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1305 Oceana Boulevard

Best Buy Wheels Acquires Retail Property In Virginia Beach For $1.5M
SOLDRetail

Best Buy Wheels Acquires Retail Property In Virginia Beach For $1.5M

1305 Oceana Boulevard

$1,500,000

$384/SF

Building Size

3,904 SF

Asset Type

Retail

Closing

Apr 2, 2023

AI

Best Buy Wheels has purchased a retail property located at 1305 Oceana Blvd in Virginia Beach, VA. The property, with a total area of 3,904 square feet, was sold by BT Associates LLC for a price of $1,500,000. This translates to a price per square foot of $384.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $1,500,000
  • Address: 1305 Oceana Blvd, Virginia Beach, VA
  • Market: Virginia Beach, VA
  • Buyer: Best Buy Wheels
  • Seller: BT Associates LLC
  • Brokers: Clay Willis & Brett Sain - Cushman & Wakefield

Cushman & Wakefield, represented by Clay Willis and Brett Sain, facilitated the transaction between Best Buy Wheels and BT Associates LLC. They acted as brokers in the deal, ensuring a successful transaction for both parties involved.

Players

Brett Sain

Cushman & Wakefield

Broker

$66.2M

vol

6 deals

Broker

Virginia Beach Retail Market Snapshot

Boundary boundary · Retail · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

10.58%

Cash-on-Cash

-3.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93