Two-Story Mixed-Use
For Sale
$575,000
2538 W Pembroke Avenue, Hampton, VA 23661
Commercial/Industrial, Hampton, VA
Property Size5,100 SF
Lot Size0.34 Acres
Price / SF$112.75
Days on Market1679
Property Features for 2538 W Pembroke Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C3
Parking features
Off Street
Subdivision
ALL OTHERS AREA 102
Standard status
Active
Size
5,100 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
1819
Utilities
Heating system
Zoned, Forced Air
Cooling system
Zoned, Central Air
Building Details
Year built
1957
Listing Agency:
Long & Foster Real Estate Inc.
(757) 727-0069
Listed By:
Kyle Hause · License #0225143450
(888) 536-0216
Added: Mar 11, 2022
Changed: Oct 5
Last Checked: Oct 15 at 4:06AM
MLS# 10425755
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 5,100-square-foot, two-story mixed-use building combines commercial and residential components. The first floor contains office and warehouse areas, while the second floor offers two two-bedroom apartments with a separate side entrance. The property includes 0.34 acres across 2538 and 2540 W Pembroke Avenue and was built in 1957. A new roof has been installed, and the building is served by zoned forced-air heating and zoned central air conditioning.
The site fronts W Pembroke Avenue and backs to I-664, with proximity to two highway exits. Off-street parking and a fenced rear area are included. The property is zoned C3 and presents a combination of business space and residential units within one commercial building.
The site fronts W Pembroke Avenue and backs to I-664, with proximity to two highway exits. Off-street parking and a fenced rear area are included. The property is zoned C3 and presents a combination of business space and residential units within one commercial building.
Key Highlights
- 5,100 square feet on 0.34 acres
- First floor includes office and warehouse space
- Second floor has 2 two‑bedroom apartments with private side entrance
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.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Yes
Paved road 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?
Mixed-use property - The property combines first-floor office and warehouse space with two upstairs apartments.
Where is this mixed-use property located?
The property is located at 2538 W Pembroke Avenue 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: 5,100 square feet on 0.34 acres; First floor includes office and warehouse space; Second floor has 2 two‑bedroom apartments with private side entrance
