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

    703 Thimble Shls Blvd Newport News, VA 23606-2576

    • Commercial real estate
    • 23,093 SF
    • 2.66 lot acres
    OFF-MARKET
    Last Sale
    Sep 03, 2024
    $3,000,000
    Value Estimations
    $3,000,000
    Show details
    Cap Rate Potential
    8%
    Commercial real estate
    Location Intelligence
    Property ID
    US87-1088770
    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

    • Commercial real estate

    Property Details for 703 Thimble Shls Blvd

    Year built
    1986
    Construction
    FRAME
    Lot size
    2.66 lot acres
    Property size
    23,093 SF
    Zone code
    C4
    Property type
    Commercial real estate
    APN
    195000123
    APU
    195000123

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,000,000
      ML approach
      $3,000,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $3,985,000
      6.5%
      $3,675,000
      7%
      $3,415,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,600,000
      Market price range: $2.19M - $4.64M
      AI Estimate
      $2,204,000
      Market price range: $767k - $4.32M

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $3,055,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Newport News
    County
    Newport News City
    State
    Virginia
    Longitude
    -76.4775
    Latitude
    37.0858
    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
    $35,367
    $580,400
    $1,838,800
    $2,419,200
    -
    $580,400
    $1,838,800
    $2,419,200

    Comparable in this City

    • Value Estimation
      $11,645,000
      63,824 SF

      11803 Jefferson Ave

      COMMERCIAL (GENERAL) • 63,824 SF
      11803 Jefferson Ave, Newport News, VA 23606-2565
      View Details
    • Value Estimation
      $14,475,000
      85,640 SF

      721 Lakefront Cmns

      COMMERCIAL (GENERAL) • 85,640 SF
      721 Lakefront Cmns, Newport News, VA 23606-3324
      View Details
    • Value Estimation
      $4,475,000
      29,682 SF

      724 Thimble Shls Blvd

      COMMERCIAL (GENERAL) • 29,682 SF
      724 Thimble Shls Blvd, Newport News, VA 23606-2574
      View Details
    • Value Estimation
      $10,205,000
      56,564 SF

      580 City Ctr Blvd

      COMMERCIAL (GENERAL) • 56,564 SF
      580 City Ctr Blvd, Newport News, VA 23606-1880
      View Details
    • Value Estimation
      $14,900,000
      81,662 SF

      700 Tech Ctr Pkwy

      COMMERCIAL (GENERAL) • 81,662 SF
      700 Tech Ctr Pkwy, Newport News, VA 23606-3075
      View Details
    • Value Estimation
      $11,850,000
      155,054 SF

      819 Bluecrab Rd

      COMMERCIAL (GENERAL) • 155,054 SF
      819 Bluecrab Rd, Newport News, VA 23606-4220
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      0.98 Acres

      Prime Newport News Commercial Land

      .98-acre lot, high-traffic retail area.
      12095 Jefferson Ave, Newport News, VA 23606
      View Details
    • $795,000
      0.79 Acres

      Prime Newport News Commercial Land

      0.79-acre lot, C1 zoning, high visibility.
      1020 Loftis Blvd, Newport News, VA 23606
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    • $350,000
      2,264 SF

      Newport News City Center Office

      Centrally located office space in Newport News City Center.
      704 Thimble Shoals Blvd, Newport News, VA 23606
      View Details
    • $650,000

      Prime Development Opportunity in Newport News

      Development opportunity at the entrance to Port Warwick.
      1020 Loftis Blvd, Newport News, VA 23606
      View Details
    • Contact for pricing

      Commercial Land on Warwick Blvd

      Zoned C-1 land in high-traffic Newport News location.
      12520 Warwick Blvd, Newport News, VA 23606
      View Details
    • $230,671
      1,496 SF

      Newport News Office Building For Sale

      1,496 SF office building in Newport News, Virginia.
      729 Thimble Shoals Blvd, Newport News, VA 23606
      View Details

    Similar Nearby for Lease

    • $17 SF/Yr
      28,560 SF

      Cedar Two Office Suites in Oyster Point

      Newport News Office Space: 1,516-2,372 SF Available
      11837 Rock Landing Dr, Newport News, VA 23606
      View Details
    • Contact for pricing
      250,000 SF

      Oyster Point Retail Center Investment

      Prime Newport News Retail Space Available
      11820 Merchants Walk, Newport News, VA 23606
      View Details
    • $16 SF/Yr
      38,900 SF

      Newport News Executive Office Suites

      Prestigious Office Space, Multiple Sizes Available
      825 Diligence Dr, Newport News, VA 23606
      View Details
    • $12 SF/Yr
      2,162 SF

      Office Space in Oyster Point

      Second floor office space in Oyster Point Business Park.
      755 Thimble Shoals Blvd, Newport News, VA 23606
      View Details
    • $11 SF/Yr
      2,000 SF

      Newport News Flex Space Available

      Flex space near Newport News Town Center with office and warehouse.
      311 Ed Wright Ln, Newport News, VA 23606
      View Details
    • $750 /Mo
      436 SF

      Newport News Office Space Available

      Office space in Newport News' City Center area for lease.
      780 Pilot House Dr, Newport News, VA 23606
      View Details
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    Newport News, VA 23606-2576
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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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