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Property profile & analytics
FOR SALE
Apartment buildings
2601 West Ave Newport Newport News, VA 23607
Individually Owned
12-yr Hold
~
Est. High Equity
Property ID
US87-1154930
For Sale
1 / 52
$2,130,000
2601 West Ave,Unit Newport, Newport News, VA 23607
View Listing →
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1987
Total area
6,542 SF
Lot
1.05 ac (45,738 SF)
Zoning code
C3
APN
311030215
UPID
US87-1154930
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
-
River Park Tower Apartment Homes Apartment Complex Apartment Building
-
The Hippy And The Egg Restaurant
-
BEVIBLES LLC Bakery Specialty Food Shop
-
tamara's promise tamara's promise Consultant
-
BVF River Park LLC Apartment Building
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.13M
Owner & transaction history
River Park Tower Apartments Ow · 12 yrs held
River Park Tower Apartments Ow
since 2014
3 recorded transactions
Zoning & alternative use
C3 · Newport News, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The purpose of this district is to encourage development activities that provide desirable employment and enlarge the tax base, and to provide for stabilization and redevelopment of the geographic area known generally as the Downtown of Newport News
Zone name
Regional Business
General category
COMMERCIAL
Zone area
239.36 ac
Source
Realmo
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
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
$326 / 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
$324,117
Tax year 2023
Assessed value
$27,338,000
Assessed 2023
Previous assessed
$27,338,000
+0.0% YoY
Effective rate
1.19%
On assessed value
Assessed land
$1,840,000
Assessed improvement
$25,498,000
Land market value
$1,840,000
Improvement market value
$25,498,000
Total market value
$27,338,000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
For Sale
Year built
1987
Heating
NONE
Units
184
Bathrooms
9
Total area
6,542 SF
Lot
1.05 ac (45,738 SF)
Zoning code
C3
APN
311030215
UPID
US87-1154930
Jurisdiction
NEWPORT NEWS CITY
Zoning & alternative use
C3 · Newport News, VAZoning 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
Zoning description
The purpose of this district is to encourage development activities that provide desirable employment and enlarge the tax base, and to provide for stabilization and redevelopment of the geographic area known generally as the Downtown of Newport News
Zone name
Regional Business
General category
COMMERCIAL
Zone area
239.36 ac
Source
Realmo
Building & site characteristics
From public records
Year built
1987
Heating
NONE
Units
184
Bathrooms
9
Lot
1.05 ac
Current owner
From public records · entity-resolved
River Park Tower Apartments Ow
Individual
Mailing address
112 S FRENCH ST105MP, WILMINGTON, DE 19801-5035
Ownership since
2014
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 8, 2019
—
River Pk Tower Apts Owner LLC
—
Loan Modification
related
$16,125,000 · Prudential Affordable Mtg
Jun 3, 2014
$15,800,000
River Park Tower Apartments Ow
Bvf Newport News LLC
Grant Deed
$12,561,000 · Cbre Cap Markets
Apr 14, 2008
—
Mark Shiembob
—
Deed Of Trust
related
$2,000,000 · Johnson Mortgage
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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