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Marcus & Millichap Sells Edgewood Apartments Multifamily Property In Hopewell Virginia For $3.415M
SOLD
$3,415,000
Virginia
See Similar DealsMultiFamily36,472 SF
Sold 07/18/2024
SOLD
Marcus & Millichap Sells Edgewood Apartments Multifamily Property In Hopewell Virginia For $3.415M
1900 Warren Avenue
See Similar DealsMultiFamily36,472 SF
Sold 07/18/2024
Summary
VIRGINIA
Asset Type:MultiFamily
Price Per Square Foot:$93
Total Square Footage:36,472 SF
Transaction Type:Sale
The sale involved a multifamily property located at 1900 Warren Avenue in Hopewell, Virginia. The property, known as Edgewood Apartments, features a total square footage of 36,472 and consists of 48 units. The transaction was completed for a price of $3,415,000, amounting to approximately $94 per square foot.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $3,415,000
- Square Footage: 36,472
- Price per Square Foot: $94
- Address: 1900 Warren Avenue
- Market: Hopewell, VA
The brokers facilitating the transaction were Kristina Ermyakina and Marty Zupancic from Marcus & Millichap, reflecting their involvement in the sale of this multifamily asset.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$182,133.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,132.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,188.84
Annual Debt Service$194,266.11
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