Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    15 Mellen St Hampton, VA 23663-2305

    • Medical offices
    • 1,542 SF
    • 0.16 lot acres
    OFF-MARKET
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    8.5%
    Medical offices
    Location Intelligence
    Property ID
    US87-0518077
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • T.WASH Hair Salon / Hair Salon / Hair Extensions Supplier
    • The EV Suite / Eyelash Salon

    Property Details for 15 Mellen St

    Year built
    1969
    Construction
    WOOD
    Lot size
    0.16 lot acres
    Property size
    1,542 SF
    Zone code
    47 PH-2 PHOEBUS TOWN DIST
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    12F478 00 00000
    APU
    12F4780000000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $260,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $365,000
      6.5%
      $335,000
      7%
      $315,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Hampton
    County
    Hampton City
    State
    Virginia
    Longitude
    -76.3232
    Latitude
    37.0191
    CBSA code
    47260
    CBSA name
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $2,152
    $69,900
    $91,100
    $161,000
    -
    $69,900
    $91,100
    $161,000

    Comparable in this City

    • Value Estimation
      $255,000
      1,392 SF

      18 Mellen St

      MEDICAL BUILDING • 1,392 SF
      18 Mellen St, Hampton, VA 23663-2306
      View Details
    • Value Estimation
      $255,000
      2,160 SF

      183 Woodland Rd

      MEDICAL BUILDING • 2,160 SF
      183 Woodland Rd, Hampton, VA 23663-2148
      View Details
    • Value Estimation
      $275,000
      0.06 Acres

      8 County St

      OFFICE BUILDING • 0.06 Acres
      8 County St, Hampton, VA 23663-2336
      View Details
    • Value Estimation
      $270,000
      13,677 SF

      1 Mallory St

      OFFICE (GENERAL) • 13,677 SF
      1 Mallory St, Hampton, VA 23663-1707
      View Details
    • Value Estimation
      $240,000
      0.15 Acres

      4 Mellen St

      OFFICE BUILDING • 0.15 Acres
      4 Mellen St, Hampton, VA 23663
      View Details
    • Value Estimation
      $575,000
      720 SF

      512 Mercury Blvd

      OFFICE (GENERAL) • 720 SF
      512 Mercury Blvd, Hampton, VA 23663-2229
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      4,284 SF

      Historic Hampton Office Building Investment

      Fully leased 4,284 SF office building in Hampton, VA.
      19-21 E Mellen St, Hampton, VA 23663
      View Details
    • Contact for pricing
      3,763 SF

      Hampton Office Building Investment Opportunity

      Fully leased 3,763 SF office building in Hampton, VA.
      23 S Mallory St, Hampton, VA 23663
      View Details
    • $350,000
      9.16 Acres

      Prime Hampton Commercial Land

      9.16 Acres, C-2 Zoning, $350K
      21 Libby St, Hampton, VA 23663
      View Details
    • $65,000
      0.20 Acres

      Residential Lot in Phoebus

      Single-family building lot near downtown Phoebus, close to amenities.
      217 Downes St, Hampton, VA 23663
      View Details
    • $450,000
      4,638 SF

      Historic Phoebus Storefront Retail Space

      Prime Hampton location, 4,638 sq ft, $450,000
      17 Mellen St, Hampton, VA 23663
      View Details
    • Contact for pricing

      Prime Hampton Development Opportunity

      Land parcel suitable for retail or multi-family development.
      4 N Mallory St, Hampton, VA 23663
      View Details

    Similar Nearby for Lease

    • $14 SF/Yr
      1,818 SF

      Renovated Office Space in Phoebus

      Move-in ready office space with modern upgrades and ample parking.
      17 W Mellen St, Hampton, VA 23663
      View Details
    • $550 /Mo
      173 SF

      Office Space in Historic Phoebus

      Office space with flexible lease options and high visibility.
      25 S Mallory St, Hampton, VA 23663
      View Details
    • Contact for pricing
      4,258 SF

      Second Floor Office Space Available

      Second floor office space available, accessible by elevator.
      51-95 N Mallory St, Hampton, VA 23663
      View Details
    • $15 SF/Yr
      2,500 SF

      Historic Office Space in Hampton

      Prime location with flexible lease terms and ample foot traffic.
      9 S Mallory St, Hampton, VA 23663
      View Details
    • $10 SF/Yr
      1,000 SF

      Hampton Retail Space - Prime Location

      1,000 sq ft Single-Tenant Retail Space
      1521 Pembroke Ave, Hampton, VA 23663
      View Details
    • $14 SF/Yr
      4,000 SF

      Retail Space in Hampton Center

      75,500 SF shopping center in populated Fox Hills area.
      2080-2098 Nickerson Blvd, Hampton, VA 23663
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    15 Mellen St
    Hampton, VA 23663-2305
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.