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Montecito Medical Acquires Medical Office In Cave Spring, VA For $21.6M
SOLD
$21,600,000
Virginia
See Similar DealsOther209,000 SF
Sold 05/03/2023
SOLD
Montecito Medical Acquires Medical Office In Cave Spring, VA For $21.6M
4348 Electric Road Cave Spring, Virginia 24018, USA
See Similar DealsOther209,000 SF
Sold 05/03/2023
Summary
VIRGINIA
Asset Type:Other
Price Per Square Foot:$103
Total Square Footage:209,000 SF
Transaction Type:Sale
A medical office located at 4348 Electric Road in Cave Spring, VA has been sold for a transaction amount of $21,600,000. The property spans a total area of 209,000 square feet, resulting in a price per square foot of $103.
Summary of transation details
- Property Type: Medical Office
- Transaction Amount: $21,600,000
- Address: 4348 Electric Road, Cave Spring, VA
- Market: Cave Spring, VA
- Buyer: Montecito Medical
- Seller: Hackney Real Estate Partners & Blackwater Resources
- Square Feet: 209,000
- Price Per Square Foot: $103
The buyer of the medical office property is Montecito Medical, while the sellers are Hackney Real Estate Partners and Blackwater Resources.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,152,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$76,740.24
Cash-on-Cash Return-1.27%
Monthly Debt Service$102,395.02
Annual Debt Service$1,228,740.24
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