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Air & Space Forces Association Sells Arlington Office Building For $16.2M
SOLD
$16,250,000
Virginia
See Similar DealsOffice85,000 SF
Sold 06/21/2023
SOLD
Air & Space Forces Association Sells Arlington Office Building For $16.2M
1501 Langston Boulevard Arlington, Virginia 22209, USA
See Similar DealsOffice85,000 SF
Sold 06/21/2023
Summary
VIRGINIA
Asset Type:Office
Price Per Square Foot:$191
Total Square Footage:85,000 SF
Transaction Type:Sale
The Air & Space Forces Association has sold its aging office building located at 1501 Langston Boulevard in Arlington, VA. The property, consisting of 85,000 square feet, was sold for a total amount of $16,250,000. This translates to a price per square foot of $191. The sale of the office building marks the Association's plans to relocate to a more modern space.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $16,250,000
- Square Footage: 85,000
- Price per Square Foot: $191
- Address: 1501 Langston Boulevard
- Market: Arlington, VA
The sale of the office building was facilitated by two broker teams. Mindy Saffer and Natalie Gosnell represented the Air & Space Forces Association in the deal through Cresa, while Matt Pacinelli and Charlie Smiroldo represented the transaction on behalf of Stream Realty Partners.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$866,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$57,732.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$77,033.29
Annual Debt Service$924,399.48
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