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

    605 Newmarket N Dr Newport News, VA 23605-1455

    • Commercial real estate
    • 110,560 SF
    • 10.48 lot acres
    OFF-MARKET
    Value Estimations
    $13,740,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0823376
    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

    • Tanpopo Ramen / Restaurant
    • Skrimp Shack / Restaurant
    • Mandarin Gourmet / Restaurant
    • Subway / Take-out & Catering
    • Afriroots Hair Salon / Hair Salon

    Property Details for 605 Newmarket N Dr

    Year built
    1987
    Construction
    FRAME
    Lot size
    10.48 lot acres
    Property size
    110,560 SF
    Zone code
    C1
    Property type
    Commercial real estate
    APN
    273000315
    APU
    273000315

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $19,070,000
      6.5%
      $17,605,000
      7%
      $16,345,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $13,073,000
      Market price range: $5.95M - $16.2M
      AI Estimate
      $10,543,000
      Market price range: $3.50M - $14.7M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $11,585,000
      Current use
      INDUSTRIAL (GENERAL)
      $10,535,000
      Change: -9% Conversion: Moderate

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News City
    State
    Virginia
    Longitude
    -76.443
    Latitude
    37.0217
    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
    $168,299
    $4,565,100
    $7,143,600
    $11,708,700
    -
    $4,565,100
    $7,143,600
    $11,708,700

    Comparable in this City

    • Value Estimation
      $575,000
      3,946 SF

      8000 Marshall Ave

      COMMERCIAL (GENERAL) • 3,946 SF
      8000 Marshall Ave, Newport News, VA 23605-2255
      View Details
    • Value Estimation by Request
      3,035 SF

      9959 Jefferson Ave

      COMMERCIAL (GENERAL) • 3,035 SF
      9959 Jefferson Ave, Newport News, VA 23605-1149
      View Details
    • Value Estimation
      $1,050,000
      11,180 SF

      5101 Jefferson Ave

      COMMERCIAL (GENERAL) • 11,180 SF
      5101 Jefferson Ave, Newport News, VA 23605-3205
      View Details
    • Value Estimation
      $930,000
      7,186 SF

      10156 Jefferson Ave

      COMMERCIAL (GENERAL) • 7,186 SF
      10156 Jefferson Ave, Newport News, VA 23605-1047
      View Details
    • Value Estimation by Request
      3,054 SF

      9921 Jefferson Ave

      COMMERCIAL (GENERAL) • 3,054 SF
      9921 Jefferson Ave, Newport News, VA 23605-1150
      View Details
    • Value Estimation by Request
      697 SF

      5806 Jefferson Ave

      COMMERCIAL (GENERAL) • 697 SF
      5806 Jefferson Ave, Newport News, VA 23605-3220
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      3.26 Acres

      Jefferson Ave Commercial Land

      High-visibility 3.26-acre commercial lot.
      6128 Jefferson Ave, Newport News, VA 23605
      View Details
    • $950,000
      0.98 Acres

      HUB Land: Jefferson Ave Investment

      Prime Commercial Land, Newport News, VA
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    • $39,400
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      Newport News Multifamily Land

      Multifamily land for sale in Newport News, Virginia.
      1320 76Th St, Newport News, VA 23605
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    • Contact for pricing

      Convenience Store and Car Wash

      Convenience store and car wash near Langley Air Force Base.
      11011 Jefferson Ave, Newport News, VA 23605
      View Details
    • $475,000
      2,945 SF

      Auto Repair Facility on Jefferson

      2945 SF auto repair facility on 0.5 acre lot.
      9955 Jefferson Ave, Newport News, VA 23605
      View Details
    • New
      $124,000
      6,908 SF

      Turnkey Retail Business For Sale

      Established hemp retail business in high-traffic Newport News area.
      10105 Jefferson Ave, Newport News, VA 23605
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      13,905 SF

      Former Walgreens: Prime Retail Space

      13,905 SF Medical Retail in Newport News
      9976 Jefferson Ave, Newport News, VA 23605
      View Details
    • Contact for pricing
      1 SF

      Jefferson Ave Retail Land Opportunity

      High-visibility retail land for lease in Newport News.
      6128 Jefferson Ave, Newport News, VA 23605
      View Details
    • Contact for pricing
      100,000 SF

      Newmarket Fair Retail/Office Space

      17,574 SF End Cap Space Available
      5200 Mercury Blvd, Newport News, VA 23605
      View Details
    • $11 SF/Yr
      1,120 SF

      Retail Space in Newport News

      Retail property available for lease in Newport News, Virginia.
      10153 Jefferson Ave, Newport News, VA 23605
      View Details
    • Contact for pricing
      24,932 SF

      Retail Space in High-Traffic Area

      24,932 SF retail space with dock doors available for sublease.
      12149-12153 Jefferson Ave, Newport News, VA 23605
      View Details
    • $18 SF/Yr
      1,920 SF

      Retail Space in Yoder Plaza

      Freestanding retail space available for rent in Patrick Henry submarket.
      12140-12146 Jefferson Ave, Newport News, VA 23605
      View Details
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    605 Newmarket N Dr
    Newport News, VA 23605-1455
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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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