Sushi King Restaurant For
For Sale
$2,650,000
11883 Jefferson Ave, Newport News, VA 23606
Freestanding restaurant in a core retail corridor. Redevelopment opportunity.
Property Size10,684 SF
Days on Market163
Property Features for 11883 Jefferson Ave
General Information
Standard status
Active
Size
10,684 SF
Property subtype
Retail
Building Details
Building Size
10,684 SF
Year Built
1988
Listing Agency:
S.L. Nusbaum Realty Co
(757) 287-1490
Listed By:
Doug Aronson · License #BK3274104
(757) 287-1490
Source:
Slnusbaum
Added: Mar 6
Changed: Aug 15
Last Checked: Aug 15 at 4:19AM
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 S.L. Nusbaum Realty Co
Investment Insights
Based on property information with market context.
The Sushi King restaurant property is available for sale. It is located at 11883 Jefferson Avenue in Newport News, Virginia, an independent city that is part of the Virginia Beach-Norfolk-Newport News metropolitan area. The city has a strong, stable, and diverse economy with a strong connection to the military. Newport News Shipbuilding is the largest industrial employer in Virginia. The property presents an opportunity for a long-term lease or re-tenant/redevelop in a core business and retail trade corridor, specifically City Center at Oyster Point.
Key Highlights
- Located in a core business and retail trade corridor (City Center at Oyster Point).
- Opportunity for long‑term lease or re‑tenant/redevelop.
- Situated in Newport News, VA, part of the Virginia Beach‑Norfolk‑Newport News metropolitan area (pop. 1.8 million).
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
$96,367
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
3.64%
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%
$1,927,340
$1.9M
Cap Rate 7%
$1,376,671
$1.4M
Cap Rate 9%
$1,070,744
$1.1M
Market Conditions
NOI Build-Up for 10,684 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
$132.1K $12.36/SF
− Vacancy
−$3.6K −$0.33/SF
EGI
$128.5K $12.03/SF
− OpEx
−$32.1K −$3.01/SF
NOI
$96.4K $9.02/SF
Area
Newport News, VA
Vacancy
2.70%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
25.00%
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%
$1,927,340
Cap Rate 7%
$1,376,671
Cap Rate 9%
$1,070,744
Alternative Uses
Best Use
Specialty Retail
$1.38M
$1.20M – $1.61M
NOI $96,367 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.27M
$1.99M – $2.65M
NOI $158,834 @ 7.0% cap · market cap 5.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
509
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23606, VA
31,684
Population
13,186
Households
2.4
Avg Household Size
33
Median Age
38%
College-Educated
94%
High-School Grad
9.7 sq mi
ZIP Area
3,266
Density / Sq Mi
$69,921
Median Household Income
$38,647
Median Earnings
$1,327
Median Rent
$296,900
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding restaurant in a core retail corridor. Redevelopment opportunity.
Where is this conventional restaurant located?
The property is located at 11883 Jefferson Ave Newport News, VA.
What is the asking price?
The asking price for this property is $2,650,000.
What are key features of this property?
This property features: Located in a core business and retail trade corridor (City Center at Oyster Point).; Opportunity for long‑term lease or re‑tenant/redevelop.; Situated in Newport News, VA, part of the Virginia Beach‑Norfolk‑Newport News metropolitan area (pop. 1.8 million).
