Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    1020 Loftis Blvd Newport News, VA 23606

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Located at the entrance to award-winning Port Warwick community.

    Type:Land
    Added:
    Sep 19, 2023
    Days on Market:
    944
    Last Refresh:
    Mar 17 at 1:24 pm

    Property Features for 1020 Loftis Blvd

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Jason Oliver, CCIM

    Listing agent Jason Oliver, CCIM License #VA

    Listing office Divaris Real Estate Inc Corporate

    Listing date Sep 19, 2023

    Source Crexi

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    All listing content including descriptions, pricing, images are the copyrighted material of Divaris Real Estate Inc Corporate

    Overview

    Prime Development Opportunity in Newport

    This property represents a prime development opportunity situated at the entrance to Port Warwick, an award-winning mixed-use community located off Jefferson Avenue in Newport News. Port Warwick features an attractive mix of retail, medical, office, townhomes and apartments situated around Styron Square, a three-acre green space. The parcel is centrally located in Newport News off Jefferson Avenue at the entrance to the award-winning Port Warwick mixed-use community and is minutes from City Center at Oyster Point.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News
    State
    Virginia
    Longitude
    -76.4845479
    Latitude
    37.0856355

    Nearby Similar for Sale

    • $1,850,000
      12,832 SF

      Versatile Building on Warwick Boulevard

      Two-story, 12,832 SF building on 2+ acres for sale.
      9302 Warwick Boulevard, Newport News, VA 23601
      View Details
    • $785,000
      5,230 SF

      Newport News Versatile Office Building

      Centrally located office building with income-producing units in Newport News.
      760 Mcguire Place, Newport News, VA 23601
      View Details
    • $259,900
      746 SF

      Newport News Commercial Building For Sale

      Commercial building with drive-through, high visibility, and business potential.
      5862 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $450,000
      1,479 SF

      Newport News Commercial Property For Sale

      Commercial property for sale in Newport News, Virginia.
      9913 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $400,000
      1,542 SF

      Newport News Commercial/Industrial Opportunity

      Turn-key office or contractor space on high-traffic street.
      9916 Warwick Boulevard, Newport News, VA 23601
      View Details
    • $99,000
      6,908 SF

      Turnkey Hemp Retail Business

      High-visibility, high-traffic retail business for sale in Newport News.
      10105 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $520,000
      2,254 SF

      Turn-Key Restaurant in Newport News

      Prime commercial restaurant property in a high-traffic Newport News location.
      9900 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $339,900
      3,000 SF

      Newport News Commercial Space

      Commercial space for sale in a prime Newport News location.
      10410 Warwick Boulevard, Newport News, VA 23601
      View Details
    • $369,000

      Secluded 2.1 Acre Nature Preserve

      2.1 acre lot perfect for a country getaway home.
      42 Scufflefield Road, Newport News, VA 23602
      View Details
    • $749,900

      Newport News Industrial Land For Sale

      2.15 acres of M2 zoned land with income potential.
      17247 WARWICK Boulevard, Newport News, VA 23603
      View Details
    • $550,000
      2,000 SF

      Commercial Property with Automotive Shop

      Commercial property with a 2000 sqft building and equipment.
      5858 Jefferson Avenue, Newport News, VA 23605
      View Details
    • $59,900

      Retail Commercial Land For Sale

      Retail commercial land available in Newport News, Virginia.
      14375 Old Courthouse Way, Newport News, VA 23608
      View Details

    FAQs

    What type of property is this?
    Commercial land - Located at the entrance to award-winning Port Warwick community.
    Where is this commercial land located?
    The property is located at 1020 Loftis Blvd Newport News, VA.
    What is the asking price?
    The asking price for this property is $650,000.
    What are key features of this property?
    This property features: Prime development opportunity at the entrance to Port Warwick.; Located in the award‑winning Port Warwick mixed‑use community.; Centrally located in Newport News off Jefferson Avenue.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jason Oliver, CCIM
    Real Estate License ID: VA
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!