5115 Jefferson AveNewport News, VA 23605

Property Details for 5115 Jefferson Ave

Year built

1960

Lot size

1.93 AC

Property size (Sq ft)

2,398 SF

Zone code

C2

Property type

Residential income properties

Property subtype

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.

• CAP approach

  CAP return

  Valuation

  6%

  $551,689

  6.5%

  $509,251

  7%

  $472,876

• Comparable approach

  Method

  Valuation

  Relative Method

  $417,151

  Geo Method

  $620,760

• Alternative Use

  Use

  Valuation

  Residential

  $509,251

  Hospitality

  $466,471

  Educational

  $388,099

  Medical

  $401,446

  Retail

  $603,709

Location Insight

City

Newport News

County

Newport News City

State

Virginia

Latitude

36.999

Longitude

-76.4325

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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