Updated Dec 4, 2024
Cypress Property Holdings Acquires 18-Acre Lakefront Estate In Henrico For $8.75M
495 Rivergate Drive & 501 Rivergate Drive
$8,750,000
Building Size
—
Asset Type
Single Family
Closing
Oct 13, 2023
About this deal
AI
The former residence of the late Circuit City CEO and CarMax founder, Rick Sharp, situated on an 18-acre lakefront estate at 501 and 495 Rivergate Drive in Henrico, VA, has been sold for $8.75 million. The property is a single-family home and covers an area of 18 acres. The transaction took place on October 13, 2023.
Summary of transaction details
- Property Type: Single Family
- Transaction Amount: $8,750,000
- Address: 495 & 501 Rivergate Drive, Henrico, VA
- Market: Henrico, VA
The buyer of the property was Cypress Property Holdings, while the seller was Sherry Sharp. Richard Bower from Joyner Fine Properties, along with Scott Ruth and Scott Shaheen from Shaheen, Ruth & Martin & Fonville Real Estate acted as the brokers in the deal.
Players
Richmond Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.81%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93