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    Property profile & analytics

    11820 Fountain Way Newport News, VA 23606

    • Commercial real estate
    • 82,000 SF
    • 0.54 lot acres
    For Lease
    View listing
    $23 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1168668
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Anthem Blue Cross Blue Shield / Insurance Agency
    • Merrill Lynch Wealth Management / Financial Advisor
    • United Way of the Virginia Peninsula / Charitable Organization / Social Service Agency
    • Greater Peninsula Workforce Board / Local Government Office
    • Franklin Management Company / Property Management Company

    Property Details for 11820 Fountain Way

    Year built
    2007
    Lot size
    0.54 lot acres
    Property size
    82,000 SF
    Property type
    Commercial real estate

    Description

    This exceptional Class A office building, City Center at Oyster Point - Two City Center, offers 82,000 square feet of prime office space in the desirable Oyster Point submarket of Newport News, Virginia. Located at 11820 Fountain Way, 23606, this five-story building boasts 8 suites, with spaces ranging from a minimum of 1,366 square feet to a maximum contiguous space of 10,368 square feet. Built in 2007, the property features ample parking with 1007 spaces and two elevators for convenient access. The building's zoning is C4, and it sits on 0.54 acres of land with a floor area ratio (FAR) of 3.36. Enjoy the convenience of a full-service lease rate of $23.00 per square foot, including taxes of $1.73 per square foot. The location provides easy access to I-64, Newport News/Williamsburg International Airport, and public transportation. Shopping and dining options are within walking distance. Move-in ready suites are available with flexible lease terms and moving allowances for qualified tenants. This property presents a fantastic opportunity for businesses seeking a modern, well-located office space in a thriving Peninsula community. The cross street is Thimble Shoals Blvd.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Hampton City
    State
    Virginia
    Longitude
    -76.4721373
    Latitude
    37.086377

    Comparable in this City

    • $18 SF/Yr
      22,456 SF

      Huffman Building Office Space

      Newport News, VA office building with ample parking.
      12284 Warwick Blvd, Newport News, VA 23606
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    • $23 SF/Yr
      3,242 SF

      Office Building with Diverse Tenants

      62,688 SF office building with notable tenants for rent.
      11827 Canon Blvd, Newport News, VA 23606
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    • $16 SF/Yr
      19,720 SF

      Prime Newport News Office Space

      Class A Office Suites Available Now
      804 Omni Blvd, Newport News, VA 23606
      View Details
    • $18 SF/Yr
      8,649 SF

      Office Space in Oyster Point

      Office space for lease in the heart of Oyster Point.
      724 Thimble Shoals Blvd, Newport News, VA 23606
      View Details
    • $11 SF/Yr
      2,000 SF

      Newport News Flex Space Available

      Flex space with warehouse and office near Newport News Town Center.
      311 Ed Wright Ln, Newport News, VA 23606
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    • $14 SF/Yr
      29,751 SF

      Oyster Point Office Space Available

      Newport News Office Suites, VA
      601 Thimble Shoals Blvd, Newport News, VA 23606
      View Details

    Similar Nearby for Sale

    • $350,000
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      Newport News City Center Office

      Centrally located office space in Newport News City Center.
      704 Thimble Shoals Blvd, Newport News, VA 23606
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    • $230,671
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      Newport News Office Building For Sale

      1,496 SF office building in Newport News, Virginia.
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    • $775,000
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      Newport News Office Condo For Sale

      Two-story office condo with suites available, centrally located.
      744 Thimble Shoals Blvd, Newport News, VA 23606
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    • $1,595,000
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      Warwick Blvd Office Building

      19,939 SF Office, Vacant, High Traffic
      12515 Warwick Blvd, Newport News, VA 23606
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    • $275,000
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      Professional Office Condo For Sale

      Professional office condo with two sub-units near City Center.
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    • $650,000

      Prime Development Opportunity in Newport News

      Development opportunity at the entrance to Port Warwick.
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    Similar Nearby for Lease

    • $18 SF/Yr
      22,456 SF

      Huffman Building Office Space

      Newport News, VA office building with ample parking.
      12284 Warwick Blvd, Newport News, VA 23606
      View Details
    • $23 SF/Yr
      3,242 SF

      Office Building with Diverse Tenants

      62,688 SF office building with notable tenants for rent.
      11827 Canon Blvd, Newport News, VA 23606
      View Details
    • $16 SF/Yr
      19,720 SF

      Prime Newport News Office Space

      Class A Office Suites Available Now
      804 Omni Blvd, Newport News, VA 23606
      View Details
    • $18 SF/Yr
      8,649 SF

      Office Space in Oyster Point

      Office space for lease in the heart of Oyster Point.
      724 Thimble Shoals Blvd, Newport News, VA 23606
      View Details
    • $11 SF/Yr
      2,000 SF

      Newport News Flex Space Available

      Flex space with warehouse and office near Newport News Town Center.
      311 Ed Wright Ln, Newport News, VA 23606
      View Details
    • $23 SF/Yr
      18,855 SF

      Newport News Executive Office Suites

      Prestigious Office Space, Multiple Sizes Available
      580 City Center Blvd, Newport News, VA 23606
      View Details
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    11820 Fountain Way
    Newport News, VA 23606
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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