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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    124 23rd St Newport News, VA 23607-4313

    • Industrial properties
    • 27,098 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $2,055,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0525469
    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

    • Ironclad Distillery Co. / Brewery & Distillery / Bar & Pub
    • The Proper Barbershop at Ironclad / Barber Shop

    Property Details for 124 23rd St

    Year built
    1913
    Construction
    FRAME
    Lot size
    0.23 lot acres
    Property size
    27,098 SF
    Zone code
    C3
    Property type
    Industrial properties
    APN
    315010313
    APU
    315010313

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,980,000
      6.5%
      $2,750,000
      7%
      $2,555,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,074,000
      Market price range: $1.99M - $3.73M
      AI Estimate
      $1,339,000
      Market price range: $603k - $2.90M

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $2,580,000
      Current use
      COMMERCIAL (GENERAL)
      $3,130,000
      Change: +21% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News City
    State
    Virginia
    Longitude
    -76.43
    Latitude
    36.976
    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
    $13,358
    $62,000
    $999,000
    $1,061,000
    -
    $62,000
    $999,000
    $1,061,000

    Comparable in this City

    • Value Estimation by Request
      27.53 Acres

      4100 Chestnut Ave

      INDUSTRIAL (GENERAL) • 27.53 Acres
      4100 Chestnut Ave, Newport News, VA 23607-2420
      View Details
    • Value Estimation
      $8,740,000
      111,071 SF

      1000 48th St

      INDUSTRIAL (GENERAL) • 111,071 SF
      1000 48th St, Newport News, VA 23607-2210
      View Details
    • Value Estimation by Request
      1,640 SF

      900 Terminal Ave

      INDUSTRIAL (GENERAL) • 1,640 SF
      900 Terminal Ave, Newport News, VA 23607
      View Details
    • Value Estimation by Request
      4,226 SF

      1309 Jefferson Ave

      INDUSTRIAL (GENERAL) • 4,226 SF
      1309 Jefferson Ave, Newport News, VA 23607-5617
      View Details
    • Value Estimation
      $580,000
      14,851 SF

      1008 Jefferson Ave

      INDUSTRIAL (GENERAL) • 14,851 SF
      1008 Jefferson Ave, Newport News, VA 23607-6122
      View Details
    • Value Estimation by Request
      2,760 SF

      1703 27th St

      INDUSTRIAL (GENERAL) • 2,760 SF
      1703 27th St, Newport News, VA 23607-4905
      View Details

    Similar Nearby for Sale

    • $445,000
      3,140 SF

      Commercial Building Near Newport News Shipyard

      Versatile commercial building on Warwick Boulevard, ideal for various businesses.
      7826 Warwick Blvd, Newport News, VA 23607
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    • $850,000
      1,425 SF

      Newport News Commercial/Industrial Property

      Commercial/Industrial property for sale in Newport News, Virginia.
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      2,000 SF

      Restaurant Opportunity Near Newport News

      Restaurant property near Newport News Shipyard with high visibility.
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      River Park Tower Multifamily Opportunity

      184-unit high-rise with James River views in Newport News.
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      0.09 Acres

      Residential Lot Ready For Development

      Level residential lot in Newport News, ready for development.
      1310 30Th St, Newport News, VA 23607
      View Details
    • New
      $86,600
      0.37 Acres

      Newport News Land For Sale

      Vacant land available in Newport News, Virginia.
      1149 37Th St, Newport News, VA 23607
      View Details

    Similar Nearby for Lease

    • $10 SF/Yr
      21,000 SF

      Newport News Warehouse Space Available

      Warehouse space available for lease in Newport News, Virginia.
      1031 44Th St, Newport News, VA 23607
      View Details
    • Contact for pricing
      1,981 SF

      Downtown Newport News Retail/Office Space

      Retail and office space available in downtown Newport News.
      3201-3301 Washington Ave, Newport News, VA 23607
      View Details
    • Contact for pricing
      3,000 SF

      Retail Space in High-Traffic Area

      Retail space available in a busy shopping center.
      3101-3099 Jefferson Ave, Newport News, VA 23607
      View Details
    • $17 SF/Yr
      1,540 SF

      Jefferson Ave Retail Space

      Brand new, 1540 sq ft retail space.
      2812 Jefferson Ave, Newport News, VA 23607
      View Details
    • Contact for pricing
      1,019 SF

      Retail or Office Space Available

      Retail or office space available in Newport News, Virginia.
      2800 Washington Ave, Newport News, VA 23607
      View Details
    • $17 SF/Yr
      10,000 SF

      Downtown Newport News Office Space

      Executive Suites, 580-1595 sq ft
      2700 Washington Ave, Newport News, VA 23607
      View Details
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    124 23rd St
    Newport News, VA 23607-4313
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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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