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Christopher M. Zarpas
Christopher M. Zarpas Photo Christopher M. Zarpas Photo

Vice President
Christopher M. Zarpas Photo

Specialties

I have extensive experience working with a variety of asset types and have an in depth knowledge of these properties and what it takes to increase profitability. I have the critical skills and insight to achieve whatever goals you may have for your project.

 

Healthcare Real Estate

 

After payroll, real estate is the greatest expense for most healthcare practices. A poorly negotiated medical office building lease, purchase or sale could cost you hundreds of thousands of dollars. Our company represents Sentara Healthcare, one of the largest healthcare providers and medical office space in the region. We also represent numerous doctors, healthcare real estate developers and investors. Recently. I represented one of the largest medical real estate funds in the US in a $19MM MOB acquisition. I’m now pre-leasing a new, 92,000 square foot medical office park for one of the biggest regional MOB developers. Our extensive healthcare real estate expertise, market knowledge and skilled negotiating allow us to achieve terms and concessions. Terms and concessions far superior to those of other commercial real estate brokers and healthcare providers who are not professionally represented, increasing your profitability.

Retail

SL. Nusbaum Realty Co. owns and/or manages over 50 retail shopping centers comprising almost 6 million square feet of space. Many of these properties were developed by the company. Developing, owning, leasing and managing retail property on this scale for over 114 years allows us to bring a 360 degree perspective to every retail transaction. If you are investor wanting to buy or sell lease retail real estate, a developer seeking land on which to build it, a tenant seeking a great location, or a landlord seeking leasing or management services, we can help.

My membership in ICSC (International Council of Shopping Centers) and attendance at regional and national retail conventions ensures I constantly expand my knowledge of industry market trends and technological innovation. As a tenant representative, my past and present clients include national fitness center brand, Planet Fitness and regional restaurant operator Pollard’s Chicken. As a landlord representative, I handle the leasing of a Food Lion anchored shopping center. I have recently represented investors in numerous acquisitions including two shopping centers of 18,000 and 12,000 square feet and a 5000 square foot, free standing building occupied by Mattress Firm, a national mattress retailer.

Land and Development

Buying vacant land is in many ways more complicated that buying an existing building. You can actually see the building, and its many advantages and disadvantages will be immediately apparent. But with raw land, what you can see with your eyes is important, but what you may not see — subsurface soil and water conditions, seasonal effects, easements, deed restrictions, or a murky title — can have a far greater impact on your successful development of the land.

The cities and counties of Hampton Roads have very unique land use policies with urban growth boundaries, zoning ordinances and specific regulations like the Chesapeake Bay Preservation Act. Identifying and purchasing land for an investor or developer client requires knowledge of basic brokerage, and local rules and regulations. But it also requires an understanding of retail, office, residential and industrial demographic requirements, and how they will affect the future development of the property. We bring not only superior brokerage skills but 114 years of experience as developers to every land acquisition of disposition assignment.

I have extensive recent experience representing clients buying and selling land and currently have sold over 600 acres of land at prices totaling $30 million. Among my past clients is the Simon Property Group, whom I represented in the acquisition of 50 acres that would become the site of the Norfolk Simon Premium Outlet. I am currently representing HHHunt, one of the biggest residential home builders in the mid-Atlantic, in the acquisition of several hundred acres. I provide my investor and developer clients with the up-to-the-minute market data, zoning and comprehensive plan information. I have the critical skills and insight to fully support you project from acquisition through entitlement and final site plan approval.

Mobile Home Parks and RV Resorts

Mobile Home Parks

I am the leading mobile home park broker in Hampton Roads, having sold mobile home parks from $2 million to over $10 million. Manufactured or “Mobile Homes” are the most affordable form of single family housing. Many families living in well maintained “manufactured housing communities” or mobile home parks see them as a better alternative to low rent apartment living. Low rent apartments can have high crime rates, constant noise on all sides of the building, no private outside space, the inability to have pets and no sense of community

Mobile Home Park investments offer investors some of the most attractive risk-adjusted cash yields available in the commercial real estate market.

Mobile Home Parks have four unique investment advantages that make them highly superior investments:

  • Mobile Home Park owners are not responsible for maintaining the mobile home dwellings – The owner most often owns the land and property infrastructure (streets, utility connections and common areas) only and leases the land to homeowners, who must maintain.
  • High tenant relocation costs – it costs $5,000-$10,000 for a mobile home owner to move and reinstall their home at another community.
  • Limited Supply – New mobile home park development is increasingly difficult. Many municipalities no longer permit manufactured home community development, while the redevelopment of existing mobile home parks is lowering inventory.
  • Increasing development around once isolated parks improves property value.

These benefit of these advantages to the mobile home park owner are:

  • Lower tenant turnover: 10-15% annual turnover vs >40% for apartment communities.
  • Reduced operating expenses: 35% average operating costs vs. 50% for apartment communities.
  • Pricing power: Ability to raise rents without realizing vacancy.
  • Lower Ongoing Capital Expenditures: The value of roads, playgrounds, picnic areas and other common area improvements can be maintained with relatively low periodic capital expenditures by comparison to apartment communities.
  • Very significant upside: Redevelopment opportunities may come to exceed the value of cash flow as surrounding commercial and residential densities increase.

My sales include:

Magnolia Meadows MHP
1161 Nansemond Parkway, Suffolk, VA
239 Lots
Sale Price: $10,296,000.00

Oconee Mobile Home Park
340 Tomahawk Trail, Virginia Beach, VA
68 Lots
Sale Price: $4,800,000.00

Blairs Creek Mobile Home Park
60 Lots
11296 Blairs Creek Drive, Smithfield VA
Sale Price: $2,800,000 60 Lots

As an experienced mobile home park broker I understand all the operating issues and how they impact value. This allows me to help sellers best position their mobile home parks for sale at the highest possible price.

RV Campgrounds/Resorts

RV Resorts can yield very high returns from 10% to 20%+ on cash invested. Also known as “RV Parks”, RV Campgrounds and Resorts offer among the highest and most predictable yields of any real estate asset class.

RV Resort ownership is a lifestyle. Owners get to work in the outdoors and enjoy meeting and chatting with customers from all over the country, offering travel and dining suggestions. The RV Resort camper is naturally affable and isn’t too demanding. Most owners live on their property and enjoy wide open spaces and resort style living year-round.

Another advantage offered by RV Campground is owner financing. Many campgrounds are owned by independent owners who have little to no debt and therefore, the ability to finance your purchase. When the seller carries the financing at a low interest rate, it compounds the return on your investment thanks to leverage. And an RV Campground can return 10% or more on your investment, with greater safety and security than stocks, bonds or mutual funds. Unlike financial instruments, real estate won’t drop 30% in a day. And real estate has never been worth zero.

Whether you are an investor seeking an RV Campground to own and operate, or the owner/operator of an RV Campground who wishes to sell or acquire another RV Resort, we can help. Our company is a member of the Virginia Campground Association and has direct relationships with senior executives at some of the largest RV Campground companies in the country such as Carefree, KOA and Equity Lifestyle.

My sales include:

Hampton Lodge Outer Banks RV Resort
1631 Waterlily Rd, Coinjock, NC
255 Sites – 350 acres
Sale Price: $4,000,000

North Landing RV Park & Campground
161 Princess Anne Road, Virginia Beach, VA 23457
Sale Price: $2,100,000.00
186 Sites – 70 Acres – Since expanded to 400 Sites.


To contact me about buying, selling, leasing or managing commercial property, please contact me today.