Freestanding Drug Store with
For Sale
Contact for pricing
3701 Kecoughtan Rd, Hampton, VA 23669
Freestanding former drug store building with drive-thru and a grade-level roll-up loading door on a signalized corner.
Property Size10,908 SF
Price / SF$265.86
Days on Market220
Property Features for 3701 Kecoughtan Rd
General Information
Standard status
Active
Size
10,908 SF
Property subtype
RETAIL
Listing Agency:
Colliers | Norfolk
(757) 490-3300
Listed By:
Chris Read
(757) 450-5198
Source:
Moodyscre
Added: Feb 6
Changed: Sep 10
Last Checked: Sep 13 at 4:56AM
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 Colliers | Norfolk
Investment Insights
Based on property information with market context.
The subject property is a freestanding former drug store building with drive-thru service. The building includes a grade-level roll-up loading door and features building signage and monument signage.
The site is located in the Wythe submarket of Hampton, Virginia, surrounded by dense residential communities. It is just down the street from Kecoughtan Shopping Center, which is anchored by Food Lion and other food uses. The property sits on a signalized hard corner and is described as highly visible.
Additional site features include signage and the drive-thru configuration, supporting retail operations that benefit from dedicated customer access.
The site is located in the Wythe submarket of Hampton, Virginia, surrounded by dense residential communities. It is just down the street from Kecoughtan Shopping Center, which is anchored by Food Lion and other food uses. The property sits on a signalized hard corner and is described as highly visible.
Additional site features include signage and the drive-thru configuration, supporting retail operations that benefit from dedicated customer access.
Key Highlights
- Freestanding former drug store building with drive‑thru
- Signalized hard‑corner location with building sign and monument signage
- Grade‑level roll‑up loading door
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
$137,367
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
4.74%
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%
$2,747,340
$2.7M
Cap Rate 7%
$1,962,386
$2.0M
Cap Rate 9%
$1,526,300
$1.5M
Market Conditions
NOI Build-Up for 10,908 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
$189.8K $17.40/SF
− Vacancy
−$6.6K −$0.61/SF
EGI
$183.2K $16.79/SF
− OpEx
−$45.8K −$4.20/SF
NOI
$137.4K $12.59/SF
Area
Hampton, VA
Vacancy
3.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,747,340
Cap Rate 7%
$1,962,386
Cap Rate 9%
$1,526,300
Alternative Uses
Best Use
Specialty Retail
$1.96M
$1.72M – $2.29M
NOI $137,367 @ 7.0% cap · market cap 4.74%
Second Best
Retail
$1.63M
$1.43M – $1.90M
NOI $114,232 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$2.84M
$2.48M – $3.31M
NOI $198,569 @ 7.0% cap · market cap 6.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
175
Businesses Nearby
41k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 61%
Shops & Services 37%
Electronics 2%
Food Lion Grocery Store
Groceries
21,668 visits/mo
0.4 miles
Dollar Tree
Shops & Services
5,733 visits/mo
0.4 miles
7-Eleven
Shops & Services
5,190 visits/mo
0.0 miles
Dollar General
Shops & Services
3,828 visits/mo
0.4 miles
Virginia ABC
Groceries
3,719 visits/mo
0.3 miles
Demographics for 23669, VA
41,030
Population
17,589
Households
2.3
Avg Household Size
38
Median Age
31%
College-Educated
94%
High-School Grad
12.1 sq mi
ZIP Area
3,391
Density / Sq Mi
$66,999
Median Household Income
$41,874
Median Earnings
$1,202
Median Rent
$246,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in South region
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Frequently Asked Questions
What type of property is this?
Drug store - Freestanding former drug store building with drive-thru and a grade-level roll-up loading door on a signalized corner.
Where is this drug store located?
The property is located at 3701 Kecoughtan Rd Hampton, VA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Freestanding former drug store building with drive‑thru; Signalized hard‑corner location with building sign and monument signage; Grade‑level roll‑up loading door
