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Jaden Way, LLC Acquires 93-Acre Development Site In Virginia Beach For $2,015,000
SOLD
$2,015,000
Virginia
See Similar DealsDevelopment Site
Sold 07/12/2023
SOLD
Jaden Way, LLC Acquires 93-Acre Development Site In Virginia Beach For $2,015,000
608 Dam Neck Road
See Similar DealsDevelopment Site
Sold 07/12/2023
Summary
VIRGINIA
Asset Type:Development Site
Transaction Type:Sale
Around 93 acres of land located at 608 Dam Neck Road in Virginia Beach, Virginia, have been sold for $2,015,000. The property, which is a development site, has been acquired by Jaden Way, LLC from VB Holdings, LLC. The plan for the property is to develop 62 townhouse units as part of a larger 92-unit project.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $2,015,000
- Address: 608 Dam Neck Road
- Market: Virginia Beach, VA
- Acres: 93
Cushman & Wakefield facilitated the sale of the land. The buyer, Jaden Way, LLC, will oversee the development of the townhouse units on the property. The seller, VB Holdings, LLC, has successfully completed the transaction. Robert M. Thornton from Cushman & Wakefield served as the broker in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$107,466.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$7,158.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$9,552.13
Annual Debt Service$114,625.54
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