Two-Story Flex Space
For Sale
$449,900
10413 Warwick Boulevard, Newport News, VA 23601
Two-level commercial building with existing office configuration and adaptable first-floor space for varied business uses.
Property Size4,350 SF
Price / SF$103.43
Days on Market32
Property Features for 10413 Warwick Boulevard
General Information
Standard status
Active
Size
4,350 SF
Building Details
Year Built
1959
Listing Agency:
MR Rivera Realty Group
(757) 704-4470
Listed By:
Ronald Rivera
Source:
Distinctlyrealestate
Added: Jul 29
Changed: Aug 28
Last Checked: Aug 28 at 9:56AM
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 MR Rivera Realty Group
Investment Insights
Based on property information with market context.
This 4,350-square-foot flex space building was constructed in 1959 and includes two levels with distinct configurations. The second floor is arranged for office occupancy, while the larger first floor can be reworked for additional offices or a combination of flex, café, restaurant, and retail functions with offices above.
The property fronts Warwick Boulevard in Newport News and is positioned at the gateway to Hilton Village. Its current use by Link of Hampton Roads provides an established commercial setting, while the two-floor layout accommodates a range of office and customer-facing configurations.
The property fronts Warwick Boulevard in Newport News and is positioned at the gateway to Hilton Village. Its current use by Link of Hampton Roads provides an established commercial setting, while the two-floor layout accommodates a range of office and customer-facing configurations.
Key Highlights
- 4,350‑square‑foot commercial building with two levels
- Second floor configured for office use
- First floor offers adaptable space for offices, flex, café, restaurant, or retail
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
$28,699
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
6.38%
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%
$573,980
$574.0K
Cap Rate 7%
$409,986
$410.0K
Cap Rate 9%
$318,878
$318.9K
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
$44.4K $10.20/SF
− Vacancy
−$3.4K −$0.78/SF
EGI
$41.0K $9.42/SF
− OpEx
−$12.3K −$2.83/SF
NOI
$28.7K $6.60/SF
Area
Newport News, VA
Vacancy
7.60%
Lease Rate
$10.20 /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%
$573,980
Cap Rate 7%
$409,986
Cap Rate 9%
$318,878
Alternative Uses
Best Use
Office B
$689.3K
$603.2K – $804.2K
NOI $48,252 @ 7.0% cap · market cap 10.73%
Second Best
Industrial
$410.0K
$358.7K – $478.3K
NOI $28,699 @ 7.0% cap · market cap 6.38%
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
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Frequently Asked Questions
What type of property is this?
Flex space - Two-level commercial building with existing office configuration and adaptable first-floor space for varied business uses.
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 with two levels; Second floor configured for office use; First floor offers adaptable space for offices, flex, café, restaurant, or retail
