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    Jefferson Avenue Commercial Property Title is generated by Realmo AI

    9955 Jefferson Avenue, Newport News, VA 23605

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    For Sale
    $475,000

    COMMERCIAL - Newport News, VA

    Property size:
    2,945 SF
    Lot size:
    0.50 Acres
    Price / SF:
    $161/SF
    Added:
    Apr 12, 2024
    Days on Market:
    772
    Last Refresh:
    May 23 at 6:06 pm

    Property Features for 9955 Jefferson Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C2
    Standard status
    Active
    Size
    2,945 SF
    Lot size
    0.50 Acres

    Taxes and HOA fees

    Tax Annual Amount
    4546

    Utilities

    Heating system
    Oil
    Cooling system
    Wall/Window Unit(s)

    Building Details

    Roof type
    Tar/Gravel

    We can help!

    Listing Contact
    Stacie Sawyers

    Listing agent Stacie Sawyers

    Listing office Wainwright Real Estate 4098 Foxwood Drive, Va. Beach, VA

    Listing date Apr 12, 2024

    MLS# 10527664 Listing URL

    Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime location on Jefferson Ave (US route 17) with very busy traffic.
    • Currently licensed as an auto repair and tire repair facility.
    • Half acre lot near the intersection of Jefferson Ave and Main St.
    • Plenty of parking.
    • 2945 sq ft.
    • Oil heating.

    Overview

    Located on Jefferson Avenue (US Route 17) in Newport News, Virginia, this commercial property benefits from high traffic volume. The property occupies a half-acre lot near the intersection of Jefferson Avenue and Main Street. The building has 2945 square feet of space. Currently, the property is licensed as an auto repair and tire repair facility. The property is zoned C2 and offers ample parking.

    Financial Insights

    Value Estimation Calculated for Retail

    Conservative
    $275.5K
    NOI $24,792 @ 9.00% cap · cautious / downside scenario
    Moderate
    $354.2K
    NOI $24,792 @ 7.00% cap · market / base-case scenario
    Aggressive
    $495.8K
    NOI $24,792 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    NOI Build-Up
    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.
         Calculated for Retail

    Component $ $/SF
    Gross rent $36.4k $12.36
    − Vacancy −$983 −$0.33
    EGI $35.4k $12.03
    − OpEx −$10.6k −$3.61
    NOI $24.8k $8.42
    2,945 SF · lease $12.36/SF/yr · vacancy 2.70% · expense 30.00%

    Alternative Use Scenarios

    Best Use
    Retail
    $354.2K
    $309.9K – $413.2K (±1% cap)
    NOI $24,792 @ 7.0% cap · market cap 5.22%
    Second Best
    Industrial
    $277.6K
    $242.9K – $323.8K (±1% cap)
    NOI $19,429 @ 7.0% cap · market cap 4.09%
    Theoretical Best
    Office A
    $625.5K
    $547.3K – $729.7K (±1% cap)
    NOI $43,782 @ 7.0% cap · market cap 9.22%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Bappi’s New And Used ... (Bike/Boat/Book/etc) Store Davis Alignment Services Auto Repair Shop

    Suggested Use

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

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

    Similar Places Nearby

    • Goode's Automotive — 9805 warwick blvd, newport news, va 23601
    • Mr. Newport News Mobile Mechanic — 9910 Hosier St, Newport News, VA 23601
    • New Image Automotive Care Facility — 9917 Warwick Blvd, Newport News, VA 23601
    • A & F DISCOUNT TIRE — 9917 Warwick Blvd, Newport News, VA 23601
    • Moody's Auto Body Tool & Supplies — 9807 Hosier St A, Newport News, VA 23601

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News
    State
    Virginia
    Longitude
    -76.455217
    Latitude
    37.036038

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    FAQs

    What type of property is this?
    Auto shop - 2945 SF commercial property on a half-acre lot.
    Where is this auto shop located?
    The property is located at 9955 Jefferson Avenue Newport News, VA.
    What is the asking price?
    The asking price for this property is $475,000.
    What are key features of this property?
    This property features: Prime location on Jefferson Ave (US route 17) with very busy traffic.; Currently licensed as an auto repair and tire repair facility.; Half acre lot near the intersection of Jefferson Ave and Main St.
    (757) 495-1900
    We can help!
    Listing Contact
    Stacie Sawyers
    Request Owner's contact information
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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.

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