Two-Story Mixed-Use
For Sale
$575,000
2538 W Pembroke Avenue, Hampton, VA 23661
Commercial/Industrial, Hampton, VA
Property Size5,100 SF
Lot Size0.34 Acres
Price / SF$112.75
Days on Market1626
Property Features for 2538 W Pembroke Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C3
Parking features
Off Street
Subdivision
ALL OTHERS AREA 102
Standard status
Active
Size
5,100 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
1819
Utilities
Heating system
Forced Air, Zoned
Cooling system
Zoned, Central Air
Building Details
Year built
1957
Listing Agency:
Long & Foster Real Estate Inc.
(757) 727-0069
Listed By:
Kyle Hause · License #0225143450
Added: Mar 11, 2022
Changed: Aug 21
Last Checked: Aug 23 at 10:06PM
MLS# 10425755
Copyright © 2026 Real Estate Information Network, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2-story mixed-use property contains 5100 square feet across a commercial ground floor and residential upper level. The first floor combines office and warehouse areas, while the second floor contains two 2-bedroom apartments accessed through a private side entrance. The building dates to 1957 and has a recently installed roof, zoned forced-air heating, central air, and off-street parking.
The property includes 2538 and 2540 W Pembroke Avenue in Hampton. It fronts W Pembroke Avenue and extends toward I-664, with proximity to two interstate exits. A fenced rear area adds secured exterior space, complementing the on-site parking and mixed commercial-residential layout.
The property includes 2538 and 2540 W Pembroke Avenue in Hampton. It fronts W Pembroke Avenue and extends toward I-664, with proximity to two interstate exits. A fenced rear area adds secured exterior space, complementing the on-site parking and mixed commercial-residential layout.
Key Highlights
- 5100 square feet across a 2‑story mixed‑use building
- 0.34 acres with frontage on W Pembroke Avenue
- Ground floor includes office and warehouse areas
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,577
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$811,540
$811.5K
Cap Rate 7%
$579,671
$579.7K
Cap Rate 9%
$450,856
$450.9K
Market Conditions
NOI Build-Up for 5,100 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$49.6K $9.72/SF
− Vacancy
−$1.8K −$0.36/SF
EGI
$47.7K $9.36/SF
− OpEx
−$7.2K −$1.40/SF
NOI
$40.6K $7.96/SF
Area
Hampton, VA
Vacancy
3.70%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
15.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$811,540
Cap Rate 7%
$579,671
Cap Rate 9%
$450,856
Alternative Uses
Best Use
Office B
$957.5K
$837.8K – $1.12M
NOI $67,025 @ 7.0% cap · market cap 11.66%
Second Best
Mixed Use
$904.9K
$791.8K – $1.06M
NOI $63,342 @ 7.0% cap · market cap 11.02%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,840 @ 7.0% cap · market cap 16.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
276
Businesses Nearby
Explore this area
Business Placement
Demographics for 23661, VA
13,771
Population
6,614
Households
2.1
Avg Household Size
41
Median Age
26%
College-Educated
92%
High-School Grad
4.7 sq mi
ZIP Area
2,930
Density / Sq Mi
$66,760
Median Household Income
$44,399
Median Earnings
$1,224
Median Rent
$200,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Office, warehouse, and residential components support a live-work operating arrangement.
Where is this mixed-use property located?
The property is located at 2538 W Pembroke Avenue Hampton, VA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 5100 square feet across a 2‑story mixed‑use building; 0.34 acres with frontage on W Pembroke Avenue; Ground floor includes office and warehouse areas
