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    1631 Merchant Ln Hampton, VA 23666

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    For Lease
    Contact for pricing

    Prime retail spaces available in high-traffic Hampton shopping center.

    Building Details

    Year built
    2009

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    Listing Contact
    Robert Marshall
    Robert Marshall
    Source: Taylorlongproperties

    Listing Agency: Taylor Long Properties Listing Agent: Robert Marshall

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

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    Overview

    Retail Spaces at Peninsula Town

    Located at 1631 Merchant Ln in Hampton, Virginia, The Shops at Peninsula Town Center offer leasing opportunities for retailers. The property features modern finishes, ample parking, and excellent visibility. Versatile floor plans and a convenient location create a thriving commercial environment. The center is positioned near major transportation routes and a vibrant community, providing retailers with a prominent presence in Hampton. The area is a hub for retail and street retail tenants, near Peninsula Town Center, popular retailers, dining, and entertainment options. Nearby attractions include the Virginia Air & Space Science Center and the Hampton Coliseum. Four retail spaces are available, ranging from 1,611 to 2,737 square feet. The shopping center is one of the highest trafficked in Hampton Roads, with over 340 existing residential units. It is located near Hampton University with over 10,000 students and CNU with 4,500 students. Traffic counts are 61,000 vehicles per day on West Mercury Boulevard and 23,500 vehicles per day on Coliseum Drive. There are 112,139 daytime employees within a 5-mile radius.
    Location Intelligence

    Current Use by Public Records

    Shopping centers

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Power Plant of Hampton Roads, Sunglass Outfitters by Sunglass Hut, Bodacious Bazaar, Todd Shopping Center, Mercury Plaza

    Location Insight

    • Map
    • Local Demand
    City
    Hampton
    County
    York
    State
    Virginia
    Longitude
    -76.3937128
    Latitude
    37.0444678

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    FAQs

    What type of property is this?
    Shopping center - Prime retail spaces available in high-traffic Hampton shopping center.
    Where is this shopping center located?
    The property is located at 1631 Merchant Ln Hampton, VA.
    What are key features of this property?
    This property features: - Located in one of the highest trafficked shopping centers in Hampton Roads.; - High visibility location with 61,000 vehicles per day (VPD) on W Mercury Blvd and 23,500 VPD on Coliseum Dr.; - Proximity to Peninsula Town Center, popular retailers, dining, and entertainment.
    (804) 864-9788
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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
    1631 Merchant Ln Hampton, VA 23666
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    Listing Contact
    Robert Marshall
    Robert Marshall
    Real Estate License ID: 0225192463
    (804) 864-9788 (804) 437-4323
    Learn more
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