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

    1631 Merchant Ln Hampton, VA 23666

    • Super regional malls
    • 57,672 SF
    • 1.45 lot acres
    For Lease
    View listing
    Last Sale
    Apr 21, 2022
    $6,800,000
    Value Estimations
    $7,050,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-1100907
    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

    • Super regional malls

    Property Details for 1631 Merchant Ln

    Year built
    2009
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.45 lot acres
    Property size
    57,672 SF
    Zone code
    14 C-2 LIMITED COMMERCIAL
    Property type
    Super regional malls
    APN
    07F001 00 000B81A
    APU
    07F00100000B81A

    Description

    The Shops at Peninsula Town Center, located at 1631 Merchant Ln, Hampton, VA 23666, presents a compelling retail investment opportunity. This 48,609 square foot shopping center, built in 2009, offers multiple spaces for lease, ranging from 1,619 to 2,737 contiguous square feet. Currently, 10,709 square feet of space is available. The property features modern finishes and ample parking, ensuring high visibility and convenient access for customers. Its location in Hampton, Virginia, within Hampton County, provides excellent access to major transportation routes and a thriving community. The versatile floor plans are ideal for a variety of retail businesses seeking a prominent presence in a busy commercial area. The minimum leasable space is 1,619 square feet, providing flexibility for smaller businesses, while the maximum contiguous space of 2,737 square feet caters to larger retailers. This property is an excellent choice for businesses looking to establish or expand their operations in a high-traffic area with strong community engagement. The address is easily accessible and benefits from high visibility, making it an attractive location for a wide range of retail concepts. This is a chance to secure a well-maintained retail space in a desirable location within a vibrant community. Contact us today to learn more about this exceptional opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,370,000
      ML approach
      $7,220,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $7,330,000
      RESTAURANT
      $6,615,000
      WAREHOUSE, STORAGE
      $6,050,000
      AUTO REPAIR, GARAGE
      $5,620,000
      COMMERCIAL (GENERAL)
      $5,450,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Hampton
    County
    Hampton City
    State
    Virginia
    Longitude
    -76.3933
    Latitude
    37.0445
    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
    $134,153
    $755,800
    $7,882,400
    $8,638,200
    -
    $755,800
    $7,882,400
    $8,638,200

    Comparable in this City

    • Value Estimation
      $2,095,000
      21,417 SF

      Claiborne Sq

      REGIONAL SHOPPING CENTER, MALL • 21,417 SF
      Claiborne Sq, Hampton, VA 23666
      View Details
    • Value Estimation
      $2,085,000
      120,280 SF

      Von Schilling Dr

      REGIONAL SHOPPING CENTER, MALL • 120,280 SF
      Von Schilling Dr, Hampton, VA 23666
      View Details
    • Value Estimation
      $1,995,000
      9,293 SF

      Allainby Way

      REGIONAL SHOPPING CENTER, MALL • 9,293 SF
      Allainby Way, Hampton, VA 23666
      View Details
    • Value Estimation by Request
      1.14 Acres

      Kilgore Ave

      REGIONAL SHOPPING CENTER, MALL • 1.14 Acres
      Kilgore Ave, Hampton, VA 23666
      View Details
    • Value Estimation
      $11,520,000
      12,585 SF

      2800 Kilgore Ave

      REGIONAL SHOPPING CENTER, MALL • 12,585 SF
      2800 Kilgore Ave, Hampton, VA 23666-2077
      View Details
    • Value Estimation
      $3,055,000
      8,512 SF

      1210 Merchant Ln

      REGIONAL SHOPPING CENTER, MALL • 8,512 SF
      1210 Merchant Ln, Hampton, VA 23666-2167
      View Details

    Similar Nearby for Sale

    • $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
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      Freestanding Retail/Office Building on Mercury

      Freestanding retail/office building on Mercury Boulevard in Hampton, Virginia.
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      Hampton Retail Property: Prime Location

      11,217 SF Vacant Retail Building, High Traffic
      4813 Mercury Blvd, 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
    • 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
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    • $45,000

      Treelined Residential Lot For Sale

      Residential lot with mature trees, suitable for building a house.
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    Similar Nearby for Lease

    • 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
    • $24 SF/Yr
      1,279 SF

      Retail Space in Hampton Center

      Retail space available in a Class A redevelopment project.
      1060-1088 W Mercury Blvd, Hampton, VA 23666
      View Details
    • Contact for pricing
      6,000 SF

      Retail Space in Power Plant

      Retail space available in a shopping and entertainment district.
      1940 Power Plant Pkwy, Hampton, VA 23666
      View Details
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      1,000 SF

      Retail Space in Hampton Woods

      Neighborhood center anchored by Food Lion, ideal for retail shops.
      1166-1192 Big Bethel Rd, Hampton, VA 23666
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      Hampton Towne Centre Retail Space

      Retail space in a dominant entertainment district with interstate visibility.
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      View Details
    • Contact for pricing
      10,908 SF

      Hampton Retail Space For Lease

      Retail space available in Hampton Towne Centre near I-64.
      40 Town Center Way, Hampton, VA 23666
      View Details
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    1631 Merchant Ln
    Hampton, VA 23666
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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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