Two-Building Storefront
For Sale
$475,000
27 E Mellen St, Hampton, VA 23663
Downtown commercial property with street parking and a municipal lot serving the surrounding retail district.
Property Size1,680 SF
Price / SF$282.74
Days on Market43
Property Features for 27 E Mellen St
General Information
Standard status
Active
Size
1,680 SF
Building Details
Year Built
1927
Buildings
2
Listing Agency:
Long & Foster Real Estate Inc.
Listed By:
Betsie Leahy
(757) 727-0069
Source:
Horakrealtygroup
Added: Aug 25
Changed: Sep 10
Last Checked: Oct 6 at 12:40AM
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 storefront property comprises two buildings associated with 25 and 27 E Mellen Street, with a listed property size of 1,680 square feet. Constructed in 1927, the buildings have previously accommodated a beauty salon, eatery, and candle shop, providing a documented history of varied commercial use.
The property is situated in downtown Phoebus in Hampton, directly across E Mellen Street from Fuller's Restaurant. Parking is available along the street in front of the buildings, with a municipal parking area behind them. The two-building configuration and central downtown setting support continued retail or service-oriented commercial use, subject to applicable requirements.
The property is situated in downtown Phoebus in Hampton, directly across E Mellen Street from Fuller's Restaurant. Parking is available along the street in front of the buildings, with a municipal parking area behind them. The two-building configuration and central downtown setting support continued retail or service-oriented commercial use, subject to applicable requirements.
Key Highlights
- Two‑building storefront property at 25 and 27 E Mellen Street
- Listed property size of 1,680 square feet
- Constructed in 1927
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,593
Cap Rate
3.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$351,860
$351.9K
Cap Rate 7%
$251,329
$251.3K
Cap Rate 9%
$195,478
$195.5K
Market Conditions
NOI Build-Up for 1,680 SF
Gross rent
$26.2K $15.60/SF
− Vacancy
−$1.1K −$0.64/SF
EGI
$25.1K $14.96/SF
− OpEx
−$7.5K −$4.49/SF
NOI
$17.6K $10.47/SF
Area
Hampton, VA
Vacancy
4.10%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$351,860
Cap Rate 7%
$251,329
Cap Rate 9%
$195,478
Alternative Uses
Best Use
Retail
$251.3K
$219.9K – $293.2K
NOI $17,593 @ 7.0% cap · market cap 3.70%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$436.9K
$382.3K – $509.7K
NOI $30,583 @ 7.0% cap · market cap 6.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
328
Businesses Nearby
53k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 41%
Dining 38%
Shops & Services 21%
Food Lion Grocery Store
Groceries
21,560 visits/mo
0.3 miles
McDonald's
Dining
20,179 visits/mo
0.3 miles
Citgo
Shops & Services
6,225 visits/mo
0.2 miles
7-Eleven
Shops & Services
4,828 visits/mo
0.3 miles
Demographics for 23663, VA
13,374
Population
6,246
Households
2.1
Avg Household Size
37
Median Age
17%
College-Educated
92%
High-School Grad
2.8 sq mi
ZIP Area
4,776
Density / Sq Mi
$59,397
Median Household Income
$34,665
Median Earnings
$1,248
Median Rent
$187,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Storefront property - Downtown commercial property with street parking and a municipal lot serving the surrounding retail district.
Where is this storefront property located?
The property is located at 27 E Mellen St Hampton, VA.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Two‑building storefront property at 25 and 27 E Mellen Street; Listed property size of 1,680 square feet; Constructed in 1927
