Flex Space with Dock-High
813 Diligence Drive Newport News, VA 23606
813 Diligence Drive, Newport News, VA, 23606
$15,000,000
For Sale
$15,000,000
Multi-tenant flex facility with dock-high doors, office buildout, and leasing anchored by a major school board tenant.
Property Size47,500 SF
Price / SF$315.79
Days on Market48
Property Features for 813 Diligence Drive
General Information
- Standard status
- Active
- Size
- 47,500 SF
- Property subtype
- Industrial
Building Details
- Year Built
- 1986
Listing Agency
Bang Realty
(248) 848-4109
Listed by
Derek DeLaura · License #701472
Source
Friedmanrealestate
Added: Jun 2 Checked: Jul 19 at 2:10 am
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 Bang Realty
Investment Insights
Based on property information with market context.
This flex space offering combines approximately 132,700 SF of warehouse space with about 48,800 SF of first-floor office space. The property is currently 98% leased to 11 tenants, supported by seven dock-high doors for loading and distribution needs. Ceiling heights are listed at 15' 6", providing practical volume for a broad range of warehouse and office-oriented operations.
Access is a key consideration, with the property located within a mile of I-64 and convenient to the region’s expressway network. Within a three-mile radius, the industrial market totals about 5.0M SF with a vacancy rate of about 1.3%. Newport News School Board (NNSB) is the primary anchor tenant, occupying 47,928 SF (60%) across three separate lease agreements, with an expiration date in 2033. Concentra Health Services leases 20 parking spaces on a month-to-month basis for additional income.
Zoned C4, the site allows for a wide range of uses, including offices, financial institutions, retail establishments, certain types of manufacturing, municipal facilities, cultural centers, transportation hubs, and entertainment venues. For buyers or operators looking for a stable, income-producing flex asset with office and warehouse functionality, the existing tenant mix and zoning breadth support multiple programmatic directions. There is also an option to purchase an adjacent 1.66-acre vacant parcel that has been fully entitled and approved for a 16,000 SF building.
Access is a key consideration, with the property located within a mile of I-64 and convenient to the region’s expressway network. Within a three-mile radius, the industrial market totals about 5.0M SF with a vacancy rate of about 1.3%. Newport News School Board (NNSB) is the primary anchor tenant, occupying 47,928 SF (60%) across three separate lease agreements, with an expiration date in 2033. Concentra Health Services leases 20 parking spaces on a month-to-month basis for additional income.
Zoned C4, the site allows for a wide range of uses, including offices, financial institutions, retail establishments, certain types of manufacturing, municipal facilities, cultural centers, transportation hubs, and entertainment venues. For buyers or operators looking for a stable, income-producing flex asset with office and warehouse functionality, the existing tenant mix and zoning breadth support multiple programmatic directions. There is also an option to purchase an adjacent 1.66-acre vacant parcel that has been fully entitled and approved for a 16,000 SF building.
Key Highlights
- ±32,700 SF warehouse plus ±48,800 SF first‑floor office flex space in a multi‑tenant building built in 1986
- 98% leased to 11 tenants, anchored by Newport News School Board at 47,928 SF (60%) under three leases with expiration in 2033
- 7 dock‑high doors and 15' 6" ceiling heights
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $826.5k | $17.40 |
| − Vacancy | −$124.0k | −$2.61 |
| EGI | $702.5k | $14.79 |
| − OpEx | −$175.6k | −$3.70 |
| NOI | $526.9k | $11.09 |
47,500 SF · lease $17.40/SF/yr · vacancy 15.00% · expense 25.00%
Alternative Uses
Best Use
Office B
$7.53M
$6.59M – $8.78M
NOI $526,894 @ 7.0% cap · market cap 3.51%
Second Best
Warehouse
$5.44M
$4.76M – $6.34M
NOI $380,526 @ 7.0% cap · market cap 2.54%
Theoretical Best
Office A
$10.09M
$8.83M – $11.77M
NOI $706,162 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
The Wax Lounge
Spa & Massage Center
Antidote Skin Lab
Spa & Massage Center
Capital Electric
Building Supply
Casey Auto Group
Car Dealership
Kelly Services
Employment Agency
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FAQs
What type of property is this?
Flex space - Multi-tenant flex facility with dock-high doors, office buildout, and leasing anchored by a major school board tenant.
Where is this flex space located?
The property is located at 813 Diligence Drive Newport News, VA.
What is the asking price?
The asking price for this property is $15,000,000.
What are key features of this property?
This property features: ±32,700 SF warehouse plus ±48,800 SF first‑floor office flex space in a multi‑tenant building built in 1986; 98% leased to 11 tenants, anchored by Newport News School Board at 47,928 SF (60%) under three leases with expiration in 2033; 7 dock‑high doors and 15' 6" ceiling heights
