Renovated Two-Unit Office
For Sale
Under Contract
$899,900
104 LOUDOUN Street SW, Leesburg, VA 20175
Commercial Sale, LEESBURG, VA
Property Size1,619 SF
Lot Size0.04 Acres
Price / SF$555.84
Days on Market41
Property Features for 104 LOUDOUN Street SW
General Information
Property type
Other
Property subtype
Retail
Parking features
Garage, On Street
Elementary school district
LOUDOUN COUNTY PUBLIC SCHOOLS
Middle school district
LOUDOUN COUNTY PUBLIC SCHOOLS
High school district
LOUDOUN COUNTY PUBLIC SCHOOLS
Standard status
Active Under Contract
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
5169
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
2018
Building materials
Brick, Masonry
Listing Agency:
KW United · Keller Williams Realty
(703) 533-1500
Listed By:
Kevin P Clement · License #0225227208
(540) 842-0300
Added: Jul 28
Changed: Sep 5
Last Checked: Sep 6 at 8:06AM
MLS# VALO2132512
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering combines two commercial condominium office units at 104 Loudoun Street SW in Leesburg. Unit 001 contains approximately 755 square feet and Unit 101 contains approximately 864 square feet, creating approximately 1,619 square feet together. The units are being sold as one package and were renovated in 2019, providing a finished interior suitable for professional office operations. Brick and masonry construction, heat-pump heating, and central air support the building’s commercial functionality.
The property is positioned near the courthouse in historic downtown Leesburg, with two public parking garages nearby and additional on-street parking available. Garage parking is also listed among the property features. The combined layout may suit an owner-user or investor seeking office condominium space for professional business use, including law, accounting, consulting, financial, or agency operations.
The property is positioned near the courthouse in historic downtown Leesburg, with two public parking garages nearby and additional on-street parking available. Garage parking is also listed among the property features. The combined layout may suit an owner-user or investor seeking office condominium space for professional business use, including law, accounting, consulting, financial, or agency operations.
Key Highlights
- Two commercial condominium office units sold together
- Approximately 1,619 square feet combined across 755‑square‑foot and 864‑square‑foot units
- Renovated in 2019
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,647
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.41%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$612,940
$612.9K
Cap Rate 7%
$437,814
$437.8K
Cap Rate 9%
$340,522
$340.5K
Market Conditions
NOI Build-Up for 1,619 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.8K $29.52/SF
− Vacancy
−$6.9K −$4.28/SF
EGI
$40.9K $25.24/SF
− OpEx
−$10.2K −$6.31/SF
NOI
$30.6K $18.93/SF
Area
Loudoun County, VA
Vacancy
14.50%
Lease Rate
$29.52 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$612,940
Cap Rate 7%
$437,814
Cap Rate 9%
$340,522
Alternative Uses
Best Use
Office B
$437.8K
$383.1K – $510.8K
NOI $30,647 @ 7.0% cap · market cap 3.41%
Second Best
Retail
$394.0K
$344.8K – $459.7K
NOI $27,580 @ 7.0% cap · market cap 3.06%
Theoretical Best
Specialty Retail
$507.4K
$444.0K – $592.0K
NOI $35,517 @ 7.0% cap · market cap 3.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
2,602
Businesses Nearby
Explore this area
Business Placement
Demographics for 20175, VA
33,245
Population
12,695
Households
2.6
Avg Household Size
38
Median Age
64%
College-Educated
94%
High-School Grad
59.0 sq mi
ZIP Area
563
Density / Sq Mi
$168,035
Median Household Income
$80,588
Median Earnings
$2,039
Median Rent
$717,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Two connected commercial condominium units provide a finished professional setting near Leesburg’s courthouse and downtown amenities.
Where is this office units located?
The property is located at 104 LOUDOUN Street SW Leesburg, VA.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: Two commercial condominium office units sold together; Approximately 1,619 square feet combined across 755‑square‑foot and 864‑square‑foot units; Renovated in 2019
