Functional Office/Warehouse Flex
For Sale
Contact for pricing
11838 Canon Boulevard, Newport News, VA 23606
Multi-tenant building in Oyster Point Business Area, Newport News.
Property Size16,200 SF
Price / SF$98.77
Days on Market106
Property Features for 11838 Canon Boulevard
General Information
Standard status
Active
Size
16,200 SF
Property subtype
Office, Industrial
Zoning
office, warehouse and flex uses
Occupancy
81%
Investment Type
Stabilized
Building Details
Buildings
1
Tenancy
Multi
Listing Agency:
Drucker + Falk
Listed By:
Michael Shapiro · License #VA 0225028178
(757) 873-1401
Source:
Crexi
Added: May 21
Changed: Aug 26
Last Checked: Aug 31 at 3:57PM
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 Drucker + Falk
Investment Insights
Based on property information with market context.
This 16,200 square foot multi-tenant building is located on the corner of Blue Crab Road and Canon Boulevard. Currently 81% occupied, the property offers a functional layout suitable for office and warehouse users. The office-warehouse spaces feature 16-foot clear warehouse ceilings and 12-foot grade-level loading doors, providing versatile locations for a wide range of businesses. Tractor-trailer access is available. Situated within a block of City Center Boulevard, the newest main access to the Oyster Point business park, the property is centrally located between two exits from Interstate I-64. It is also in close proximity to SR-143 (Jefferson Ave.) and US Hwy 17 (J. Clyde Morris Blvd.), providing excellent access to all of Hampton Roads and the Port of Virginia. The building is located in the Oyster Point Business Area adjacent to City Center in Newport News, Virginia. This block and metal building is zoned for office, warehouse, and flex uses. The property has an attractive street presence. Ample parking and loading areas are located in the rear of the building, allowing for tractor-trailer access. Large (12') overhead grade-level doors and personnel doors are located in the rear of each suite, making loading and storage convenient.
Key Highlights
- Prime location in Oyster Point Business Area, adjacent to City Center in Newport News, VA.
- Excellent access to Hampton Roads and the Port of Virginia via I‑64, SR‑143, and US Hwy 17.
- Functional office/warehouse layout suitable for various businesses.
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
$106,877
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
6.68%
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%
$2,137,540
$2.1M
Cap Rate 7%
$1,526,814
$1.5M
Cap Rate 9%
$1,187,522
$1.2M
Market Conditions
NOI Build-Up for 16,200 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
$165.2K $10.20/SF
− Vacancy
−$12.6K −$0.78/SF
EGI
$152.7K $9.42/SF
− OpEx
−$45.8K −$2.83/SF
NOI
$106.9K $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%
$2,137,540
Cap Rate 7%
$1,526,814
Cap Rate 9%
$1,187,522
Alternative Uses
Best Use
Industrial
$1.53M
$1.34M – $1.78M
NOI $106,877 @ 7.0% cap · market cap 6.68%
Second Best
Flex RnD
$1.42M
$1.24M – $1.65M
NOI $99,243 @ 7.0% cap · market cap 6.20%
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,838 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,901
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23606, VA
31,684
Population
13,186
Households
2.4
Avg Household Size
33
Median Age
38%
College-Educated
94%
High-School Grad
9.7 sq mi
ZIP Area
3,266
Density / Sq Mi
$69,921
Median Household Income
$38,647
Median Earnings
$1,327
Median Rent
$296,900
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant building in Oyster Point Business Area, Newport News.
Where is this flex space located?
The property is located at 11838 Canon Boulevard Newport News, VA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Prime location in Oyster Point Business Area, adjacent to City Center in Newport News, VA.; Excellent access to Hampton Roads and the Port of Virginia via I‑64, SR‑143, and US Hwy 17.; Functional office/warehouse layout suitable for various businesses.
