Multi-Story Office Building with
For Sale
Contact for pricing
600 Thimble Shoals Blvd, Newport News, VA 23606
Masonry and glass office building with two elevators and 167 parking spaces, built in 1986.
Property Size45,344 SF
Lot Size4.14 Acres
Price / SF$186.90
Days on Market140
Property Features for 600 Thimble Shoals Blvd
General Information
Standard status
Active
Size
45,344 SF
Total Parking Spaces
167
Lot size
4.14 Acres
Property subtype
Office
Zoning
C-4
Lease Type
Full Service
Net Operating Income
$331,270
Additional Details
Furnished
Yes
Building Details
Year Built
1986
Construction
masonry and glass
Listing Agency:
Commonwealth Commercial Partners
Listed By:
Ryan Fanelli · License #VA 0225205575
(804) 346-4966
Source:
Crexi
Added: Apr 29
Changed: Sep 10
Last Checked: Sep 14 at 7:12AM
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 Commonwealth Commercial Partners
Investment Insights
Based on property information with market context.
Built in 1986, this masonry and glass office building totals approximately 45,344 square feet and is positioned on a prominent corner. The property includes two elevators and provides extensive parking with 167 spaces, along with a large drive-through lot. A furnished office suite is available within the building, with Suite 130 offering 1,724 rentable square feet, two private offices, a conference room, a kitchenette, a bathroom, and eight cubicles.
The site is described as being in Oyster Point and includes a C-4 zoning designation. The property also lists a long-term anchor tenant, Wells Fargo.
This offering includes financial information provided in the remarks, including 2026 Budget NOI of $331,270 and a WALT as of 1/26 of 4.17.
The site is described as being in Oyster Point and includes a C-4 zoning designation. The property also lists a long-term anchor tenant, Wells Fargo.
This offering includes financial information provided in the remarks, including 2026 Budget NOI of $331,270 and a WALT as of 1/26 of 4.17.
Key Highlights
- 45,344± SF office building in Oyster Point with 41,499± rentable SF
- Suite 130 for lease: 1,724± SF with two private offices, conference room, kitchenette, bathroom, and 8 cubicles
- Long‑term anchor tenant Wells Fargo
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
$502,978
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
5.93%
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%
$10,059,560
$10.1M
Cap Rate 7%
$7,185,400
$7.2M
Cap Rate 9%
$5,588,644
$5.6M
Market Conditions
NOI Build-Up for 45,344 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
$789.0K $17.40/SF
− Vacancy
−$118.3K −$2.61/SF
EGI
$670.6K $14.79/SF
− OpEx
−$167.7K −$3.70/SF
NOI
$503.0K $11.09/SF
Area
Newport News, VA
Vacancy
15.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$10,059,560
Cap Rate 7%
$7,185,400
Cap Rate 9%
$5,588,644
Alternative Uses
Best Use
Office B
$7.19M
$6.29M – $8.38M
NOI $502,978 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$9.63M
$8.43M – $11.24M
NOI $674,109 @ 7.0% cap · market cap 7.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,348
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Masonry and glass office building with two elevators and 167 parking spaces, built in 1986.
Where is this office building located?
The property is located at 600 Thimble Shoals Blvd Newport News, VA.
What is the asking price?
The asking price for this property is $8,475,000.
What are key features of this property?
This property features: 45,344± SF office building in Oyster Point with 41,499± rentable SF; Suite 130 for lease: 1,724± SF with two private offices, conference room, kitchenette, bathroom, and 8 cubicles; Long‑term anchor tenant Wells Fargo
