Newport News Office Building For
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729 Thimble Shoals Blvd, Newport News, VA
1,496 SF office building in Newport News, Virginia.
Property Size1,496 SF
Lot Size0.17 Acres
Price / SF$154.19
Days on Market765
Property Features for 729 Thimble Shoals Blvd
General Information
Standard status
Active
Size
1,496 SF
Lot size
0.17 Acres
Property subtype
OFFICE
Listing Agency:
Cushman & Wakefield | Thalhimer - Virginia Beach
(757) 499-2900
Listed By:
Teresa Nettles
(757) 873-0323
Source:
Moodyscre
Added: Aug 16, 2024
Changed: Sep 17
Last Checked: Sep 19 at 11:43AM
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 Cushman & Wakefield | Thalhimer - Virginia Beach
Investment Insights
Based on property information with market context.
This 1,496 square foot office building, constructed in 1988, is situated on a 0.16-acre site. The property features a 5-ton oversized HVAC unit with a new compressor installed in 2015. It is located in an opportunity zone and identified by parcel ID number 196000510. Zoned C4, the property is currently occupied and leased to a financial firm through March 31, 2030.
Key Highlights
- Leased through 3/31/2030 by a financial firm, providing immediate and consistent income.
- Located in an Opportunity Zone, offering potential tax benefits.
- Building size of 1,496 sf, suitable for various business operations.
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
$16,594
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
7.19%
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%
$331,880
$331.9K
Cap Rate 7%
$237,057
$237.1K
Cap Rate 9%
$184,378
$184.4K
Market Conditions
NOI Build-Up for 1,496 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
$26.0K $17.40/SF
− Vacancy
−$3.9K −$2.61/SF
EGI
$22.1K $14.79/SF
− OpEx
−$5.5K −$3.70/SF
NOI
$16.6K $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%
$331,880
Cap Rate 7%
$237,057
Cap Rate 9%
$184,378
Alternative Uses
Best Use
Office B
$237.1K
$207.4K – $276.6K
NOI $16,594 @ 7.0% cap · market cap 7.19%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$317.7K
$278.0K – $370.7K
NOI $22,240 @ 7.0% cap · market cap 9.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,960
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office building - 1,496 SF office building in Newport News, Virginia.
Where is this office building located?
The property is located at 729 Thimble Shoals Blvd Newport News, VA.
What is the asking price?
The asking price for this property is $230,671.
What are key features of this property?
This property features: Leased through 3/31/2030 by a financial firm, providing immediate and consistent income.; Located in an Opportunity Zone, offering potential tax benefits.; Building size of 1,496 sf, suitable for various business operations.
