Current Use by Public Records
- Popeyes Louisiana Kitchen / Restaurant
Property Details for 5201 Mercury Blvd
- Year built
- 1957
- Lot size
- 33.67 lot acres
- Property type
- Lifestyle centers
- Property subtype
- Power centers
Description
This exceptional 355,962 square-foot shopping center, situated on a 33.67-acre lot in Newport News, Virginia, presents a compelling value-add investment opportunity. Currently boasting 34 tenants, including prominent anchors like Food Lion, Truist Bank, and Popeyes, the center offers a diverse tenant mix catering to a wide range of consumers. The property features four buildings constructed in 1957 and renovated in 2006, with a current occupancy rate of 75.8% and a strong NOI of $1,560,372, yielding an 8.04% cap rate. The asking price is $19,400,000, translating to $54.50 per square foot. Significant upside potential exists with 19 available units totaling 86,000 square feet, along with two available pad sites. Average rents are currently $8.60 per square foot, presenting a substantial opportunity to increase revenue. The center benefits from its location along a major thoroughfare with high daily traffic volume (40,000 vehicles per day, exceeding 80,000 at the intersection), serving a population exceeding 150,000 within a five-mile radius. Newport News, the second most populous city in Virginia, is home to the largest shipbuilder in the United States, providing a stable and growing market. The property's mix of long-term and short-term leases offers flexibility and potential for immediate income growth. This well-priced asset is positioned well below replacement cost and demonstrates high leasing velocity.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Hampton
- County
- Hampton City
- State
- Virginia
- Longitude
- -76.4398
- Latitude
- 37.02
