Renovated Two-Unit Office
For Sale
$899,900
104 LOUDOUN STREET, Leesburg, VA 20175
Two renovated office condominium units totaling approximately 1,619 SF, offered together as one complete purchase.
Property Size1,619 SF
Price / SF$555.84
Days on Market32
Property Features for 104 LOUDOUN STREET
General Information
Standard status
Active
Size
1,619 SF
Property subtype
Retail
Additional Details
HOA Fee
$540
Office Units
2
Taxes and HOA fees
Annual Taxes
$5,169
Amenities
Central Air
3
Tile, Vinyl
Metal
Parking.
On Street.
Building Details
Year Built
2018
Year Renovated
2019
Listing Agency:
KW United
(540) 842-0300
Listed By:
Kevin Clement · License #0225227208
(540) 842-0300
Source:
Xome
Added: Jul 24
Changed: Aug 23
Last Checked: Aug 24 at 3:55AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of KW United
Investment Insights
Based on property information with market context.
This offering includes two renovated commercial condominium office units offered together as one complete purchase. Unit 001 is located at 104 Loudoun Street SW and is approximately 755 square feet (Tax ID 231378152001). Unit 101 is also at 104 Loudoun Street SW and is approximately 864 square feet (Tax ID 231378152002). The two units have been renovated in 2019 and are presented as a polished, professional commercial space. The property is set up to be sold together and will not be offered separately. The building was constructed in 2018.
Positioned in the heart of downtown Leesburg, the property is near the courthouse and surrounded by historic downtown activity. Two public parking garages are located nearby for convenient visitor and customer parking. Walk score is 70 (Very Walkable) and bike score is 69 (Bikeable).
Offered for an owner-user or investor, the combination of two contiguous office condominium units provides a practical configuration for professional use in a downtown address.
Positioned in the heart of downtown Leesburg, the property is near the courthouse and surrounded by historic downtown activity. Two public parking garages are located nearby for convenient visitor and customer parking. Walk score is 70 (Very Walkable) and bike score is 69 (Bikeable).
Offered for an owner-user or investor, the combination of two contiguous office condominium units provides a practical configuration for professional use in a downtown address.
Key Highlights
- Two office condominium units to be sold together: Unit 001 and Unit 101 at 104 Loudoun St SW
- Unit 001: approximately 755 SF (Tax ID 231378152001)
- Unit 101: approximately 864 SF (Tax ID 231378152002)
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
—
—
no second resolved use
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 renovated office condominium units totaling approximately 1,619 SF, offered together as one complete purchase.
Where is this office units located?
The property is located at 104 LOUDOUN STREET 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 office condominium units to be sold together: Unit 001 and Unit 101 at 104 Loudoun St SW; Unit 001: approximately 755 SF (Tax ID 231378152001); Unit 101: approximately 864 SF (Tax ID 231378152002)
