Updated Flex
For Sale
$299,900
10410 Warwick Boulevard, Newport News, VA 23601
C-1 commercial property with a replacement roof, HVAC system, windows, and garage doors.
Property Size3,000 SF
Price / SF$99.97
Days on Market27
Property Features for 10410 Warwick Boulevard
General Information
Standard status
Active
Size
3,000 SF
Zoning
C-1
Building Details
Year Built
1940
Listing Agency:
EXP Realty LLC
(866) 825-7169
Listed By:
Craig McLellon · License #0225-208129
Source:
Distinctlyrealestate
Added: Aug 4
Changed: Aug 28
Last Checked: Aug 29 at 12:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of EXP Realty LLC
Investment Insights
Based on property information with market context.
This 3,000-square-foot flex property in Newport News combines a recently updated exterior with substantial building improvements. The work includes fresh exterior paint, a new roof, new HVAC, replacement windows, and new garage doors. Originally built in 1940, the property is identified for potential storage, retail, office, showroom, and service-business applications.
Located at 10410 Warwick Boulevard, the building sits near Hilton Village and offers visibility along the corridor. Its flexible commercial format and updated core components provide a practical base for a range of business uses.
Located at 10410 Warwick Boulevard, the building sits near Hilton Village and offers visibility along the corridor. Its flexible commercial format and updated core components provide a practical base for a range of business uses.
Key Highlights
- 3,000 SF flex property in Newport News
- C‑1 commercial zoning
- New roof, HVAC, windows, and garage doors
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$25,255
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.42%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$505,100
$505.1K
Cap Rate 7%
$360,786
$360.8K
Cap Rate 9%
$280,611
$280.6K
Market Conditions
NOI Build-Up for 3,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$37.1K $12.36/SF
− Vacancy
−$1.0K −$0.33/SF
EGI
$36.1K $12.03/SF
− OpEx
−$10.8K −$3.61/SF
NOI
$25.3K $8.42/SF
Area
Newport News, VA
Vacancy
2.70%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$505,100
Cap Rate 7%
$360,786
Cap Rate 9%
$280,611
Alternative Uses
Best Use
Office B
$475.4K
$416.0K – $554.6K
NOI $33,277 @ 7.0% cap · market cap 11.10%
Second Best
Retail
$360.8K
$315.7K – $420.9K
NOI $25,255 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$637.1K
$557.5K – $743.3K
NOI $44,600 @ 7.0% cap · market cap 14.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
651
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23601, VA
25,729
Population
12,593
Households
2
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,477
Density / Sq Mi
$71,345
Median Household Income
$48,310
Median Earnings
$1,231
Median Rent
$235,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - C-1 commercial property with a replacement roof, HVAC system, windows, and garage doors.
Where is this flex space located?
The property is located at 10410 Warwick Boulevard Newport News, VA.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 3,000 SF flex property in Newport News; C‑1 commercial zoning; New roof, HVAC, windows, and garage doors
