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    11847 Jefferson Ave Newport News, VA 23606-2505

    • Commercial real estate
    • 7,351 SF
    • 1.32 lot acres
    OFF-MARKET
    Last Sale
    Jun 15, 2022
    $1,900,000
    Value Estimations
    $1,410,000
    Show details
    Cap Rate Potential
    5.4%
    Commercial real estate
    Location Intelligence
    Property ID
    US87-1035402
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Commercial real estate

    Property Details for 11847 Jefferson Ave

    Year built
    1974
    Construction
    FRAME
    Lot size
    1.32 lot acres
    Property size
    7,351 SF
    Zone code
    M1
    Property type
    Commercial real estate
    APN
    183000116
    APU
    183000116

    Description

    This 1.32-acre commercial and industrial property at 11847 Jefferson Ave, Newport News, VA 23606, offers a significant redevelopment opportunity. The 7,351 square foot building, currently vacant, sits on a signalized corner with excellent visibility on Jefferson Avenue, boasting a daily traffic count of 49,000 vehicles. The property is zoned M1 (Light Industrial), allowing for various uses, with potential for retail uses subject to rezoning. The seller/landlord is open to flexible timing for the right buyer/tenant. The location provides easy access to key areas, including a 3-minute drive to City Center at Oyster Point (a mixed-use development) and a 4-minute drive to Marketplace at Tech Center (featuring Whole Foods, Ulta, and P.F. Chang's). The property includes 111 total parking spaces and is conveniently located near City Center Boulevard. This prime location and flexible zoning make this an exceptional investment opportunity for developers and businesses seeking high visibility and convenient access to major retail and commercial centers in Newport News, Warwick County.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $1,420,000
      ML approach
      $1,390,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,270,000
      6.5%
      $1,170,000
      7%
      $1,085,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,478,000
      Market price range: $697k - $1.48M
      AI Estimate
      $1,375,000
      Market price range: $244k - $1.38M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News City
    State
    Virginia
    Longitude
    -76.4841
    Latitude
    37.0877
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $27,847
    $1,500,000
    $471,200
    $1,971,200
    -
    $1,500,000
    $471,200
    $1,971,200

    Comparable in this City

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      4,086 SF

      12626 Nettles Dr

      COMMERCIAL (GENERAL) • 4,086 SF
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    • Value Estimation
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      980 Omni Blvd

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    • Value Estimation
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      COMMERCIAL (GENERAL) • 35,686 SF
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      View Details
    • Value Estimation
      $245,000
      747 SF

      11747 Jefferson Ave Ste 2a

      COMMERCIAL (GENERAL) • 747 SF
      11747 Jefferson Ave Ste 2a, Newport News, VA 23606-4402
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.98 Acres

      Prime Newport News Commercial Land

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      12095 Jefferson Ave, Newport News, VA 23606
      View Details
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      Prime Newport News Commercial Land

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      Newport News Specialty Property

      Specialty property available for sale in Newport News, Virginia.
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      Commercial Land on Warwick Blvd

      Zoned C-1 land in high-traffic Newport News location.
      12520 Warwick Blvd, Newport News, VA 23606
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      Newport News City Center Office

      Centrally located office space in Newport News City Center.
      704 Thimble Shoals Blvd, Newport News, VA 23606
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      Prime Development Opportunity in Newport News

      Development opportunity at the entrance to Port Warwick.
      1020 Loftis Blvd, Newport News, VA 23606
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    Similar Nearby for Lease

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      Cedar Two Office Suites in Oyster Point

      Newport News Office Space: 1,516-2,372 SF Available
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    • Contact for pricing
      250,000 SF

      Oyster Point Retail Center Investment

      Prime Newport News Retail Space Available
      11820 Merchants Walk, Newport News, VA 23606
      View Details
    • $16 SF/Yr
      38,900 SF

      Newport News Executive Office Suites

      Prestigious Office Space, Multiple Sizes Available
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    • $15 SF/Yr
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      Modern Office Building in Oyster

      Centrally located 10,640 SF office building for lease.
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    • $12 SF/Yr
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      Second floor office space in Oyster Point Business Park.
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      View Details
    • $750 /Mo
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    11847 Jefferson Ave
    Newport News, VA 23606-2505
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    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
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