Stan Johnson Co Acquires Retail Property In Virginia Beach For $10.6M
1701 Independence Boulevard, Virginia Beach, Virginia 23455, United States
$10,600,000
$801/SF
Building Size
13,225 SF
Asset Type
Retail
Closing
Oct 30, 2022
AI
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.
Players
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
1.50%
Cash-on-Cash
-0.43%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93