Updated Oct 28, 2024
DBC Barrington Acquires Multifamily Property In Hampton, VA For $9.25M
607 Michigan Drive, Hampton, Virginia, USA
$9,250,000
$22/SF
Building Size
410,771 SF
Asset Type
MultiFamily
Closing
Nov 17, 2021
About this deal
AI
A multifamily property located at 607 Michigan Drive in Hampton, Virginia has been sold in a closed transaction. The property consists of 136 units and was sold for a price of $9,250,000, resulting in a per unit price of $68,015. The transaction took place on November 17, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,250,000
- Units: 136
- Price Per Unit: $68,015
Ari Azarbarzin, Clark Simpson, and Erik Conradi from Cushman & Wakefield | Thalhimer’s Capital Markets Group represented the buyer, DBC Barrington, in the transaction. The seller in this deal was Outlier Realty. The brokers involved in the transaction were Ari Azarbarzin, Clark Simpson, and Erik Conradi from Cushman & Wakefield | Thalhimer’s Capital Markets Group.
On the Map
$9,250,000
$22/SF
MultiFamily
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Players
Hampton MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.71%
Cash-on-Cash
-0.49%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93