1700 Mercury BlvdHampton, VA 23666

Property Details for 1700 Mercury Blvd

Year built

2004

Construction

WOOD

Lot size

0.80 AC

Property size (Sq ft)

6,280 SF

Zone code

14 C-2 LIMITED COMMERCIAL

Property type

Retail properties

Property subtype

Turn key restaurants

APN

07F001 00 000B17

APU

07F00100000B17

Description

Exceptional investment opportunity: a brand-new, 15-year absolute NNN lease with Chase Bank in Hampton, Virginia's Peninsula Town Center. This 3,322 square foot, drive-thru equipped bank boasts a 5.00% cap rate and $215,000 NOI. Located on a 0.8-acre lot with 29 parking spaces, the property benefits from a hard-corner, signalized intersection with excellent visibility and access. The lease, commencing October 1, 2024, and expiring October 1, 2039, includes four 5-year renewal options with 10% rent increases every five years. The property is situated within a thriving retail corridor, near major retailers and benefiting from the high traffic of Peninsula Town Center (7.3 million annual visitors), and is surrounded by residential and hospitality complexes. The strong demographics of the 5-mile trade area, including over 199,600 residents and 115,500 daytime employees with an average household income of $81,938, further enhance the investment potential. The asking price is $4,300,000, representing a price per square foot of $1,294.40. This is a management-free investment with zero landlord responsibilities, making it an ideal opportunity for passive investors. The property's Limited Commercial (C-2) zoning and APN 13002031 are noted for reference.

• CAP approach

  CAP return

  Valuation

  6%

  $1,949,410

  6.5%

  $1,799,455

  7%

  $1,670,923

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,027,786

  Geo Method

  $2,643,034

• Alternative Use

  Use

  Valuation

  Residential

  $1,517,908

  Hospitality

  $1,390,395

  Educational

  $1,156,793

  Medical

  $1,196,576

  Retail

  $1,799,455

Location Insight

City

Hampton

County

Hampton City

State

Virginia

Latitude

37.042

Longitude

-76.3895

CBSA code

47260

CBSA name

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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