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    Property profile & analytics

    1606 Pennwood Dr Hampton, VA 23666-3016

    • Retail space
    • 1,240 SF
    • 0.26 lot acres
    OFF-MARKET
    Last Sale
    Mar 31, 2020
    $102,811
    Value Estimations
    $135,000
    Show details
    Cap Rate Potential
    9.9%
    Retail space
    Location Intelligence
    Property ID
    US87-2322917
    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

    • Arnell's Barber & Hair Styling / Barber Shop

    Property Details for 1606 Pennwood Dr

    Year built
    1963
    Construction
    WOOD
    Lot size
    0.26 lot acres
    Property size
    1,240 SF
    Zone code
    14 C-2 LIMITED COMMERCIAL
    Property type
    Retail space
    APN
    03E002S00 00002RRH
    APU
    03E002S0000002RRH

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $130,000
      ML approach
      $125,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $215,000
      6.5%
      $200,000
      7%
      $185,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Hampton
    County
    Hampton City
    State
    Virginia
    Longitude
    -76.418
    Latitude
    37.0336
    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
    $1,672
    $86,000
    $12,500
    $98,500
    -
    $86,000
    $12,500
    $98,500

    Comparable in this City

    • Value Estimation
      $225,000
      8,656 SF

      4104 Mercury Blvd

      RETAIL STORES (PERSONAL SERVICES) • 8,656 SF
      4104 Mercury Blvd, Hampton, VA 23666-3728
      View Details
    • Value Estimation
      $270,000
      14,445 SF

      2026 Coliseum Dr

      RETAIL STORES (PERSONAL SERVICES) • 14,445 SF
      2026 Coliseum Dr, Hampton, VA 23666-3202
      View Details
    • Value Estimation
      $300,000
      10,816 SF

      2400 Mercury Blvd

      RETAIL STORES (PERSONAL SERVICES) • 10,816 SF
      2400 Mercury Blvd, Hampton, VA 23666-3102
      View Details
    • Value Estimation
      $235,000
      3,800 SF

      3008 Mercury Blvd

      RETAIL STORES (PERSONAL SERVICES) • 3,800 SF
      3008 Mercury Blvd, Hampton, VA 23666-3931
      View Details
    • Value Estimation
      $260,000
      4,370 SF

      3420 Mercury Blvd

      RETAIL STORES (PERSONAL SERVICES) • 4,370 SF
      3420 Mercury Blvd, Hampton, VA 23666-3705
      View Details
    • Value Estimation
      $275,000
      2,748 SF

      2200 Todds Ln

      RETAIL STORES (PERSONAL SERVICES) • 2,748 SF
      2200 Todds Ln, Hampton, VA 23666-3140
      View Details

    Similar Nearby for Sale

    • $475,000
      3,599 SF

      Freestanding Retail/Office Building on Mercury

      Freestanding retail/office building on Mercury Boulevard in Hampton, Virginia.
      2703 W Mercury Blvd, Hampton, VA 23666
      View Details
    • $2,500,000
      11,217 SF

      Hampton Retail Property: Prime Location

      11,217 SF Vacant Retail Building, High Traffic
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    • $1,500,000
      11,000 SF

      Retail Strip Center For Sale

      Freestanding retail strip center with high frontage and exposure.
      1928 N Armistead Ave, Hampton, VA 23666
      View Details
    • Contact for pricing

      Hampton Commercial Land - 1.43 Acres

      High-visibility lot, ideal for commercial development.
      4800 Mercury Blvd, Hampton, VA 23666
      View Details
    • $550,000

      Cleared Land in Urban Zone

      Flat, cleared land suitable for various commercial uses.
      2201 Todds Ln, Hampton, VA 23666
      View Details
    • Contact for pricing

      Prime Retail Outparcel on Mercury

      0.92 acre outparcel on Hampton's primary retail corridor.
      1123 W Mercury Blvd, Hampton, VA 23666
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,450 SF

      Retail Space in Power Plant

      Retail space available in shopping and entertainment district.
      1930 Power Plant Pkwy, Hampton, VA 23666
      View Details
    • $12 SF/Yr
      3,846 SF

      Hampton Retail Space Available

      Retail space available for lease in Hampton, Virginia.
      3301-3319 W Mercury Blvd, Hampton, VA 23666
      View Details
    • Contact for pricing

      Retail Space in Peninsula Town

      Retail space available in high-traffic Peninsula Town Center.
      3985 Kilgore Ave, Hampton, VA 23666
      View Details
    • Contact for pricing
      50,000 SF

      Retail Space in Coliseum Central

      Retail space available in Coliseum Central master plan.
      103 Market Place Dr, Hampton, VA 23666
      View Details
    • $30 SF/Yr
      4,000 SF

      Retail Space Near Interstate 64

      Retail space available in Hampton, Virginia near Interstate 64.
      1102-1120 W Mercury Blvd, Hampton, VA 23666
      View Details
    • $16 SF/Yr
      20,000 SF

      Executive Crossing East Retail Spaces

      Prime Hampton retail space, multiple suites available.
      2280 Executive Dr, Hampton, VA 23666
      View Details
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    1606 Pennwood Dr
    Hampton, VA 23666-3016
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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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