701 Town Center DrNewport News, VA 23606

Property Details for 701 Town Center Dr

Year built

2002

Construction

FRAME

Lot size

0.49 AC

Property size (Sq ft)

119,058 SF

Zone code

C4

Property type

Commercial real estate

APN

195000414

APU

195000414

Description

This exceptional Class A office space, located at 701 Town Center Dr in Newport News, Virginia's Oyster Point submarket (Peninsula cluster), offers a prime opportunity for businesses seeking modern, efficient workspace. The City Center at Oyster Point - Fountain Plaza One building boasts 117,000 square feet across 10 stories, constructed in 2002. Units range from a minimum of 2,646 square feet to a maximum contiguous space of 20,210 square feet, providing flexibility for various business needs. The building features ample parking with 400 spaces and convenient elevator access. The property sits on 2.07 acres of land, with a building floor area ratio (FAR) of 2.08. Its C4 zoning designation allows for a wide range of commercial uses. The property's location offers easy access via Merchants Walk cross street. Annual property taxes are $1.38 per square foot. This move-in ready space presents a turnkey solution for businesses seeking immediate occupancy in a highly desirable location. The property's APN is 195.00-04-14 and the zip code is 23606. This is a multi-tenant building offering a variety of options to suit your business needs.

• CAP approach

  CAP return

  Valuation

  6%

  $27,165,100

  6.5%

  $25,075,500

  7%

  $23,284,400

• Comparable approach

  Method

  Valuation

  Relative Method

  $14,526,900

  Geo Method

  $19,883,900

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $49,735,100

  Retail / Commercial

  $25,432,000

  Mixed-Use / Specialty

  $25,284,700

  Hospitality / Lodging

  $18,476,900

  Office

  $25,075,500

  Institutional / Educational

  $26,265,700

  Residential Income

  $30,730,800

  Multifamily

  $37,170,900

  Automotive / Energy

  $22,513,400

  Parking / Income-Based Land

  $7,825,070

  Restaurant / Food Service

  $13,029,900

  Healthcare / Senior Housing

  $25,987,100

Location Insight

City

Newport News

County

Newport News City

State

Virginia

Latitude

37.0878

Longitude

-76.4745

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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