New City Properties LLC Purchases Church From Trustees Of Love Temple Church For $2.1M
1801 Park Avenue
$2,100,000
$84/SF
Building Size
25,000 SF
Asset Type
Church
Closing
Dec 21, 2025
About this deal
AI
A church property located at 1801 Park Avenue in Richmond, VA has been sold for $2,100,000. The asset encompasses 25,000 square feet, translating to a price per square foot of $84. The structure is a historic church, adding a significant element to its appeal in the local market.
Summary of transaction details:
- Property Type: Church
- Transaction Amount: $2,100,000
- Address: 1801 Park Avenue
- Market: Richmond, VA
- Square Footage: 25,000
- Price Per Square Foot: $84
- Buyer: New City Properties LLC
- Seller: Trustees of Love Temple Church of God in Christ
- Broker: Isaac DeRegibus - Cushman & Wakefield
The transaction was facilitated by Cushman & Wakefield | Thalhimer, highlighting the involvement of professional brokerage services in completing the sale of the church to New City Properties LLC from the Trustees of Love Temple Church of God in Christ.
Richmond Church Market Snapshot
Boundary boundary · Church · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
7.55%
Cash-on-Cash
-2.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93