Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Corner Lot Office Building Title is generated by Realmo AI

    12515 Warwick Boulevard, Newport News, VA 23606

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    $1,595,000

    Three-story, 20,000 SF office building near CNU.

    Type:Commercial/Industrial
    Property size:
    19,939 SF
    Lot size:
    1.89 Acres
    Price / SF:
    $79/SF
    Added:
    Mar 23, 2026
    Days on Market:
    48
    Last Refresh:
    Mar 22 at 8:14 pm

    Property Features for 12515 Warwick Boulevard

    General Information

    Standard status
    Active
    Size
    19,939 SF
    Lot size
    1.89 Acres
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Judy Farris

    Listing agent Judy Farris

    Listing office Howard Hanna Real Estate Svcs.

    Listing date Mar 23, 2026

    Source Exitrealty

    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 Howard Hanna Real Estate Svcs.

    HighLights

    • Large 20,000 sq.ft. office building on almost 2 acres
    • Located near CNU in Hidenwood
    • Corner lot with frontage on Warwick Blvd and two curb cuts
    • Potential for apartment or condo conversion
    • Multiple suites with restrooms on each floor
    • Built in 1980

    Overview

    This three-story office building, encompassing approximately 20,000 square feet, is situated on a corner lot spanning almost 2 acres. The property features frontage on Warwick Boulevard and includes two curb cuts. Located in the Hidenwood area near Christopher Newport University (CNU), the building offers two oversized first-floor suites, each equipped with multiple interior restrooms. The second and third floors each contain four large suites, with a hallway set of restrooms and maintenance/storage closets on each floor. Some demolition and renovations have been started. Certain suites were previously used for medical purposes. The vacant building presents possible uses for apartment or condo conversion. The property is located on Costar and Crexi.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News
    State
    Virginia
    Longitude
    -76.4960023
    Latitude
    37.0774738

    Nearby Similar for Sale

    • $375,000
      1,446 SF

      Harpersville Road Office/Medical Building

      1,446 SF office/medical building with ample parking for sale.
      1056 Harpersville Road, Newport News, VA 23601
      View Details
    • $240,000
      1,680 SF

      Newport News Duplex Investment

      Well-maintained duplex with leases secured through 2027 in Newport News.
      716 31st Street, Newport News, VA 23607
      View Details
    • $445,000
      3,140 SF

      Commercial Building Near Newport News

      Versatile commercial building on Warwick Boulevard, excellent visibility and accessibility.
      7826 Warwick Boulevard, Newport News, VA 23607
      View Details
    • $50,000
      2,800 SF

      Newport News Retail Building For Sale

      Vacant retail building on Warwick Blvd, excellent owner/user opportunity.
      13665 Warwick Blvd, Newport News, VA 23602
      View Details
    • $2,650,000

      Sushi King Restaurant For Sale

      Freestanding restaurant in a core retail corridor. Redevelopment opportunity.
      11883 Jefferson Ave, Newport News, VA 23606
      View Details
    • $248,900
      2,376 SF

      Versatile Multi-Unit Property

      Move-in ready property with rental income potential near amenities.
      2134 Chestnut Avenue, Newport News, VA 23602
      View Details
    • $618,000
      4,200 SF

      Newport News Retail Investment

      Retail property with a national tenant in Newport News, VA.
      422 Oriana Rd, Newport News, VA
      View Details
    • $355,000
      3,096 SF

      Newport News Office Condominium

      Centrally located office condominium in Newport News, Virginia.
      710 Denbigh Blvd, Newport News, VA
      View Details
    • $850,000
      3,075 SF

      Newport News Commercial Property For Sale

      3,075 SF commercial property in Newport News for sale.
      13801 Warwick Boulevard, Newport News, VA 23602
      View Details
    • $750,000

      Residential Portfolio in Excellent Location

      Five properties in prime location with value-add potential.
      2 Colonial Place Newport News, VA 23601
      View Details
    • $2,200,000

      Newport News Retail Opportunity

      Retail property for sale in Newport News, Virginia.
      11847 Jefferson Avenue | Newport News, VA 23606
      View Details
    • $1,700,000

      Seventeen-Unit Multifamily Portfolio

      Seventeen units in Newport News, Virginia.
      10710 Jefferson Ave, Newport News, VA 23601
      View Details

    FAQs

    What type of property is this?
    Office building - Three-story, 20,000 SF office building near CNU.
    Where is this office building located?
    The property is located at 12515 Warwick Boulevard Newport News, VA.
    What is the asking price?
    The asking price for this property is $1,595,000.
    What are key features of this property?
    This property features: Large 20,000 sq.ft. office building on almost 2 acres; Located near CNU in Hidenwood; Corner lot with frontage on Warwick Blvd and two curb cuts
    (757) 357-3217
    We can help!
    Listing Contact
    Judy Farris
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    12515 Warwick Boulevard, Newport News, VA 23606
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!