5115 Jefferson Ave Newport News, VA 23605
- Mobile home & RV parks
- 2,398 SF
- 1.93 lot acres
Current Use by Public Records
- Mobile home & RV parks
Property Details for 5115 Jefferson Ave
- Year built
- 1960
- Lot size
- 1.93 lot acres
- Property size
- 2,398 SF
- Zone code
- C2
- Property type
- Mobile home & RV parks
- APN
- 293000101
- APU
- 293000101
Description
This Newport News, VA property offers a compelling investment opportunity. The 1.93-acre lot features a 30-pad mobile home park, with 24 tenant-owned homes and six vacant pads ready for immediate income generation. Adding to the income stream is a 2,500 square foot apartment building containing three individual apartments, providing additional rental revenue and storage space. The property boasts a strong 9.14% capitalization rate and a Net Operating Income (NOI) of $173,658. Located conveniently near Huntington Ingalls Shipbuilding, this property benefits from a high barrier to entry for manufactured housing and consistently high occupancy rates. The property is zoned MF-AC and presents a significant opportunity to capitalize on the growing demand for affordable housing in the Hampton Roads MSA. The existing structure and vacant pads offer immediate income and potential for future value appreciation. This is an exceptional investment opportunity in a desirable location.
Value Estimations
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Newport News
- County
- Newport News City
- State
- Virginia
- Longitude
- -76.4325
- Latitude
- 36.999
- CBSA code
- 47260
- CBSA name
- VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA
