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Sung Eun Management LLC Acquires Industrial Building In Newport News For $1.4M

Property Image
SOLD
$1,400,000
Ellis Colthorpe
Teresa Nettles

Virginia

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Industrial9,906 SF
Sold 05/28/2024
the dealplayerscompscontact
Property Image
SOLD

Sung Eun Management LLC Acquires Industrial Building In Newport News For $1.4M

11849 Tugboat Lane

See Similar Deals
Industrial9,906 SF
Sold 05/28/2024
Ellis Colthorpe
Teresa Nettles
the dealplayerscompscontact
Contact now

Summary

VIRGINIA
Asset Type:Industrial
Price Per Square Foot:$141
Total Square Footage:9,906 SF
Transaction Type:Sale

An industrial/flex building spanning 9,906 square feet located at 11849 Tugboat Lane in Newport News, VA, was sold for $1.4 million. The transaction involved Sung Eun Management LLC as the buyer and Tugboat Properties LLLP as the seller. The property was facilitated by brokers Ellis Colthorpe & Teresa Nettles from Cushman & Wakefield.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: $1,400,000
  • Address: 11849 Tugboat Lane
  • Market: Newport News, VA
  • Square Footage: 9,906
  • Price per Square Foot: $141
  • Buyer: Sung Eun Management LLC
  • Seller: Tugboat Properties LLLP
  • Brokers: Ellis Colthorpe & Teresa Nettles - Cushman & Wakefield

Sung Eun Management LLC acquired the 9,906 square foot industrial/flex building at 11849 Tugboat Lane in Newport News, Virginia for $1.4 million from Tugboat Properties LLLP in a recent transaction.

Players

Ellis Colthorpe
Cushman & Wakefield
Ellis Colthorpe
5 deals$10.6M volume
BROKER
Teresa Nettles
Cushman & Wakefield
Teresa Nettles
2 deals$2.9M volume(757) 879-0323
BROKER

Details

SOLD
IMAGE: 05/28/2024 ADDRESS: 11849 Tugboat Lane MARKET: Newport News, VA ASSET TYPE: Industrial BUYER: Sung Eun Management LLC SELLER: Tugboat Properties LLLP BROKERS: Ellis Colthorpe & Teresa Nettles - Cushman & Wakefield SALE PRICE: $1,400,000 SF: 9,906 ~ PPSF: $141 NOTE: Sung Eun Management LLC has acquired a 9,906 square foot industrial/flex building at 11849 TugBoat Lane in Newport News, Virginia, from Tugboat Properties LLLP for $1.4 million.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$74,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$4,973.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$6,636.71
Annual Debt Service$79,640.57