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5904 Richmond Hwy, Alexandr...

Updated Oct 29, 2024

Avanti Holdings Group Acquires Property At 5904 Richmond Hwy Alexandria For $8.3M With Broker Joshua Simon
SOLDOffice

Avanti Holdings Group Acquires Property At 5904 Richmond Hwy Alexandria For $8.3M With Broker Joshua Simon

5904 Richmond Hwy, Alexandria, VA...

$8,300,000

$106/SF

Building Size

78,000 SF

Asset Type

Office

Closing

Nov 20, 2023

About this deal

AI

5904 Richmond Hwy, located in Alexandria, VA, is an office building that spans 78,000 square feet. The property sold for $8,300,000. It is situated within walking distance of Huntington Metro Station and Mount Vernon Trail, and at the time of sale, the building was 65 percent leased with five office suites available for lease, ranging in size from 1,800 to 15,780 square feet.

Summary of transaction details:

  • Property Type: Office Building
  • Transaction Amount: $8,300,000.00
  • Square Footage: 78,000
  • Address: 5904 Richmond Hwy, Alexandria, VA
  • Market: Alexandria
  • Buyer: Avanti Holdings Group
  • Seller: FCA
  • Buyer's Representative: Joshua Simon
  • Agency: KLNB Retail
  • Leasing Assignment: Handled by Joshua Simon

This transaction involved Joshua Simon from KLNB representing the buyer, Avanti Holdings Group, which is a joint venture with Rock Creek Property Group. The office building's leasing aspect will be managed by Simon, indicating ongoing interest in the property's rental potential following the sale.

Players

Joshua Simon

Lee & Associates

Broker

$17.3M

vol

2 deals

Broker
FCA
FCASeller

Alexandria Office Market Snapshot

Boundary boundary · Office · Sale transactions

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Deal FAQ

About $106 per square foot on a published $8.3M for 78,000 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.91%

Cash-on-Cash

-0.55%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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