Red Mountain Group Inc Acquires Retail Property In Virginia Beach, VA For $1.6M
2080 South Independence Boulevard, Virginia Beach, Virginia 23453, United States
$1,600,000
$400,000/SF
Building Size
4 SF
Asset Type
Retail
Closing
Dec 22, 2022
AI
A retail property located at 2080 S Independence Blvd in Virginia Beach, VA has been sold for $1,600,000. The property has a total area of 4,925 square feet, resulting in a price per square foot of $325. The transaction was facilitated by Matthew Mousavi from SRS Real Estate Partners, representing the buyer Red Mountain Group Inc.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $1,600,000
- Address: 2080 S Independence Blvd, Virginia Beach, VA
- Market: Virginia Beach, VA
- Square Footage: 4,925
- Price Per Square Foot: $325
- Buyer: Red Mountain Group Inc
- Broker: Matthew Mousavi - SRS Real Estate Partners
Matthew Mousavi, from SRS Real Estate Partners, acted as the representative for Red Mountain Group Inc in this transaction. The successful sale of the retail property at 2080 S Independence Blvd highlights the expertise and professionalism of the involved parties.
Players
Virginia Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
9.91%
Cash-on-Cash
-2.83%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93