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Oyster Point Commons 11721 Jefferson Ave 8,100 SF 100% Leased Office Building Newport News, VA 23606 $1,300,000 ($160.49/SF) 8.21% Cap Rate
INVESTMENT HIGHLIGHTS
- Fully leased office asset with stable tenant mix
- Strong NOI growth via annual rent escalations
- Ideal candidate for 1031 exchange investment
- Located at signalized intersection in Oyster Point
- Surrounded by major retail and lifestyle centers
- Offered significantly below replacement cost
EXECUTIVE SUMMARY
Positioned at the gateway to Oyster Point, the business epicenter of the Virginia Peninsula, 11721 Jefferson Avenue presents a rare opportunity to acquire a fully leased, income-producing office asset with enduring appeal. This single-story building spans 8,095 square feet and sits on approximately 1.48 acres with prime frontage along Jefferson Avenue, offering excellent visibility and access via a signalized intersection.
The property features a diverse and stable tenant mix including legal, financial services, and medical professionals. With over 87% of the gross leasable area secured under leases with approximately five years remaining, investors benefit from minimal near-term rollover and consistent cash flow. Annual rent escalations of 3–4% further enhance the in-place net operating income of $106,725, yielding an attractive 8.2% cap rate.
Surrounding amenities such as City Centre at Oyster Point, Port Warwick, Marketplace at Tech Center, and Patrick Henry Mall contribute to the location’s vibrancy and tenant retention. Offered significantly below replacement cost, this asset is ideally suited for a 1031 exchange, combining strong fundamentals with long-term upside in one of Newport News’ most desirable commercial corridors.
The property features a diverse and stable tenant mix including legal, financial services, and medical professionals. With over 87% of the gross leasable area secured under leases with approximately five years remaining, investors benefit from minimal near-term rollover and consistent cash flow. Annual rent escalations of 3–4% further enhance the in-place net operating income of $106,725, yielding an attractive 8.2% cap rate.
Surrounding amenities such as City Centre at Oyster Point, Port Warwick, Marketplace at Tech Center, and Patrick Henry Mall contribute to the location’s vibrancy and tenant retention. Offered significantly below replacement cost, this asset is ideally suited for a 1031 exchange, combining strong fundamentals with long-term upside in one of Newport News’ most desirable commercial corridors.
PROPERTY FACTS Under Contract
Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Office
Building Size
8,100 SF
Building Class
B
Year Built
1972
Price
$1,300,000
Price Per SF
$160.49
Cap Rate
8.21%
NOI
$106,725
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
8,100 SF
Building FAR
0.05
Lot Size
3.50 AC
Zoning
0
Parking
145 Spaces (17.9 Spaces per 1,000 SF Leased)
AMENITIES
- Property Manager on Site
- Signage
1 1
Walk Score®
Very Walkable (77)
PROPERTY TAXES
| Parcel Number | 204.00-01-03 | Improvements Assessment | $174,900 |
| Land Assessment | $542,900 | Total Assessment | $717,800 |
PROPERTY TAXES
Parcel Number
204.00-01-03
Land Assessment
$542,900
Improvements Assessment
$174,900
Total Assessment
$717,800
CONTACTS
-
Jason Oliver, CCIM -
Michael Divaris -
Elizabeth Paasch -
Divaris Real Estate, Inc.
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Oyster Point Commons | 11721 Jefferson Ave
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