Two-Building Storefront
New
For Sale
$475,000
27 E Mellen Street, Hampton, VA 23663
Commercial/Industrial, Hampton, VA
Property Size1,680 SF
Lot Size0.09 Acres
Price / SF$282.74
Days on Market4
Property Features for 27 E Mellen Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
PH1
Parking features
Off Street, Paved or Surfaced
Subdivision
PHOEBUS
Standard status
Active
Size
1,680 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
2332
Utilities
Heating system
Electric (Heating)
Cooling system
Central Air, Wall/Window Unit(s)
Building Details
Year built
1927
Roof type
Metal
Listing Agency:
Long & Foster Real Estate Inc.
(757) 727-0069
Listed By:
Betsie Leahy
Added: Aug 18
Changed: Aug 21
Last Checked: Aug 21 at 8:06AM
MLS# 10649677
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 retail storefront offering includes two buildings at 25 and 27 E Mellen Street, which must be acquired together under the city’s stated requirement. The combined property size is 1,680 square feet on 0.09 acres. Built in 1927, the buildings feature a metal roof, electric heating, central air, and wall/window cooling. Prior uses included a beauty salon, eatery, and candle shop.
The property is situated in downtown Phoebus across from Fuller's Restaurant. Parking is available along the street and in a paved municipal lot behind the buildings. Zoning is PH1.
The property is situated in downtown Phoebus across from Fuller's Restaurant. Parking is available along the street and in a paved municipal lot behind the buildings. Zoning is PH1.
Key Highlights
- Two buildings at 25 and 27 E Mellen Street must be purchased together
- 1,680 square feet on a 0.09‑acre site
- Located in downtown Phoebus across from Fuller's Restaurant
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
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Frequently Asked Questions
What type of property is this?
Storefront property - Retail-oriented buildings with paved parking, electric heat, and a combination of central air and wall/window cooling.
Where is this storefront property located?
The property is located at 27 E Mellen Street 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 buildings at 25 and 27 E Mellen Street must be purchased together; 1,680 square feet on a 0.09‑acre site; Located in downtown Phoebus across from Fuller's Restaurant
