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Property profile & analytics
OFF-MARKET
Estimated value
$1,160,000
Industrial properties
208 23rd St Newport News, VA 23607-4419
Entity Owned
5-yr Hold
Free & Clear
Property ID
US87-0704279
Property profile
Verified
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Year built
1906
Construction
FRAME
Total area
11,760 SF
Lot
0.29 ac (12,502 SF)
Zoning code
C3
APN
315010320
UPID
US87-0704279
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Corkscrews & Brews Cafe & Coffee Shop
-
Gastro at 23rd Restaurant
-
Walker Place Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$1.20M
Comparable Approach
Comparable
$1.62M
Blend (final)
Blend
$1.16M
Owner & transaction history
Jem Commercial LLC · 5 yrs held
Jem Commercial LLC
since 2021
5 recorded transactions
Zoning & alternative use
C3 · Newport News, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.4M
+21.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Newport News submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Newport News submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$1,295,000
6.5%
$1,195,000
7%
$1,110,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$1,120,000
Current use
COMMERCIAL (GENERAL)
$1,360,000
Change: +21% · Conversion: Difficult
Blend value · Realmo final
$1.16M
Range $1.04M – $1.28M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$99 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$44,626
Tax year 2023
Assessed value
$5,216,000
Assessed 2023
Previous assessed
$5,216,000
+0.0% YoY
Effective rate
0.86%
On assessed value
Assessed land
$77,500
Assessed improvement
$5,138,500
Land market value
$77,500
Improvement market value
$5,138,500
Total market value
$5,216,000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Industrial properties
Use group
INDUSTRIAL (GENERAL)
Status
Off-Market
Year built
1906
Construction
FRAME
Heating
NONE
Stories
3
Total area
11,760 SF
Lot
0.29 ac (12,502 SF)
Zoning code
C3
APN
315010320
UPID
US87-0704279
Jurisdiction
NEWPORT NEWS CITY
Zoning & alternative use
C3 · Newport News, VA
Zoning C3 · permitted uses
C3 · Newport News, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Newport News. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
INDUSTRIAL (GENERAL) Current
Est. value
$1.1M
COMMERCIAL (GENERAL)
Est. value
$1.4M
INDUSTRIAL (GENERAL) Current
COMMERCIAL (GENERAL)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1906
Construction
FRAME
Heating
NONE
Stories
3
Lot
0.29 ac
Current owner
From public records · entity-resolved
Jem Commercial LLC
Entity
Free & Clear · 5 yrs held
Mailing address
W 25TH ST, NORFOLK, VA 23517
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 29, 2021
—
Jem Commercial LLC
Jem Development
Special Warranty Deed
—
Mar 16, 2020
—
Jem Dev Trust
—
Deed
related
$993,800 · Essex Bk
Jan 22, 2020
$330,000
Jem Dev
W & W Ents LLC
Grant Deed
$264,000 · Essex Bk
Sep 2, 2004
$99,000
W & W Ents LLC
Hesse,thomas M & Sharon A
Grant Deed
$94,000 · Stephen D Wolf
—
—
Jem Dev Trust
—
Deed Of Trust
related
$993,800 · Essex Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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