Two-Story Flex
For Sale
$449,900
10413 Warwick Boulevard, Newport News, VA 23601
COMMERCIAL - Newport News, VA
Property Size4,350 SF
Lot Size0.18 Acres
Price / SF$103.43
Days on Market367
Property Features for 10413 Warwick Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1
Parking features
Off Street
Subdivision
BRANDON HEIGHTS
Standard status
Active
Size
4,350 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
588
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air
Building Details
Year built
1959
Listing Agency:
MR Rivera Realty Group
(757) 704-4470
Listed By:
Ronald Rivera
(757) 704-4470
Added: Aug 11, 2025
Changed: Aug 4
Last Checked: Aug 12 at 1:06AM
MLS# 10597027
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4,350-square-foot commercial property occupies a 0.18-acre site and is configured across two levels. The second floor is arranged for office use, while the larger first floor can support additional office space or be adapted for flex, café, restaurant, or retail use. The property is currently occupied by Link of Hampton Roads.
Situated on Warwick Boulevard in Newport News, the building offers a location positioned near Hilton Village and local amenities. Off-street parking supports day-to-day use. Building systems include electric heat and central air conditioning, and the property was built in 1959. C1 zoning provides the recorded land-use designation for the site.
Situated on Warwick Boulevard in Newport News, the building offers a location positioned near Hilton Village and local amenities. Off-street parking supports day-to-day use. Building systems include electric heat and central air conditioning, and the property was built in 1959. C1 zoning provides the recorded land-use designation for the site.
Key Highlights
- 4,350‑square‑foot commercial building on a 0.18‑acre site
- Two‑level layout with second‑floor office configuration
- First floor adaptable for office, flex, café, restaurant, or retail use
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
$36,620
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
8.14%
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%
$732,400
$732.4K
Cap Rate 7%
$523,143
$523.1K
Cap Rate 9%
$406,889
$406.9K
Market Conditions
NOI Build-Up for 4,350 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
$53.8K $12.36/SF
− Vacancy
−$1.5K −$0.33/SF
EGI
$52.3K $12.03/SF
− OpEx
−$15.7K −$3.61/SF
NOI
$36.6K $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%
$732,400
Cap Rate 7%
$523,143
Cap Rate 9%
$406,889
Alternative Uses
Best Use
Office B
$689.3K
$603.2K – $804.2K
NOI $48,252 @ 7.0% cap · market cap 10.73%
Second Best
Retail
$523.1K
$457.8K – $610.3K
NOI $36,620 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$923.9K
$808.4K – $1.08M
NOI $64,670 @ 7.0% cap · market cap 14.37%
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 - C1-zoned property combines an upper-level office layout with adaptable ground-floor commercial space.
Where is this flex space located?
The property is located at 10413 Warwick Boulevard Newport News, VA.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: 4,350‑square‑foot commercial building on a 0.18‑acre site; Two‑level layout with second‑floor office configuration; First floor adaptable for office, flex, café, restaurant, or retail use
