Turn-Key Leased Office Garage
For Sale
$325,000
1283 N King Street, Hampton, VA 23669
Commercial/Industrial, Hampton, VA
Property Size4,408 SF
Lot Size0.32 Acres
Price / SF$73.73
Days on Market1793
Property Features for 1283 N King Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C1
Subdivision
ALL OTHERS AREA 103
Standard status
Active
Size
4,408 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Annual Amount
1956
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1949
Roof type
Shingle
Listing Agency:
Long & Foster Real Estate Inc.
(757) 727-0069
Listed By:
Kyle Hause · License #0225143450
Added: Sep 24, 2021
Changed: Aug 19
Last Checked: Aug 21 at 8:06PM
MLS# 10402825
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 turn-key office building is currently fully leased and includes both office space and garage/workshop space. The property offers approximately 4,400 sq. ft. of office area plus approximately 1,100 sq. ft. dedicated to garage/workshop use, with 4-car/bay garage capability.
The building fronts N King Street and extends back toward Little Back River Road. Zoning is listed as C1.
At approximately 4,408 total sq. ft. on 0.32 acres, the configuration supports an owner-operator or small business needing office space along with attached garage/workshop functionality.
The building fronts N King Street and extends back toward Little Back River Road. Zoning is listed as C1.
At approximately 4,408 total sq. ft. on 0.32 acres, the configuration supports an owner-operator or small business needing office space along with attached garage/workshop functionality.
Key Highlights
- Fully leased office building
- Prime location fronting King Street, Gateway to Langley Air Force Base
- Approximately 4400 sq ft of office space and 1100 sq ft of garage/workshop space
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
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
297
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Fully leased office building includes 4-car/bay garages and approximately 4,400 sq. ft. of office space.
Where is this flex space located?
The property is located at 1283 N King Street 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; Prime location fronting King Street, Gateway to Langley Air Force Base; Approximately 4400 sq ft of office space and 1100 sq ft of garage/workshop space
