New River Valley and Roanoke Valley Markets
Markets
- New River Valley sub-markets - Blacksburg, Christiansburg, Fairlawn, Dublin
- Roanoke Valley sub-markets - SW Roanoke County, Salem
Price Range
Preferred deal size $1 – $5 million.
Size
Preferably 10,000 square feet or more (minimum size somewhat dependent on distance from currently owned properties).
Construction
Single-level to mid-rise; flat or pitched roofs; individual or master-metered HVAC systems.
Age
Open. We currently own properties that range in age from five- to 100-years old.
Property Profile
We look for value-add opportunities, including low-occupancy and significant deferred maintenance issues. Special consideration given to properties with expansion potential.
Underwriting
Current valuation parameters for income-producing properties require a minimum 8% cap rate based on actual performance.
- Higher valuation will be given to properties with net or modified gross leases as opposed to full-service.
- For vacant or troubled operations we use replacement cost less renovation costs as base valuation.
- Pro forma pricing accepted, not preferred.
Typical Due Diligence Deliveries
- 3-year historical operating statements
- Current rent roll with all lease data;
- Current survey, title policy if available;
- Available 3rd party reports; e.g. environmental, structural/condition report, etc.
- All existing management, service and vendor contracts
- If mortgage is to be assumed, copies of the Note, covenants and defeasance agreement, if any.
Closing
Typically a 60-day due diligence period, then a 30-45 day closing period.
Brokerage Fees
Seller responsible for commissions by prior agreement with broker.
Submissions
Please send information for acquisitions to acquisitions@parkrealty.com (PDF files preferred), or call Jared Alcorn at 540-808-4745.
