Mixed-Use Live-Work
For Sale
$575,000
2538 W Pembroke Ave, Hampton, VA 23661
Two-story building with first-floor office/warehouse space and two apartments on the second floor with private side entrance.
Property Size5,100 SF
Price / SF$112.75
Days on Market74
Property Features for 2538 W Pembroke Ave
General Information
Standard status
Active
Size
5,100 SF
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Additional Details
Multifamily Units
2
Building Details
Year Built
1957
Stories
2
Listing Agency:
Long & Foster Real Estate Inc.
Listed By:
Kyle T. Hause Jr. · License #0225143450
(757) 727-0069
Source:
Horakrealtygroup
Added: Jul 27
Changed: Oct 6
Last Checked: Oct 7 at 5:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Long & Foster Real Estate Inc.
Investment Insights
Based on property information with market context.
This two-story commercial building offers a live-work configuration with first-floor office and warehouse space, and two separate two-bedroom apartments on the second floor. The apartments each include a private side entrance, supporting independent access from the commercial portion.
The property fronts W Pembroke and backs up to I-664, with proximity to two exits. The sale includes 2538 and 2540 W Pembroke, providing a practical combined holding.
The building is described as being in good shape, with a newly installed roof. Parking is available onsite, and the back area is fenced.
The property fronts W Pembroke and backs up to I-664, with proximity to two exits. The sale includes 2538 and 2540 W Pembroke, providing a practical combined holding.
The building is described as being in good shape, with a newly installed roof. Parking is available onsite, and the back area is fenced.
Key Highlights
- Two‑story commercial building fronting W Pembroke and backing up to I‑664
- 1st floor offers office and warehouse space
- 2nd floor has two 2‑bedroom apartments with private side entrances
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,577
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
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
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 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
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Current Use
Lease Details
2
Residential units
Yes
Fenced yard
Yes
Highway 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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Live-work space - Two-story building with first-floor office/warehouse space and two apartments on the second floor with private side entrance.
Where is this live-work space located?
The property is located at 2538 W Pembroke Ave 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: Two‑story commercial building fronting W Pembroke and backing up to I‑664; 1st floor offers office and warehouse space; 2nd floor has two 2‑bedroom apartments with private side entrances
