Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Professional Office Condo with Sub-Units Title is generated by Realmo AI

    732 Thimble Shoals Boulevard 105&105A, Newport News, VA 23606

    View on Map
    Claim this Listing
    For Sale
    $275,000

    Office condo with two sub-units, tenant in place.

    Type:Commercial/Industrial
    Property size:
    1,937 SF
    Price / SF:
    $141/SF
    Added:
    Dec 10, 2024
    Days on Market:
    542
    Last Refresh:
    Apr 16 at 6:29 am

    Property Features for 732 Thimble Shoals Boulevard 105&105A

    General Information

    Standard status
    Active
    Size
    1,937 SF
    Property subtype
    Commercial/Industrial

    Building Details

    Year Built
    1985

    We can help!

    Listing Contact
    Missie Reed

    Listing agent Missie Reed

    Listing office Liz Moore & Associates LLC

    Listing date Dec 10, 2024

    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 Liz Moore & Associates LLC

    HighLights

    • Income‑producing property with tenant in front office (105) through 7/31/2026, with option to renew until 7/31/2030.
    • Two separate sub‑units (105 and 105A) each with private entrances, offering flexibility.
    • Prime location at the front of Oyster Point Condos complex, minutes from City Center and I‑64.
    • Handicap accessible units with 2 reserved parking spaces per sub‑unit, plus additional overflow parking.
    • Front office (105) features 1141 SF, reception area, conference room, two private offices (one with full bath), and a 1/2 bath.
    • Side office (105A) is vacant, features 779 SF, reception area, 1/2 bath, kitchenette, 2 cubical spaces, 2 private offices, storage closet, and includes reception desk/cubical and mini fridge/freezer.

    Overview

    This professional office condo is an end unit featuring two separate sub-units, each with its own private entrance. Situated at the front of the Oyster Point Condos complex, the property is conveniently located minutes from City Center and I-64. Each sub-unit includes two reserved parking spaces, with additional overflow parking available, and both are handicap accessible. The front office (105), comprising approximately 1141 square feet, is currently occupied by a tenant through July 31, 2026, with an option to renew for another 5 years through July 31, 2030. This space includes a main foyer/reception area, a conference room, two large private office spaces (one with a full bath), and a half bath for the main office area. The side office space (105A), which is vacant, offers approximately 779 square feet and includes a main foyer/reception area, a half bath, a mini kitchenette, two cubical spaces, two private offices, and a storage closet. A reception desk/cubical and mini fridge/freezer will convey with the property. The total property size is 1937 square feet.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $33.7k $17.40
    − Vacancy −$5.1k −$2.61
    EGI $28.6k $14.79
    − OpEx −$7.2k −$3.70
    NOI $21.5k $11.09
    1,937 SF · lease $17.40/SF/yr · vacancy 15.00% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $306.9K
    $268.6K – $358.1K (±1% cap)
    NOI $21,486 @ 7.0% cap · market cap 7.81%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $411.4K
    $360.0K – $480.0K (±1% cap)
    NOI $28,797 @ 7.0% cap · market cap 10.47%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    JAS Business Solutions ... Advertising Agency Kevin W. Weldon ... Law Firm Goff Voltin, PLLC Law Firm E. Paul Hubert, ... Law Firm Eleve Beauty and Spirit Clothing & Fashion Store

    Suggested Use

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

    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
    -76.4678413
    Latitude
    37.083351

    Nearby Similar for Sale

    • $1,850,000
      12,832 SF

      Versatile Two-Story Office School Building

      A zoned O-1 building with offices, classrooms, and meeting spaces plus room for future site improvements.
      9302 Warwick Boulevard, Newport News, VA 23601
      View Details
    • $785,000
      5,230 SF

      Newport News Office Building

      Versatile office building in central Newport News with income potential.
      760 Mcguire Place, Newport News, VA 23601
      View Details
    • $259,900
      746 SF

      Newport News Commercial Opportunity

      Take-out/drive-up building with high visibility and entrepreneurial potential.
      5862 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $2,000,000
      8,104 SF

      Turn-Key Commercial Property, Newport News

      Renovated 8,104 SF property on 0.59 acres with 32 parking spaces.
      13749 Warwick Boulevard, Newport News, VA 23602
      View Details
    • $450,000
      1,479 SF

      Newport News Commercial Property For Sale

      Commercial property for sale in Newport News, Virginia.
      9913 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $99,000
      6,908 SF

      Turnkey Hemp Retail Business

      High-visibility, high-traffic location with strong repeat customer base.
      10105 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $3,975,000
      17,840 SF

      Newport News Medical Office Building

      17,840 SF medical office building in Newport News, VA
      401 Oyster Point Road, Newport News, VA 23602
      View Details
    • $520,000
      2,254 SF

      Newport News Restaurant Opportunity

      Commercial restaurant property in a high-traffic Newport News location.
      9900 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $550,000
      2,000 SF

      Newport News Commercial Property For Sale

      Commercial property with building, business, and equipment included.
      5858 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $300,000
      5,765 SF

      Restaurant Building for Sale

      Large Newport News restaurant property with convenient access near major employers and interstate connections.
      3506 Washington Avenue, Newport News, VA 23607
      View Details
    • $400,000
      1,542 SF

      Turn-Key Dental Office

      Turn-key medical suite on a high-traffic corridor, suitable for dental use or small contractor operations.
      9916 Warwick Boulevard, Newport News, VA 23601
      View Details
    • $299,900
      5,415 SF

      Former YMCA Commercial Building

      Commercial building in Newport News with revitalization potential.
      2702 Orcutt Avenue, Newport News, VA 23607
      View Details

    FAQs

    What type of property is this?
    Office units - Office condo with two sub-units, tenant in place.
    Where is this office units located?
    The property is located at 732 Thimble Shoals Boulevard 105&105A Newport News, VA.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Income‑producing property with tenant in front office (105) through 7/31/2026, with option to renew until 7/31/2030.; Two separate sub‑units (105 and 105A) each with private entrances, offering flexibility.; Prime location at the front of Oyster Point Condos complex, minutes from City Center and I‑64.
    (757) 873-2707
    We can help!
    Listing Contact
    Missie Reed
    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
    732 Thimble Shoals Boulevard 105&105A, 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!