sold > GOVERNORS CLUB OFFICE PROPERTY - 144 Kings Hwy, Dover, Kent Cou

GOVERNORS CLUB OFFICE PROPERTY - 144 Kings Hwy, Dover, Kent County, DE 19901

GOVERNORS CLUB FRONT SOUTH VIEW
GOVERNORS CLUB FRONT SOUTH VIEW
GOVERNORS CLUB FRONT SOUTH VIEW
GOVERNORS CLUB AERIAL VIEW
GOVERNORS CLUB TAX MAP
GOVERNORS CLUB FIRST FLOOR PLAN
GOVERNORS CLUB SECOND FLOOR PLAN
GOVERNORS CLUB THIRD FLOOR PLAN
GOVERNORS CLUB AERIAL PHOTO

PROPERTY NAME

GOVERNORS CLUB PROPERTY

PRICE

$820,000 * $111.59 PER SQUARE FOOT

ADDRESS

144 KINGS HWY, DOVER, KENT COUNTY,

DELAWARE 19904

PROPERTY TYPE

OFFICE PROPERTY

ALTERNATIVE USES

RETAIL, RESTAURANT

LAND AREA

32,234 +/- SF * .74 ACRE * 22.8% COVERAGE

BUILDING AREA

7,348 +/- SQ FT * THREE-STORY BLDG

USABLE AREA

5,685 +/- SQ FT * 77.4%

COMMON AREA

1,668 +/- SQ FT * 22.6%

 CURRENT OCCUPANCY

5,882 +/- SQ FT * 80%

CURRENT VACANCY

1,466 +/- SQ FT * 20%

TOTAL GROSS RENT

$116,000 BASE RENTAL

EXPENSE REIMBURSEMENTS

$51,000 AT FULL OCCUPANCY

TOTAL EXPENSES

$64,000 AT FULL OCCUPANCY

NET OPERATING INCOME

$42,200 EXISTING

$64,000 AT FULL OCCUPANCY

CAP RATE

4.8 PERCENT EXISTING

9.23 PERCENT AT FULL OCCUPANCY

YEAR #1 EQUITY DIVIDEND RATE

11.7 PERCENT AFTER TAX AT FULL OCCUPANCY

PARKING

ON SITE AT REAR

UTILITIES

SEWER, WATER, CENTRAL AIR, HOT AIR HEAT

BUILDING FEATURES

ELEVATOR, FULL BASEMENT, SECURITY ALARMS

TENANT IMPROVEMENTS

NONE INCLUDED * TENANT’S EXPENSE

ZONING

RGO, GROUP RESIDENTIAL & OFFICE ZONE,

CITY OF DOVER

TAX MAP

ED05 - 077.05 - 04 – 40.00-0000

SCHOOL DISTRICT

CAPITAL

FLOOD MAP

10001C0167H, ZONE X, MAY 3, 2003

CENSUS TRACT

413

CITY TAX ASSESSMENT

$983,800 * $134. +/- PER SQUARE FOOT

CITY TAX RATE

$0.405 / $100

CITY PROPERTY TAX

$4,000 * $0.54 PER SQUARE FOOT

COUNTY TAX ASSESSMENT

$143,800 * $20. +/- PER SQUARE FOOT

COUNTY TAX RATE

$2.2530 / $100

COUNTY PROPERTY TAX

$3,250 * $0.44 PER SQUARE FOOT

The Governors Club is a three - story mixed - use, multi - tenant investment property which is 80% occupied with five tenants, and 20% vacant with three office units available, with elevator, security alarms, and full basement. The leases are net leases. The building is being renovated and prepared for immediate occupancy for the vacant units. This landmark property is across the street from Woodburn (Governors Mansion) and DNREC, and near City Hall, Post Office, and Library. Linkage routes include Division Street east to Rte 13 and SR 1, and west to Maryland.

ALL INFORMATION SUBMITTED SUBJECT TO ERRORS AND MODIFICATIONS. ALL INFORMATION CONTAINED HEREIN OBTAINED FROM RELIABLE SOURCES BUT NOT GUARANTEED. PROSPECTIVE PURCHASERS SHOULD VERIFY ALL INFORMATION SUBMITTED. LISTING BROKERAGE REPRESENTS LESSOR.

Phil McGinnis, CCIM, GAA, ACoM, ALC, e-PRO

 

Office :

(302) 736 - 1538

Cell :

(302) 270 - 0656

Fax :

(302) 736 - 2715

Email:

pjm@mcginnisrealty.com

 

555 East Loockerman St. Dover, Delaware 19901 • Phone:302.736.2710 Fax: 302.736.2715
Custom Website Design by: Delaware.Net