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Madison Capital Group Acquires 23 Acres In Chesapeake From CFG Properties For $6.5M
SOLD
$6,500,000
Virginia
See Similar DealsLand
Sold 06/13/2024
SOLD
Madison Capital Group Acquires 23 Acres In Chesapeake From CFG Properties For $6.5M
1840 Mount Pleasant Road & 1852 Mount Pleasant Road
See Similar DealsLand
Sold 06/13/2024
Summary
VIRGINIA
Asset Type:Land
Transaction Type:Sale
The sale involved approximately 23 acres of land located at 1840-1852 Mount Pleasant Road in Chesapeake, Virginia. The property was acquired by Madison Capital Group Management LLC from CFG Properties LLC – Three Gee’s Associates Inc for a total sale price of $6,500,000.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $6,500,000
- Address: 1840-1852 Mount Pleasant Road
- Market: Chesapeake, VA
Janet Whitbeck from Cushman & Wakefield represented both the buyer, Madison Capital Group Management LLC, and the seller, CFG Properties LLC – Three Gee’s Associates Inc, in the negotiations for the sale of the land. The transaction facilitated the acquisition of the property for the operation of Blue Gate Boat & RV Storage division by Madison Capital Group Management LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$346,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$23,093.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$30,813.32
Annual Debt Service$369,759.79
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