Spa & Wellness Property with
For Sale
$799,000
2420 W Mercury Boulevard, Hampton, VA 23666
Commercial/Industrial, Hampton, VA
Property Size3,468 SF
Lot Size0.62 Acres
Price / SF$230.39
Days on Market8
Property Features for 2420 W Mercury Boulevard
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C2
Subdivision
ALL OTHERS AREA 105
Directions
use GPS
Standard status
Active
Size
3,468 SF
Lot size
0.62 Acres
Taxes and HOA fees
Tax Annual Amount
5971
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Central Air
Building Details
Year built
1950
Roof type
Shingle
Listing Agency:
Abbitt Realty Company LLC
(757) 827-6995
Listed By:
Carol Sobieski
(757) 534-7922
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 20 at 11:06PM
MLS# 10648620
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 two-building commercial property at 2420 and 2430 W. Mercury Boulevard is being offered together. The primary 3,468-square-foot building is configured for a beauty salon, with a large entry area, sectioned workstations, a lunch area, five separate offices, and two restrooms. Salon equipment remains in place and conveys in as-is condition.
The second building provides an additional open-area configuration with heating, air conditioning, and one bathroom. The property includes 120 feet of frontage on W. Mercury Boulevard and encompasses 0.62 acres. C2 zoning, central air, natural-gas forced-air heat, and a shingle roof are among the documented property features. The site is near Coliseum Central and I-64, with a 1950 construction date.
The second building provides an additional open-area configuration with heating, air conditioning, and one bathroom. The property includes 120 feet of frontage on W. Mercury Boulevard and encompasses 0.62 acres. C2 zoning, central air, natural-gas forced-air heat, and a shingle roof are among the documented property features. The site is near Coliseum Central and I-64, with a 1950 construction date.
Key Highlights
- Two buildings offered together at 2420 and 2430 W. Mercury Boulevard
- 3,468‑square‑foot primary building configured for a beauty salon
- 120' of frontage on W. Mercury Boulevard
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
Lease Details
Yes
Highway access
Yes
Paved road access
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Spa & wellness property - C2-zoned commercial property combines an operating salon layout with a second building offering additional open workspace.
Where is this spa & wellness 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 buildings offered together at 2420 and 2430 W. Mercury Boulevard; 3,468‑square‑foot primary building configured for a beauty salon; 120' of frontage on W. Mercury Boulevard
