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Medical Office Building Sold In Fairfax VA For $7.85M With KLNB Brokers Joe Friedman & Joshua Norwitz
SOLD
$7,850,000
Virginia
See Similar DealsMedical Office54,085 SF
Sold 02/05/2025
SOLD
Medical Office Building Sold In Fairfax VA For $7.85M With KLNB Brokers Joe Friedman & Joshua Norwitz
8500 Executive Park Avenue
See Similar DealsMedical Office54,085 SF
Sold 02/05/2025
Summary
VIRGINIA
Asset Type:Medical Office
Price Per Square Foot:$145
Total Square Footage:54,085 SF
Transaction Type:Sale
A 54,085-square-foot medical office building was sold for $7,850,000 located at 8500 Executive Park Avenue in Fairfax, VA. The sale reflects the strong demand for medical office properties in Northern Virginia amidst challenges in the broader office market.
Summary of transaction details:
- Property Type: Medical Office
- Transaction Amount: $7,850,000
- Address: 8500 Executive Park Avenue
- Market: Fairfax, VA
- Square Footage: 54,085
- Price Per Square Foot: $145
- Brokers: Joe Friedman & Joshua Norwitz - KLNB
KLNB facilitated the sale, highlighting plans for increasing medical occupancy in the building, which underscores the ongoing interest in medical office assets within the region.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$418,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$27,889.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$37,213.00
Annual Debt Service$446,556.06
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