Lenhart-Frauenberg Partnership Sells Retail Property In Virginia Beach For $1.7M
5650 Virginia Beach Boulevard, Virginia Beach, Virginia 23462, United States
$1,700,000
$199/SF
Building Size
8,537 SF
Asset Type
Retail
Closing
Apr 24, 2023
AI
The retail property located at 5650 Virginia Beach Boulevard in Virginia Beach, VA has been sold for $1,700,000. The property spans 8,537 square feet, resulting in a price per square foot of $199. The sale was facilitated by broker Ted Levin from Cushman & Wakefield on behalf of the seller, Lenhart-Frauenberg Partnership.
Summary of transaction details
- Property Type: Retail
- Sale Price: $1,700,000
- Address: 5650 Virginia Beach Boulevard
- Market: Virginia Beach, VA
- Square Footage: 8,537
- Price per Square Foot: $199
Ted Levin, representing Cushman & Wakefield, played a key role in the transaction as the broker for the sale. The successful completion of this deal highlights the collaborative efforts of both the buyer and the seller, led by their respective 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
9.33%
Cash-on-Cash
-2.67%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93