Franklin Johnson Group Purchases Land From American Automobile Association For $2.85M In Virginia Beach
5366 Virginia Beach Boulevard
$2,850,000
Building Size
—
Asset Type
Land
Closing
Feb 4, 2026
About this deal
AI
The transaction involved the sale of approximately six acres of land located at 5366 Virginia Beach Boulevard in Virginia Beach, VA. The land was acquired for a total sale price of $2,850,000, with the intention of developing a new multifamily project.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $2,850,000
- Buyer: Franklin Johnson Group
- Seller: American Automobile Association
- Broker: Clay Willis - Cushman & Wakefield
Franklin Johnson Group is set to embark on the development of a multifamily project following this acquisition from American Automobile Association, facilitated by broker Clay Willis from Cushman & Wakefield.
Players
Virginia Beach Land Market Snapshot
Boundary boundary · Land · Sale transactions
Loading comparables…
Deal FAQ
Browse Virginia land sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.57%
Cash-on-Cash
-1.59%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93