Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    703 Industrial Park Dr Newport News, VA 23608-1358

    • Industrial properties
    • 5,320 SF
    • 0.79 lot acres
    OFF-MARKET
    Last Sale
    Jun 11, 2024
    $635,000
    Value Estimations
    $635,000
    Show details
    Cap Rate Potential
    5.5%
    Industrial properties
    Location Intelligence
    Property ID
    US87-0700285
    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

    • Schwan's Home Services / Grocery & Convenience Store / (Bike/Boat/Book/etc) Store

    Property Details for 703 Industrial Park Dr

    Year built
    1978
    Lot size
    0.79 lot acres
    Property size
    5,320 SF
    Zone code
    M1
    Property type
    Industrial properties
    APN
    53000112
    APU
    53000112

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $635,000
      ML approach
      $635,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $585,000
      6.5%
      $540,000
      7%
      $500,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $612,000
      Market price range: $391k - $732k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $505,000
      Current use
      COMMERCIAL (GENERAL)
      $735,000
      Change: +45% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News City
    State
    Virginia
    Longitude
    -76.5378
    Latitude
    37.1668
    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
    $7,033
    $102,500
    $349,000
    $451,500
    -
    $102,500
    $349,000
    $451,500

    Comparable in this City

    • Value Estimation by Request
      3,263 SF

      806 Old Ft Eustis Blvd

      INDUSTRIAL (GENERAL) • 3,263 SF
      806 Old Ft Eustis Blvd, Newport News, VA 23608
      View Details
    • Value Estimation by Request
      4,823 SF

      361 Rivers Rdg Cir

      INDUSTRIAL (GENERAL) • 4,823 SF
      361 Rivers Rdg Cir, Newport News, VA 23608
      View Details
    • Value Estimation by Request
      4,095 SF

      73rd Waterview Dr

      INDUSTRIAL (GENERAL) • 4,095 SF
      73rd Waterview Dr, Newport News, VA 23608-3128
      View Details
    • Value Estimation
      $18,875,000
      261,151 SF

      815 Chapman Way

      INDUSTRIAL (GENERAL) • 261,151 SF
      815 Chapman Way, Newport News, VA 23608-1301
      View Details
    • Value Estimation
      $675,000
      7,348 SF

      520 Edwards Ct

      INDUSTRIAL (GENERAL) • 7,348 SF
      520 Edwards Ct, Newport News, VA 23608-8635
      View Details
    • Value Estimation
      $1,155,000
      15,188 SF

      705th Industrial Park Dr

      INDUSTRIAL (GENERAL) • 15,188 SF
      705th Industrial Park Dr, Newport News, VA 23608-1358
      View Details

    Similar Nearby for Sale

    • $64,900
      0.34 Acres

      Retail Commercial Land For Sale

      Retail commercial land available in Newport News, Virginia.
      14375 Old Courthouse Way, Newport News, VA 23608
      View Details
    • $675,000
      4,911 SF

      Newport News Automotive Garage

      Prime 4,911 SF Shop, $675K
      908 Lucas Creek Rd, Newport News, VA 23608
      View Details
    • $1,583,000
      6,344 SF

      Medical Office Near Hospital

      Leased medical office building near hospital with strong demographics.
      716 Denbigh Blvd, Newport News, VA 23608
      View Details
    • $250,000

      Land Available in Newport News

      Land for sale at 555 Denbigh Blvd, Newport News, VA.
      555 Denbigh Blvd, Newport News, VA 23608
      View Details
    • $355,000
      3,096 SF

      Newport News Office Condominium

      Centrally located office condominium in Newport News, Virginia.
      710 Denbigh Blvd, Newport News, VA 23608
      View Details
    • $100,000
      0.87 Acres

      Lakefront Lot in Established Neighborhood

      Residential land for sale in Newport News, Virginia.
      158 Highwood Cir, Newport News, VA 23608
      View Details

    Similar Nearby for Lease

    • $9 SF/Yr
      3,200 SF

      Newport News Warehouse For Lease

      Spacious Warehouse, Residential House Included
      21 Curtis Tignor Rd, Newport News, VA 23608
      View Details
    • $925 /Mo
      1,250 SF

      Newport News Flex/Industrial Space

      Flex/Industrial space available for lease in Newport News, VA.
      605 Industrial Park Dr, Newport News, VA 23608
      View Details
    • $16 SF/Yr
      65,000 SF

      Oyster Point Executive Offices

      Prime Newport News Office Suites
      11719 Jefferson Ave, Newport News, VA 23608
      View Details
    • Contact for pricing
      857 SF

      Newport News Office Space Available

      Office condos for lease or sale in Newport News.
      464-490 Denbigh Blvd, Newport News, VA 23608
      View Details
    • Contact for pricing
      1,065 SF

      Retail Space in Mixed-Use Development

      Retail space available in a mixed-use development.
      621 Stoney Creek Ln, Newport News, VA 23608
      View Details
    • New
      $15,000 /Mo
      8,000 SF

      Newport News Commercial Land Lease

      C-1 zoned property with redevelopment potential in Newport News.
      14859 Warwick Blvd, Newport News, VA 23608
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    703 Industrial Park Dr
    Newport News, VA 23608-1358
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.