Versatile Two-Story Office School
For Sale
$1,850,000
9302 Warwick Boulevard, Newport News, VA 23601
COMMERCIAL - Newport News, VA
Property Size12,832 SF
Lot Size2.04 Acres
Price / SF$144.17
Days on Market153
Property Features for 9302 Warwick Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
O1
Subdivision
ALL OTHERS AREA 108
Standard status
Active
Size
12,832 SF
Lot size
2.04 Acres
Taxes and HOA fees
Tax Annual Amount
19825
Utilities
Cooling system
Wall/Window Unit(s), Central Air
Building Details
Year built
1950
Listing Agency:
Garrett Realty Partners
(757) 873-1002
Listed By:
Greg Garrett · License #0225071029
(757) 873-1002
Added: Mar 12
Changed: Aug 5
Last Checked: Aug 11 at 7:06PM
MLS# 10624895
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 12,832 SF, two-story building on a 2.04-acre site is designed for flexibility. The interior features numerous offices, classrooms, and meeting spaces that can be used as-is or reconfigured to align with an owner’s or operator’s needs. Zoned O-1, the property supports a variety of potential uses, including office and educational applications, subject to approval of other permitted uses. The property is offered as-is, where-is, giving buyers the opportunity to tailor the space and site to their specific business plan.
Located at 9302 Warwick Boulevard in Newport News, Virginia 23601, the site provides additional land beyond the existing structure. That extra acreage can support future parking, outdoor space, or potential expansion with another structure, depending on development needs and approvals.
For buyers and tenants seeking a multi-room environment that can function as a classroom-based facility, professional office setting, or similar O-1 use, this building offers practical capacity and a layout already broken into smaller work areas. Its combination of office and education-style rooms may also appeal to organizations needing both collaboration space and dedicated rooms for instruction, meetings, or administrative functions.
Located at 9302 Warwick Boulevard in Newport News, Virginia 23601, the site provides additional land beyond the existing structure. That extra acreage can support future parking, outdoor space, or potential expansion with another structure, depending on development needs and approvals.
For buyers and tenants seeking a multi-room environment that can function as a classroom-based facility, professional office setting, or similar O-1 use, this building offers practical capacity and a layout already broken into smaller work areas. Its combination of office and education-style rooms may also appeal to organizations needing both collaboration space and dedicated rooms for instruction, meetings, or administrative functions.
Key Highlights
- Over 2 acres with a 12,832 SF, two‑story building
- Zoned O‑1 for office, educational, or other approved uses
- Includes numerous 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 - A zoned O-1 building with offices, classrooms, and meeting spaces plus room for future site improvements.
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: Over 2 acres with a 12,832 SF, two‑story building; Zoned O‑1 for office, educational, or other approved uses; Includes numerous offices, classrooms, and meeting spaces
