Stan Johnson Co Acquires Retail Property In Virginia Beach For $10.6M
SOLD
$10,600,000
Virginia
See Similar DealsRetail13,225 SF
Sold 10/31/2022
SOLD
Stan Johnson Co Acquires Retail Property In Virginia Beach For $10.6M
1701 Independence Boulevard, Virginia Beach, Virginia 23455, United States
See Similar DealsRetail13,225 SF
Sold 10/31/2022
Summary
VIRGINIA
Asset Type:Retail
Price Per Square Foot:$801
Total Square Footage:13,225 SF
Transaction Type:Sale
The retail property located at 1701 Independence Blvd in Virginia Beach, VA has been sold. The property spans 13,225 square feet and was sold for a total price of $10,600,000, resulting in a price per square foot of $802.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $10,600,000
- Square Feet: 13,225
- Price per Square Foot: $802
- Address: 1701 Independence Blvd, Virginia Beach, VA
- Market: Virginia Beach, VA
Jason Maier from Stan Johnson Co represented the buyer in this transaction, while Preston Schwartz and Chad Kurz from Matthews Real Estate Investment Services acted as the seller's representatives.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$565,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$37,659.58
Cash-on-Cash Return-1.27%
Monthly Debt Service$50,249.41
Annual Debt Service$602,992.89
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