Lakeland Capital Acquires 18-Unit Multifamily In Richmond For $3.3M
SOLD
$3,300,000
+ 1
Virginia
See Similar DealsMultiFamily
Sold 07/26/2022
SOLD
Lakeland Capital Acquires 18-Unit Multifamily In Richmond For $3.3M
1140 West Grace Street, Richmond, Virginia 23220, United States
See Similar DealsMultiFamily
Sold 07/26/2022
+ 1
Summary
VIRGINIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 1140 West Grace Street in Richmond, VA has been sold. The transaction was completed on 07/26/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,300,000
- Units: 18
- Price per Unit: $183,333
- Address: 1140 West Grace Street, Richmond, VA
- Market: Richmond, VA
Lakeland Capital, LLC purchased the property from Boatwright Investments, LLC. The sale price for the multifamily property was $3,300,000, with a total of 18 units. Each unit was priced at approximately $183,333.
The transaction was facilitated by the brokerage team from Colliers, which included Garrison Gore, Charles Wentworth, G.S. Hankins, and Victoria Pickett. They represented both the buyer, Lakeland Capital, LLC, and the seller, Boatwright Investments, LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$175,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$11,724.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$15,643.68
Annual Debt Service$187,724.20
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