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    Functional Office/Warehouse Flex Space Title is generated by Realmo AI

    11838 Canon Boulevard, Newport News, VA 23606

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    Multi-tenant building in Oyster Point Business Area, Newport News.

    Type:Office, Industrial
    Property size:
    16,200 SF
    Price / SF:
    $98/SF
    Added:
    May 21, 2026
    Days on Market:
    11
    Last Refresh:
    May 27 at 8:18 am

    Property Features for 11838 Canon Boulevard

    General Information

    Standard status
    Active
    Size
    16,200 SF
    Property subtype
    Office, Industrial

    We can help!

    Listing Contact
    Michael Shapiro
    Michael Shapiro

    Listing agent Michael Shapiro License #VA 0225028178

    Listing office Drucker + Falk

    Listing date May 21, 2026

    Source Crexi

    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

    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.
    • High occupancy rate of 81% indicates strong tenant demand.
    • Features 16‑foot clear warehouse ceilings and 12‑foot grade‑level loading doors.
    • Ample parking and loading areas with tractor‑trailer access.

    Overview

    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.
    Location Intelligence

    Current Use by Public Records

    Brew & Bottle - Home ... Production Facility CertaPro Painters of Virginia ... Painting Service 757 ROC Athletic ... Gym & Fitness Center 1700 Brewing Production Facility Legends Team Sports Corporate Office

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Manhattan's Fifth Avenue — 601 thimble shoals blvd, newport news, va 23606

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News
    State
    Virginia
    Longitude
    -76.4715643
    Latitude
    37.090822

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    FAQs

    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.
    (757) 873-1401 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Michael Shapiro
    Michael Shapiro
    Real Estate License ID: VA 0225028178
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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