Turn-Key Leased Office Building with
For Sale
Contact for pricing
1283 N King St, Hampton, VA 23669
Fully leased office building includes four car/bay garages plus dedicated garage/workshop space.
Property Size4,408 SF
Price / SF$73.73
Days on Market1277
Property Features for 1283 N King St
General Information
Standard status
Active
Size
4,408 SF
Property subtype
OFFICE
Occupancy
100%
Listing Agency:
Long & Foster Real Estate | James River Newport News
(757) 727-0069
Listed By:
Kyle Hause · License #0225143450
Source:
Moodyscre
Added: Feb 22, 2023
Changed: Aug 15
Last Checked: Aug 21 at 3:15PM
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 Long & Foster Real Estate | James River Newport News
Investment Insights
Based on property information with market context.
Turn-key office building presented for sale as a fully leased property, designed with a front office layout and a rear garage/workshop component. The building includes approximately 4,400 square feet of office space and approximately 1,100 square feet of garage/workshop space, supported by four car/bay garages.
The property fronts King Street, with the building extending back toward Little Back River Road. The current configuration supports an owner-operator or small business that prefers purchasing real estate rather than renting.
Located at 1283 N King St, Hampton, VA 23669, this offering combines dedicated office area with on-site garage/workshop space in a compact, single-building footprint.
The property fronts King Street, with the building extending back toward Little Back River Road. The current configuration supports an owner-operator or small business that prefers purchasing real estate rather than renting.
Located at 1283 N King St, Hampton, VA 23669, this offering combines dedicated office area with on-site garage/workshop space in a compact, single-building footprint.
Key Highlights
- Fully leased office building with approx 4,400 SF of office space
- Includes four car/bay garages plus dedicated garage/workshop space (approx 1,100 SF)
- Building fronts King Street and extends back toward Little Back River Road
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
$28,882
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
8.89%
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%
$577,640
$577.6K
Cap Rate 7%
$412,600
$412.6K
Cap Rate 9%
$320,911
$320.9K
Market Conditions
NOI Build-Up for 4,408 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
$42.8K $9.72/SF
− Vacancy
−$1.6K −$0.36/SF
EGI
$41.3K $9.36/SF
− OpEx
−$12.4K −$2.81/SF
NOI
$28.9K $6.55/SF
Area
Hampton, VA
Vacancy
3.70%
Lease Rate
$9.72 /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%
$577,640
Cap Rate 7%
$412,600
Cap Rate 9%
$320,911
Alternative Uses
Best Use
Office B
$827.6K
$724.1K – $965.5K
NOI $57,931 @ 7.0% cap · market cap 17.82%
Second Best
Flex RnD
$445.6K
$389.9K – $519.9K
NOI $31,193 @ 7.0% cap · market cap 9.60%
Theoretical Best
Office A
$1.15M
$1.00M – $1.34M
NOI $80,243 @ 7.0% cap · market cap 24.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Explore this area
Business Placement
Demographics for 23669, VA
41,030
Population
17,589
Households
2.3
Avg Household Size
38
Median Age
31%
College-Educated
94%
High-School Grad
12.1 sq mi
ZIP Area
3,391
Density / Sq Mi
$66,999
Median Household Income
$41,874
Median Earnings
$1,202
Median Rent
$246,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Fully leased office building includes four car/bay garages plus dedicated garage/workshop space.
Where is this office building located?
The property is located at 1283 N King St Hampton, VA.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Fully leased office building with approx 4,400 SF of office space; Includes four car/bay garages plus dedicated garage/workshop space (approx 1,100 SF); Building fronts King Street and extends back toward Little Back River Road
