Two-Building Storefront
New
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 Market7
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.
(757) 727-0069
Listed By:
Betsie Leahy
Source:
Horakrealtygroup
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 7:18PM
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 = 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
$17,593
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
3.70%
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%
$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
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
$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 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%
$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
Property Profile
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
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?
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
