Automotive Shop with Fenced
For Sale
Contact for pricing
908 Lucas Creek Rd, Newport News, VA 23608
Eight-bay automotive shop with paint booth and car lift.
Property Size4,911 SF
Price / SF$131.34
Days on Market1425
Property Features for 908 Lucas Creek Rd
General Information
Standard status
Active
Size
4,911 SF
Property subtype
Special Purpose
Zoning
C1
Building Details
Year Built
1982
Listing Agency:
Drucker + Falk
(757) 873-1401
Listed By:
Michael Shapiro · License #VA 0225028178
Source:
Crexi
Added: Sep 29, 2022
Changed: Aug 12
Last Checked: Aug 22 at 12:57PM
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 Drucker + Falk
Investment Insights
Based on property information with market context.
This is an automotive shop featuring eight bays, a small paint booth, and a single car lift. The property includes 10 x 10 overhead doors and a compressed air system. A fenced yard is also included. The property size is 4,911 square feet.
Key Highlights
- 8‑bay automotive shop provides ample workspace.
- Includes a small paint booth for specialized services.
- One car lift included for immediate use.
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
$41,343
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
6.41%
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%
$826,860
$826.9K
Cap Rate 7%
$590,614
$590.6K
Cap Rate 9%
$459,367
$459.4K
Market Conditions
NOI Build-Up for 4,911 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
$60.7K $12.36/SF
− Vacancy
−$1.6K −$0.33/SF
EGI
$59.1K $12.03/SF
− OpEx
−$17.7K −$3.61/SF
NOI
$41.3K $8.42/SF
Area
Newport News, VA
Vacancy
2.70%
Lease Rate
$12.36 /SF/Yr
Expense Ratio
30.00%
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%
$826,860
Cap Rate 7%
$590,614
Cap Rate 9%
$459,367
Alternative Uses
Best Use
Retail
$590.6K
$516.8K – $689.1K
NOI $41,343 @ 7.0% cap · market cap 6.41%
Second Best
Industrial
$462.9K
$405.0K – $540.0K
NOI $32,400 @ 7.0% cap · market cap 5.02%
Theoretical Best
Office A
$1.04M
$912.6K – $1.22M
NOI $73,010 @ 7.0% cap · market cap 11.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 23608, VA
43,943
Population
18,448
Households
2.4
Avg Household Size
35
Median Age
27%
College-Educated
90%
High-School Grad
10.7 sq mi
ZIP Area
4,107
Density / Sq Mi
$67,556
Median Household Income
$40,208
Median Earnings
$1,245
Median Rent
$243,300
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Auto shop - Eight-bay automotive shop with paint booth and car lift.
Where is this auto shop located?
The property is located at 908 Lucas Creek Rd Newport News, VA.
What is the asking price?
The asking price for this property is $645,000.
What are key features of this property?
This property features: 8‑bay automotive shop provides ample workspace.; Includes a small paint booth for specialized services.; One car lift included for immediate use.
