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

    12934 Nettles Dr Newport News, VA 23606

    • Apartment buildings
    • 2,933 SF
    • 11.40 lot acres
    OFF-MARKET
    Last Sale
    Sep 10, 2021
    $14,500,000
    Value Estimations
    $13,995,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0855091
    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

    • Apartment buildings

    Property Details for 12934 Nettles Dr

    Lot size
    11.40 lot acres
    Property size
    2,933 SF
    Zone code
    R7
    Property type
    Apartment buildings
    APN
    161000101
    APU
    161000101

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $16,850,000
      ML approach
      $10,125,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News City
    State
    Virginia
    Longitude
    -76.5017
    Latitude
    37.1017
    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
    $192,558
    $2,100,000
    $13,486,000
    $15,586,000
    -
    $2,100,000
    $13,486,000
    $15,586,000

    Comparable in this City

    • Value Estimation
      $8,170,000
      46,908 SF

      11833 Canon Blvd

      APARTMENT HOUSE (5+ UNITS) • 46,908 SF
      11833 Canon Blvd, Newport News, VA 23606-2558
      View Details
    • Value Estimation
      $1,145,000
      3,226 SF

      501 Coral Key Pl

      APARTMENT HOUSE (5+ UNITS) • 3,226 SF
      501 Coral Key Pl, Newport News, VA 23606-4346
      View Details
    • Value Estimation
      $38,250,000
      4,432 SF

      307 Saint Thomas Dr

      APARTMENT HOUSE (5+ UNITS) • 4,432 SF
      307 Saint Thomas Dr, Newport News, VA 23606-4365
      View Details
    • Value Estimation by Request
      5.24 Acres

      12770 Nettles Dr

      APARTMENT HOUSE (5+ UNITS) • 5.24 Acres
      12770 Nettles Dr, Newport News, VA 23606
      View Details
    • Value Estimation
      $1,795,000
      4,475 SF

      1100 William Styron S Sq

      APARTMENT HOUSE (5+ UNITS) • 4,475 SF
      1100 William Styron S Sq, Newport News, VA 23606-2877
      View Details
    • Value Estimation
      $32,005,000
      1,700 SF

      103 Impala Dr

      APARTMENT HOUSE (5+ UNITS) • 1,700 SF
      103 Impala Dr, Newport News, VA 23606-1938
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      212-Unit Multifamily Affordable Housing Package

      Two-property, 212-unit affordable housing package in Newport News, VA.
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    • $1,595,000
      19,939 SF

      Warwick Blvd Office Building

      19,939 SF Office, Vacant, High Traffic
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      1,937 SF

      Professional Office Condo For Sale

      Professional office condo with two sub-units near City Center.
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    • Contact for pricing

      Commercial Land on Warwick Blvd

      Zoned C-1 land in high-traffic Newport News location.
      12520 Warwick Blvd, Newport News, VA 23606
      View Details
    • Contact for pricing
      0.98 Acres

      Prime Newport News Commercial Land

      .98-acre lot, high-traffic retail area.
      12095 Jefferson Ave, Newport News, VA 23606
      View Details
    • $230,671
      1,496 SF

      Newport News Office Building For Sale

      1,496 SF office building in Newport News, Virginia.
      729 Thimble Shoals Blvd, Newport News, VA 23606
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      28,560 SF

      Cedar Two Office Suites in Oyster Point

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

      Oyster Point Retail Center Investment

      Prime Newport News Retail Space Available
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    • $16 SF/Yr
      38,900 SF

      Newport News Executive Office Suites

      Prestigious Office Space, Multiple Sizes Available
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      View Details
    • $12 SF/Yr
      2,162 SF

      Office Space in Oyster Point

      Second floor office space in Oyster Point Business Park.
      755 Thimble Shoals Blvd, Newport News, VA 23606
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    • $11 SF/Yr
      2,000 SF

      Newport News Flex Space Available

      Flex space near Newport News Town Center with office and warehouse.
      311 Ed Wright Ln, Newport News, VA 23606
      View Details
    • New
      $750 /Mo
      436 SF

      Newport News Office Space Available

      Office space in Newport News' City Center area for lease.
      780 Pilot House Dr, Newport News, VA 23606
      View Details
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    Newport News, VA 23606
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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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