Renovated Storefront
For Sale
$374,900
12468 Warwick Boulevard, Newport News, VA 23606
COMMERCIAL - Newport News, VA
Property Size1,297 SF
Lot Size0.19 Acres
Price / SF$289.05
Days on Market113
Property Features for 12468 Warwick Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1
Parking features
Off Street, Paved or Surfaced
Subdivision
GLENDALE
Standard status
Active
Size
1,297 SF
Lot size
0.19 Acres
Taxes and HOA fees
Tax Annual Amount
1845
Utilities
Heating system
Zoned
Cooling system
Zoned
Building Details
Year built
1980
Roof type
Metal, Shingle
Listing Agency:
MOP Land and Farms Realty
(844) 480-5263
Listed By:
Randall Sim
(804) 380-6224
Added: Apr 22
Changed: Aug 12
Last Checked: Aug 12 at 7:06PM
MLS# 10631174
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This C1-zoned storefront property includes two renovated buildings totaling 1,297 square feet. The larger structure contains 978 square feet, while the second provides 319 square feet. Improvements include new metal and shingle roofing, Mitsubishi mini-split HVAC systems, flooring, interior and exterior paint, trim, and decking. The larger building also has a new water heater and updated bathroom fixtures. Off-street paved parking is available, and the property was built in 1980.
The site fronts Warwick Boulevard, a roadway reporting average daily traffic of 35,000 vehicles. It is positioned across from Todd Stadium and less than one mile from Christopher Newport University’s campus. The property is located at 12468 Warwick Boulevard in Newport News, Virginia.
The site fronts Warwick Boulevard, a roadway reporting average daily traffic of 35,000 vehicles. It is positioned across from Todd Stadium and less than one mile from Christopher Newport University’s campus. The property is located at 12468 Warwick Boulevard in Newport News, Virginia.
Key Highlights
- 1,297 SF across two buildings measuring 978 SF and 319 SF
- C1 zoning with off‑street paved parking
- 35,000 vehicles per day reported on Warwick Boulevard
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
$10,919
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
2.91%
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%
$218,380
$218.4K
Cap Rate 7%
$155,986
$156.0K
Cap Rate 9%
$121,322
$121.3K
Market Conditions
NOI Build-Up for 1,297 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
$16.0K $12.36/SF
− Vacancy
−$433 −$0.33/SF
EGI
$15.6K $12.03/SF
− OpEx
−$4.7K −$3.61/SF
NOI
$10.9K $8.42/SF
Area
Newport News, VA
Vacancy
2.70%
Lease Rate
$12.36 /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%
$218,380
Cap Rate 7%
$155,986
Cap Rate 9%
$121,322
Alternative Uses
Best Use
Retail
$156.0K
$136.5K – $182.0K
NOI $10,919 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$275.5K
$241.0K – $321.4K
NOI $19,282 @ 7.0% cap · market cap 5.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
35,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
443
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - C1-zoned commercial site with two recently renovated buildings.
Where is this storefront property located?
The property is located at 12468 Warwick Boulevard Newport News, VA.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 1,297 SF across two buildings measuring 978 SF and 319 SF; C1 zoning with off‑street paved parking; 35,000 vehicles per day reported on Warwick Boulevard
