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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    13 Mellen St Hampton, VA 23663

    • Retail properties
    • 1,865 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Johnny Fo Reals / Art Gallery

    Property Details for 13 Mellen St

    Property size
    1,865 SF
    Property type
    Retail properties
    Property subtype
    Retail space

    Description

    This exceptional retail opportunity presents 1,100 square feet of vacant space within a larger 1,865 square foot building located at 13 East Mellen Street in the vibrant Historic Phoebus district of Hampton, Virginia. The property is a multi-tenant storefront, offering a charming and established location for a variety of retail businesses. Its prime location offers excellent visibility and accessibility, placing it just minutes away from Hampton University, Fort Monroe, and Buckroe Beach. This strategic positioning provides access to a diverse customer base, benefiting from both local residents and tourists. Furthermore, the property enjoys convenient access to Interstate 64 via the Mallory Street exit, ensuring easy commutes for both employees and customers. The available space is ideal for a business seeking a well-established location within a thriving community. The building's total square footage is 1,865 square feet, indicating a potentially strong existing tenant base within the building. The property is situated in Hampton city, Virginia, with a zip code of 23663. This location offers a blend of historical charm and modern convenience, making it an attractive proposition for businesses seeking a unique and accessible retail space. The property's coordinates are 37.0184081 latitude and -76.3216762 longitude.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Hampton
    County
    Hampton city
    State
    Virginia
    Longitude
    -76.3217
    Latitude
    37.0184

    Comparable in this City

    • Value Estimation by Request
      4,212 SF

      554 Mercury Blvd

      RETAIL STORES (PERSONAL SERVICES) • 4,212 SF
      554 Mercury Blvd, Hampton, VA 23663-2229
      View Details
    • Value Estimation by Request
      3,763 SF

      23 Mallory St

      RETAIL STORES (PERSONAL SERVICES) • 3,763 SF
      23 Mallory St, Hampton, VA 23663-1707
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    • Value Estimation by Request
      3,304 SF

      36 Mallory St

      RETAIL STORES (PERSONAL SERVICES) • 3,304 SF
      36 Mallory St, Hampton, VA 23663-1744
      View Details
    • Value Estimation by Request
      4,638 SF

      17 Mellen St

      RETAIL STORES (PERSONAL SERVICES) • 4,638 SF
      17 Mellen St, Hampton, VA 23663-1709
      View Details
    • Value Estimation by Request
      1,122 SF

      339 Mercury Blvd

      RETAIL STORES (PERSONAL SERVICES) • 1,122 SF
      339 Mercury Blvd, Hampton, VA 23663-2140
      View Details
    • Value Estimation by Request
      0.17 Acres

      1956 Pembroke Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.17 Acres
      1956 Pembroke Ave, Hampton, VA 23663-1326
      View Details

    Similar Nearby for Sale

    • $450,000
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      Historic Phoebus Storefront Retail Space

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      17 Mellen St, Hampton, VA 23663
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    • $350,000
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      4,284 SF

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      Hampton Commercial Land Opportunity

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    • $1,200,000
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    Similar Nearby for Lease

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      1,000 SF

      Retail Space in Hampton, VA

      Prime retail location with flexible lease terms available.
      15 E Mellen St, Hampton, VA 23663
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    • Contact for pricing
      1,400 SF

      Historic Phoebus Retail Space

      Prime retail space in the heart of Phoebus' commercial district.
      14 E Mellen St, Hampton, VA 23663
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      60,000 SF

      Retail Space on Mercury Boulevard

      Large retail space available for rent on Mercury Boulevard.
      1050 W Mercury Blvd, Hampton, VA 23663
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      4,214 SF

      Retail Space in Historic Phoebus

      Retail space near restaurants, parks, Hampton University, and Fort Monroe.
      1 N Mallory St, Hampton, VA 23663
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    • $10 SF/Yr
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      Hampton Retail Space - Prime Location

      1,000 sq ft Single-Tenant Retail Space
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    • $14 SF/Yr
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      Prime Hampton retail space, multiple suites available.
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    13 Mellen St
    Hampton, VA 23663
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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