Medalist Diversified REIT Acquires 4.39 Acres Office Property In Virginia Beach For $7.3M
SOLD
$7,300,000
Virginia
See Similar DealsOffice64,109 SF
Sold 11/05/2021
SOLD
Medalist Diversified REIT Acquires 4.39 Acres Office Property In Virginia Beach For $7.3M
2697 International Parkway, Virginia Beach, VA, USA
See Similar DealsOffice64,109 SF
Sold 11/05/2021
Summary
VIRGINIA
Asset Type:Office
Price Per Square Foot:$113
Total Square Footage:64,109 SF
Transaction Type:Sale
An office property located at 2697 International Parkway in Virginia Beach, VA has been sold in a closed transaction. The property spans over 4.39 acres and is classified as an office asset. The sale took place on 11/05/2021.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $7,300,000
- Square Footage: 64,109
- Price Per Square Foot: $114
- Address: 2697 International Parkway, Virginia Beach, VA
- Market: Virginia Beach, VA
Medalist Diversified REIT purchased the property from CCP Commercial Real Estate. The transaction was facilitated by Pat Mugler, Ricky Anderson, and Michael Ettel from Colliers.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$389,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$25,935.37
Cash-on-Cash Return-1.27%
Monthly Debt Service$34,605.72
Annual Debt Service$415,268.69
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