Newport News Multifamily Investment
For Sale
Contact for pricing
10710 Jefferson Ave, Newport News, VA 23601
Seventeen-unit portfolio in Newport News, Virginia.
Property Size11,050 SF
Lot Size0.32 Acres
Price / SF$140.27
Days on Market157
Property Features for 10710 Jefferson Ave
General Information
Standard status
Active
Size
11,050 SF
Class
C
Lot size
0.32 Acres
Property subtype
Multifamily
Net Operating Income
$128,481
Building Details
Year Built
1960
Buildings
3
Stories
1
Units
17
Listing Agency:
Marcus & Millichap - Hampton Roads
Listed By:
Altay Uzun · License #VA 0225214405
Source:
Crexi
Added: Mar 9
Changed: Aug 8
Last Checked: Aug 8 at 6:32AM
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 Marcus & Millichap - Hampton Roads
Investment Insights
Based on property information with market context.
The portfolio located at 10710 & 10714 Jefferson Avenue and 500 Powellville Lane in Newport News, VA 23061, consists of seventeen units. The unit mix includes two studio units, thirteen one-bedroom and one-bathroom units, and two two-bedroom and one-bathroom units. The building at 10710 Jefferson Avenue was constructed in 1960 and is situated on a 0.32-acre lot. The total property size is 11050 square feet.
Key Highlights
- Portfolio consists of seventeen units total.
- Mix of unit types: studio, one‑bedroom, and two‑bedroom units.
- Located at 10710 & 10714 Jefferson Avenue and 500 Powellville Lane, Newport News, VA 23061.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$113,716
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,274,320
$2.3M
Cap Rate 7%
$1,624,514
$1.6M
Cap Rate 9%
$1,263,511
$1.3M
Market Conditions
NOI Build-Up for 11,050 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$218.8K $19.80/SF
− Vacancy
−$12.0K −$1.09/SF
EGI
$206.8K $18.71/SF
− OpEx
−$93.0K −$8.42/SF
NOI
$113.7K $10.29/SF
Area
Newport News, VA
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,274,320
Cap Rate 7%
$1,624,514
Cap Rate 9%
$1,263,511
Alternative Uses
Best Use
Apartment 5plus
$1.62M
$1.42M – $1.90M
NOI $113,716 @ 7.0% cap · market cap 7.34%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.35M
$2.05M – $2.74M
NOI $164,275 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
365
Businesses Nearby
Explore this area
Business Placement
Demographics for 23601, VA
25,729
Population
12,593
Households
2
Avg Household Size
39
Median Age
28%
College-Educated
93%
High-School Grad
7.4 sq mi
ZIP Area
3,477
Density / Sq Mi
$71,345
Median Household Income
$48,310
Median Earnings
$1,231
Median Rent
$235,600
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Seventeen-unit portfolio in Newport News, Virginia.
Where is this apartment building located?
The property is located at 10710 Jefferson Ave Newport News, VA.
What is the asking price?
The asking price for this property is $1,550,000.
What are key features of this property?
This property features: Portfolio consists of seventeen units total.; Mix of unit types: studio, one‑bedroom, and two‑bedroom units.; Located at 10710 & 10714 Jefferson Avenue and 500 Powellville Lane, Newport News, VA 23061.
