Two-Story Commercial Building with
2538 W Pembroke Avenue Hampton, VA 23661
For Sale
$575,000
COMMERCIAL - Hampton, VA
Property Size5,100 SF
Lot Size0.34 Acres
Price / SF$112.75
Days on Market1600
Property Features for 2538 W Pembroke Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C3
Parking features
Off Street
Standard status
Active
Size
5,100 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
1819
Utilities
Heating system
Forced Air, Zoned
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
Added: Mar 11, 2022
Changed: Jul 28
Last Checked: Jul 28 at 2:06AM
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 two-story commercial building offers a combination of office and warehouse space on the first floor, with two 2-bedroom apartments on the second floor. Each upstairs unit has access through a private side entrance, supporting flexible everyday use within the same structure. The property is reported to be in good shape, and the seller has recently installed a new roof.
The building fronts W Pembroke and backs up to I-664, with proximity to two exits noted in the remarks. Sale includes both 2538 and 2540 W Pembroke. The site also includes parking and a fenced-in back area.
Zoned C3, the property is offered for sale as a combined commercial and residential configuration under one ownership, with the first floor designed for business use and the upper level providing independent apartment access.
The building fronts W Pembroke and backs up to I-664, with proximity to two exits noted in the remarks. Sale includes both 2538 and 2540 W Pembroke. The site also includes parking and a fenced-in back area.
Zoned C3, the property is offered for sale as a combined commercial and residential configuration under one ownership, with the first floor designed for business use and the upper level providing independent apartment access.
Key Highlights
- Two‑story commercial building fronting W Pembroke and backing up to I‑664
- 1st floor features office and warehouse space; 2nd floor has two 2‑bedroom apartments with a private side entrance
- Includes both 2538 and 2540 W Pembroke
Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.6k | $9.72 |
| − Vacancy | −$1.8k | −$0.36 |
| EGI | $47.7k | $9.36 |
| − OpEx | −$7.2k | −$1.40 |
| NOI | $40.6k | $7.96 |
5,100 SF · lease $9.72/SF/yr · vacancy 3.70% · expense 15.00%
Alternative Uses
Best Use
Office B
$957.5K
$837.8K – $1.12M
NOI $67,025 @ 7.0% cap · market cap 11.66%
Second Best
Multifamily LT 5
$841.3K
$736.1K – $981.5K
NOI $58,888 @ 7.0% cap · market cap 10.24%
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
Property Profile
Location Intelligence
Current Use
Similar Off Market Nearby
- Tee's Tasty Creations — 1154 34th St, Newport News, VA 23607
Frequently Asked Questions
What type of property is this?
Flex space - Two-story building with first-floor office/warehouse space and two upstairs 2-bedroom apartments accessed via a private side entrance.
Where is this flex space 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: Two‑story commercial building fronting W Pembroke and backing up to I‑664; 1st floor features office and warehouse space; 2nd floor has two 2‑bedroom apartments with a private side entrance; Includes both 2538 and 2540 W Pembroke
