterly dues covering exterior maintenance, lawn care, and snow removal. This structure reduces day to day maintenance responsibility for ownership. Shared surface parking is available on site. Located in Dover with access to downtown, government offices, and surrounding commercial activity, the property is well positioned for both owner occupants and small investors. The combination of in place income and a vacant unit creates a clear path to stabilize and increase overall income through lease up, while maintaining flexibility for a buyer to occupy part or all of the property. Buyer to verify all information including condo association details, permitted uses, and property condition. If you want, I can next:

Property Facts

Total Building Size 2,070 SF
Property Type
Office (Condo)
  • OfficeLoft Creative Space
  • Office Medical
Building Class C
Floors 2
Typical Floor Size 1,035 SF
Year Built 1975
Tenancy Single
Parking Ratio 5.8/1,000 SF
Opportunity Zone Yes
Zoning C-2 - C-2 zoning allows office, retail, and service uses. Suitable for a range of commercial businesses. Buyer to verify permitted uses.

Amenities

  • Signage

1 Unit Available

Unit A-B

Unit Size 2,070 SF
Price $165,000
Price Per SF $79.71
Condo Use Office
Sale Type Investment or Owner User
Cap Rate 6.91%
NOI $11,400
APN/Parcel ID 2-05-07709-01-7900-011, 2-05-07709-01-7900-012
Description

Office condominium consisting of two separately deeded units within North Queen Plaza. Total building area is approximately 2,070 square feet.

One unit is leased providing in place income, with the second unit vacant and ready for occupancy. Layout allows for owner user flexibility or full lease up.

Each unit has its own entrance, utilities, and mailing address. Condo association covers exterior and common area maintenance. Shared surface parking available

Sale Notes

Property consists of two separately deeded office condo units being sold together. One unit is currently leased with a lease in place through December 2026. The second unit is vacant.

This setup allows for an owner occupant to utilize one unit while benefiting from existing income, or for an investor to lease the second unit and stabilize the asset.

Separate entrances, utilities, and mailing addresses for each unit provide flexibility and simple management.

Buyer to verify all information including condo association details, taxes, and permitted uses.

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Moderately walkable
70/100
Exceptionally drivable
100/100
Some public transit
40/100
Fairly bikeable
50/100
  • Listing ID: 40047785

  • Date on Market: 4/6/2026

  • Last Updated:

  • Address: 375-385 W North St, Dover, DE 19904

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