Newport 404/406 Flex - Office/warehouse space (twin warehouses)

Investment Overview

Excellent owner-user or investment opportunity consisting of two separate, recently remodeled flex office/warehouse spaces at 404 & 406 Newport, totaling approximately 5,800 SF on approximately 33,733 SF of land. Both spaces have recently undergone interior improvements including luxury vinyl plank (LVP) flooring, fresh paint, and upgraded LED lighting, providing clean, modern, move-in-ready office environments. Both spaces offer functional office layouts combined with warehouse/storage areas, making the property ideal for contractors, service businesses, and companies needing professional office space with additional storage and fleet parking. 404 Newport – ±2,400 SF features a reception area, two private offices, open bullpen/work area with kitchenette, conference room, warehouse space, and a small garage/storage area. 406 Newport – ±3,400 SF features a reception area, six private offices, conference room with sink, two restrooms, and warehouse/storage space. This property offers an excellent opportunity for an owner-occupant to operate from one building while leasing the second space to help offset ownership costs. The property may also be well suited for SBA 504 financing, potentially allowing a qualified owner-user to purchase with as little as 10% down. For investors, leasing both spaces at a projected market base rental rate of approximately $15.00/SF could generate a pro forma cap rate approaching 9%. With approximately 13 parking spaces serving 404 and 15 spaces serving 406, the property provides ample parking and is particularly well suited for businesses operating small fleets or service vehicles. Ideal users include general contractors, roofing companies, plumbers, electricians, HVAC contractors, pool companies, construction-related businesses, and other service-oriented owner-users requiring a combination of office, warehouse, storage, and parking.

Investment Highlights

• Recently remodeled interiors
• Luxury vinyl plank (LVP) flooring
• Fresh interior paint
• Upgraded LED lighting
• Combination of professional office and warehouse/storage space
• Multiple private offices, reception areas and conference rooms
• 404: Reception, 2 offices, bullpen, kitchenette, conference room, warehouse & garage/storage
• 406: Reception, 6 offices, conference room with sink, 2 restrooms & warehouse/storage
• Approximately 28 total parking spaces
• 13 spaces serving 404 / 15 spaces serving 406
• Excellent parking for small fleet and service vehicles
• Excellent owner-user opportunity
• Occupy one space and lease the other to help offset ownership costs
• Potential SBA 504 financing with as little as 10% down for qualified buyers
• Attractive investor opportunity
• Projected $15.00/SF market base rent
• Pro forma cap rate approaching 9%
• Ideal for contractors, roofers, plumbers, electricians, HVAC companies, pool companies and other service businesses