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6300 Center Drive, Norfolk,...

Alcove Corporation Acquires Office Building In Norfolk, VA For $3.5M
SOLDOffice

Alcove Corporation Acquires Office Building In Norfolk, VA For $3.5M

6300 Center Drive, Norfolk, Virginia 23502, United States

$3,500,000

$128/SF

Building Size

27,250 SF

Asset Type

Office

Closing

Jan 2, 2022

AI

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.

Players

Michael Adler

Adler Group

Seller

$44.4M

vol

5 deals

Seller

Norfolk Office Market Snapshot

Boundary boundary · Office · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

4.53%

Cash-on-Cash

-1.30%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93