Two-Story Office
For Sale
$1,850,000
9302 Warwick Boulevard, Newport News, VA 23601
O-1 zoning supports office, educational, and other approved uses.
Property Size12,832 SF
Price / SF$144.17
Days on Market12
Property Features for 9302 Warwick Boulevard
General Information
Standard status
Active
Size
12,832 SF
Zoning
O-1
Building Details
Year Built
1950
Buildings
1
Stories
2
Building Size
12,832 SF
Listing Agency:
Garrett Realty Partners
(757) 879-8599
Listed By:
Greg Garrett · License #0225071029
Source:
Horakrealtygroup
Added: Aug 19
Changed: Aug 30
Last Checked: Aug 25 at 4:52AM
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 Garrett Realty Partners
Investment Insights
Based on property information with market context.
Located at 9302 Warwick Boulevard in Newport News, this 12,832-square-foot office building occupies more than 2 acres and was constructed in 1950. The two-story layout contains multiple private offices, classrooms, and meeting areas, providing an established framework for continued office use or reconfiguration within approved parameters.
O-1 zoning allows office, educational, and other approved uses. The site includes additional land that may accommodate parking, outdoor areas, or a future structure, subject to applicable approvals. The property is offered as-is, where-is.
O-1 zoning allows office, educational, and other approved uses. The site includes additional land that may accommodate parking, outdoor areas, or a future structure, subject to applicable approvals. The property is offered as-is, where-is.
Key Highlights
- 12,832 SF two‑story office building on more than 2 acres
- O‑1 zoning supports office, educational, and other approved uses
- Existing layout includes offices, classrooms, and meeting spaces
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
$142,339
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
7.69%
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%
$2,846,780
$2.8M
Cap Rate 7%
$2,033,414
$2.0M
Cap Rate 9%
$1,581,544
$1.6M
Market Conditions
NOI Build-Up for 12,832 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
$223.3K $17.40/SF
− Vacancy
−$33.5K −$2.61/SF
EGI
$189.8K $14.79/SF
− OpEx
−$47.4K −$3.70/SF
NOI
$142.3K $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%
$2,846,780
Cap Rate 7%
$2,033,414
Cap Rate 9%
$1,581,544
Alternative Uses
Best Use
Office B
$2.03M
$1.78M – $2.37M
NOI $142,339 @ 7.0% cap · market cap 7.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.73M
$2.38M – $3.18M
NOI $190,768 @ 7.0% cap · market cap 10.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Explore this area
Business Placement
Demographics for 23601, VA
25,729
Population
12,593
Households
2
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,477
Density / Sq Mi
$71,345
Median Household Income
$48,310
Median Earnings
$1,231
Median Rent
$235,600
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - O-1 zoning supports office, educational, and other approved uses.
Where is this office building located?
The property is located at 9302 Warwick Boulevard Newport News, VA.
What is the asking price?
The asking price for this property is $1,850,000.
What are key features of this property?
This property features: 12,832 SF two‑story office building on more than 2 acres; O‑1 zoning supports office, educational, and other approved uses; Existing layout includes offices, classrooms, and meeting spaces
