Two-Building Storefront
For Sale
$799,000
2420 W Mercury Boulevard, Hampton, VA 23666
C-2-zoned commercial property with an operating salon layout and a separate open-plan building.
Property Size3,468 SF
Price / SF$230.39
Days on Market15
Property Features for 2420 W Mercury Boulevard
General Information
Standard status
Active
Size
3,468 SF
Zoning
C-2
Additional Details
Frontage
120 ft
Building Details
Year Built
1950
Buildings
2
Listing Agency:
Abbitt Realty Company LLC
(757) 478-4881
Listed By:
Carol Sobieski
Source:
Horakrealtygroup
Added: Aug 15
Changed: Aug 29
Last Checked: Aug 25 at 4:52AM
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 Abbitt Realty Company LLC
Investment Insights
Based on property information with market context.
The sale includes two commercial buildings at 2420 and 2430 W. Mercury Blvd. The primary building contains 3,468 square feet and is configured as a beauty salon, with a broad entry area, partitioned workstations, a break area, five private offices, and two restrooms. Salon equipment conveys in its existing as-is condition. The second building provides a separate open interior with heating, air conditioning, and one bathroom.
The property offers 120 feet of frontage along W. Mercury Blvd. and is positioned near Coliseum Central and I-64. Zoning is C-2 under the Hampton City zoning ordinance.
The property offers 120 feet of frontage along W. Mercury Blvd. and is positioned near Coliseum Central and I-64. Zoning is C-2 under the Hampton City zoning ordinance.
Key Highlights
- Two commercial buildings sold together at 2420 and 2430 W. Mercury Blvd.
- 120' of frontage on W. Mercury Blvd.
- Primary building contains 3,468 sq. ft. of commercial space
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
$36,318
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
4.55%
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%
$726,360
$726.4K
Cap Rate 7%
$518,829
$518.8K
Cap Rate 9%
$403,533
$403.5K
Market Conditions
NOI Build-Up for 3,468 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
$54.1K $15.60/SF
− Vacancy
−$2.2K −$0.64/SF
EGI
$51.9K $14.96/SF
− OpEx
−$15.6K −$4.49/SF
NOI
$36.3K $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 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%
$726,360
Cap Rate 7%
$518,829
Cap Rate 9%
$403,533
Alternative Uses
Best Use
Retail
$518.8K
$454.0K – $605.3K
NOI $36,318 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$901.9K
$789.1K – $1.05M
NOI $63,131 @ 7.0% cap · market cap 7.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
694
Businesses Nearby
322k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 32%
Dining 32%
Apparel 12%
Groceries 12%
Wawa
Shops & Services
54,936 visits/mo
0.1 miles
Chick-fil-A
Dining
37,493 visits/mo
0.4 miles
Walmart Neighborhood Market
Groceries
37,354 visits/mo
0.4 miles
Marshalls
Apparel
33,317 visits/mo
0.5 miles
Big Lots
Superstores
17,271 visits/mo
0.3 miles
Demographics for 23666, VA
52,845
Population
25,117
Households
2.1
Avg Household Size
37
Median Age
27%
College-Educated
91%
High-School Grad
19.4 sq mi
ZIP Area
2,724
Density / Sq Mi
$70,798
Median Household Income
$42,552
Median Earnings
$1,439
Median Rent
$241,600
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - C-2-zoned commercial property with an operating salon layout and a separate open-plan building.
Where is this storefront property located?
The property is located at 2420 W Mercury Boulevard Hampton, VA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two commercial buildings sold together at 2420 and 2430 W. Mercury Blvd.; 120' of frontage on W. Mercury Blvd.; Primary building contains 3,468 sq. ft. of commercial space
