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Sincere Estates, LLC Acquires Industrial Building In Newport News, VA For $1.07M

Property Image
SOLD
$1,066,500
Kenneth (Ken) Penrose Jr
Clay Culbreth

Virginia

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Industrial17,137 SF
Sold 01/01/2024
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Property Image
SOLD

Sincere Estates, LLC Acquires Industrial Building In Newport News, VA For $1.07M

14760 Warwick Boulevard

See Similar Deals
Industrial17,137 SF
Sold 01/01/2024
Kenneth (Ken) Penrose Jr
Clay Culbreth
the dealplayerscompscontact
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Summary

VIRGINIA
Asset Type:Industrial
Price Per Square Foot:$62
Total Square Footage:17,137 SF
Transaction Type:Sale

Sincere Estates, LLC has acquired a 17,137 square foot industrial/warehouse building located at 14760 Warwick Boulevard in Newport News, Virginia. The property was purchased from 14760 Rt. 60 Properties, LLC for a total of $1,066,500.

Summary of transaction details

  • Property Type: Industrial
  • Transaction Amount: $1,066,500
  • Address: 14760 Warwick Boulevard
  • Market: Newport News, VA
  • Buyer: Sincere Estates, LLC
  • Seller: 14760 Rt. 60 Properties, LLC
  • Brokers: Clay Culbreth & Kenneth Penrose Jr - Cushman & Wakefield
  • Square Footage: 17,137
  • Price Per Square Foot: $62

The transaction was facilitated by Clay Culbreth and Kenneth Penrose Jr of Cushman & Wakefield. They represented both the buyer, Sincere Estates, LLC, and the seller, 14760 Rt. 60 Properties, LLC.

Players

Kenneth (Ken) Penrose Jr
Cushman & Wakefield
Kenneth Penrose Jr
3 deals$26.7M volume
BROKER
Clay Culbreth
Cushman & Wakefield
Clay Culbreth
9 deals$43M volume
BROKER

Details

SOLD
IMAGE: Clay Culbreth & Kenneth Penrose Jr DATE: 01/01/2024 ADDRESS: 14760 Warwick Boulevard MARKET: Newport News, VA ASSET TYPE: Industrial BUYER: Sincere Estates, LLC SELLER: 14760 Rt. 60 Properties, LLC BROKERS: Clay Culbreth & Kenneth Penrose Jr - Cushman & Wakefield SALE PRICE: $1,066,500 SF: 17,137 ~ PPSF: $62 NOTE: Sincere Estates, LLC has acquired a 17,137 square foot industrial/warehouse building at 14760 Warwick Blvd. in Newport News, Virginia, from 14760 Rt. 60 Properties, LLC for $1,066,500.

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

$56,880.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$3,789.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$5,055.75
Annual Debt Service$60,669.05