11967 Jefferson Ave Newport News, VA 23606-4344
Property profile & analytics
11967 Jefferson Ave Newport News, VA 23606-4344
- Commercial real estate
- 16,510 SF
- 1.52 lot acres
Property ID
US87-0385802
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.
Location Intelligence
Current Use by Public Records
- La-Z-Boy Home Furnishings & Décor / Furniture & Home Goods / Home Decor Store
Property Details for 11967 Jefferson Ave
- Year built
- 2000
- Construction
- FRAME
- Lot size
- 1.52 lot acres
- Property size
- 16,510 SF
- Zone code
- C2
- Property type
- Commercial real estate
- APN
- 172000109
- APU
- 172000109
Description
This exceptional investment opportunity presents a fee-simple ownership of a 16,500 square foot Class A storefront, currently 100% occupied by La-Z-Boy Incorporated (NYSE: LZB) under a triple-net (NNN) lease. The lease, boasting a corporate guarantee, commenced June 1st, 2000, and has a remaining term of eight years, expiring May 31st, 2031. A significant 6% rent increase is built into the lease for 2026. The property, built in 2000 and renovated in 2021, sits on a 1.52-acre lot zoned C2 in a high-traffic area of Newport News, Virginia, at 11967 Jefferson Avenue, zip code 23606. Jefferson Avenue is a major commercial corridor experiencing nearly 50,000 vehicles per day. The property benefits from its proximity to significant employers, including Jefferson Labs, a technology center, Newport News/Williamsburg Airport, NASA Langley Research Center, Langley Air Force Base, CHKD Health, Canon, and several other major corporations. National retailers such as Whole Foods, Costco, Ulta, Aldi, Lidl, Target, and Homesense are located within a one-mile radius. The property's strong demographics include over 176,000 residents within a five-mile radius, with average household incomes exceeding $96,000. Recent capital expenditures include parking lot improvements and new HVAC units. The asking price is $4,400,000, representing a 6.75% cap rate and a price per square foot of $266.67. The current Net Operating Income (NOI) is $297,000. This offering presents a compelling opportunity for passive income generation with a strong tenant and a desirable location. The property is well-maintained and benefits from below-market rent compared to similar properties in the area, which command rents exceeding $30 per square foot.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $2,850,000
- 6.5%
- $2,630,000
- 7%
- $2,440,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $3,320,000
- AI Estimate
- $3,088,000
Market price range: $1.57M - $3.32MMarket price range: $548k - $3.09M -
Alternative Use
- Use
- Estimation
- COMMERCIAL (GENERAL)
- $2,185,000 Current use
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Newport News
- County
- Newport News City
- State
- Virginia
- Longitude
- -76.4882
- Latitude
- 37.0942
- 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
$43,855
$1,388,400
$2,044,100
$3,432,500
-
$1,388,400
$2,044,100
$3,432,500
