Alcove Corporation Acquires Office Building In Norfolk, VA For $3.5M
SOLD
$3,500,000
Virginia
See Similar DealsOffice27,250 SF
Sold 01/03/2022
SOLD
Alcove Corporation Acquires Office Building In Norfolk, VA For $3.5M
6300 Center Drive, Norfolk, Virginia 23502, United States
See Similar DealsOffice27,250 SF
Sold 01/03/2022
Summary
VIRGINIA
Asset Type:Office
Price Per Square Foot:$128
Total Square Footage:27,250 SF
Transaction Type:Sale
An office building located at 6300 Center Drive in Norfolk, VA has been sold. The property was purchased by Alcove Corporation for a total of $3,500,000. The sale was facilitated by Divaris Real Estate, Inc. as the broker.
Summary of transaction details:
- Property Type: Office Building
- Sale Price: $3,500,000
- Date: 01/03/2022
- Address: 6300 Center Drive, Norfolk, VA
- Market: Norfolk, VA
- Seller: Adler Group - Michael M Adler
- Broker: Divaris Real Estate, Inc
The buyer, Alcove Corporation, successfully acquired the office building located at 6300 Center Drive. The seller in this transaction was the Adler Group, with Michael M Adler representing the company. Divaris Real Estate, Inc. acted as the broker between the buyer and seller, facilitating the sale of the property.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$186,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$12,434.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$16,591.79
Annual Debt Service$199,101.43
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