Mixed-Use Redevelopment
For Sale
Contact for pricing
208 Church St SE, Leesburg, VA 20175
Downtown Leesburg redevelopment site with three buildings totaling 14,000 SF and entitlements for a four-story, 22-unit mixed-use project.
Property Size14,000 SF
Lot Size0.55 Acres
Price / SF$356.43
Days on Market532
Property Features for 208 Church St SE
General Information
Standard status
Active
Size
14,000 SF
Lot size
0.55 Acres
Property subtype
LAND
Listing Agency:
Serafin Real Estate
(703) 261-4809
Listed By:
Joe Serafin · License #0225239987
(703) 994-7510
Source:
Moodyscre
Added: Mar 28, 2025
Changed: Sep 9
Last Checked: Sep 9 at 4:09PM
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 Serafin Real Estate
Investment Insights
Based on property information with market context.
This mixed-use redevelopment site comprises approximately 0.55 acres and is currently improved with three buildings totaling about 14,000 SF. The property is fully entitled for a four-story, 22-unit mixed-use development with ground-floor retail.
Located in the heart of Downtown Leesburg and within the historic district, the asset offers an opportunity to reposition the existing buildings into a new mixed-use configuration.
The approved development contemplates residential units on upper floors and retail at ground level, aligning the site’s future layout with a mixed-use end product.
Located in the heart of Downtown Leesburg and within the historic district, the asset offers an opportunity to reposition the existing buildings into a new mixed-use configuration.
The approved development contemplates residential units on upper floors and retail at ground level, aligning the site’s future layout with a mixed-use end product.
Key Highlights
- 0.55‑acre redevelopment site in Downtown Leesburg’s historic district
- Existing three‑building property totaling 14,000 SF
- Fully entitled for a four‑story, 22‑unit mixed‑use development
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
$238,493
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
4.78%
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%
$4,769,860
$4.8M
Cap Rate 7%
$3,407,043
$3.4M
Cap Rate 9%
$2,649,922
$2.6M
Market Conditions
NOI Build-Up for 14,000 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
$349.4K $24.96/SF
− Vacancy
−$8.7K −$0.62/SF
EGI
$340.7K $24.34/SF
− OpEx
−$102.2K −$7.30/SF
NOI
$238.5K $17.04/SF
Area
Loudoun County, VA
Vacancy
2.50%
Lease Rate
$24.96 /SF/Yr
Expense Ratio
30.00%
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%
$4,769,860
Cap Rate 7%
$3,407,043
Cap Rate 9%
$2,649,922
Alternative Uses
Best Use
Retail
$3.41M
$2.98M – $3.97M
NOI $238,493 @ 7.0% cap · market cap 4.78%
Second Best
Apartment 5plus
$3.12M
$2.73M – $3.64M
NOI $218,343 @ 7.0% cap · market cap 4.38%
Theoretical Best
Specialty Retail
$4.39M
$3.84M – $5.12M
NOI $307,125 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,931
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown Leesburg redevelopment site with three buildings totaling 14,000 SF and entitlements for a four-story, 22-unit mixed-use project.
Where is this mixed-use property located?
The property is located at 208 Church St SE Leesburg, VA.
What is the asking price?
The asking price for this property is $4,990,000.
What are key features of this property?
This property features: 0.55‑acre redevelopment site in Downtown Leesburg’s historic district; Existing three‑building property totaling 14,000 SF; Fully entitled for a four‑story, 22‑unit mixed‑use development
