Versatile Industrial and Flex
For Sale
Contact for pricing
210 N 21st St & 105 E Cornwell Lane, Purcellville, VA 20132
Portfolio with industrial and flex space in Loudoun County.
Property Size36,325 SF
Lot Size4.28 Acres
Price / SF$265.49
Days on Market177
Property Features for 210 N 21st St & 105 E Cornwell Lane
General Information
Standard status
Active
Size
36,325 SF
Lot size
4.28 Acres
Property subtype
Industrial
Zoning
PV-C4
Building Details
Buildings
2
Units
9
Listing Agency:
Serafin Real Estate
(703) 261-4809
Listed By:
Grant Wetmore · License #VA 0225254349
Source:
Crexi
Added: Feb 26
Changed: Aug 14
Last Checked: Aug 21 at 4:46PM
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 portfolio offers an opportunity for an owner-user to establish a presence in Purcellville. The properties, located at 210 N 21st Street and 105 E Cornwell Lane, combine for a total of 36,325 square feet across 4.28 acres, featuring a mix of industrial and flex space. The existing leases are short-term, providing flexibility for an owner-occupant to occupy space almost immediately or phase into larger portions of the portfolio over time. The current occupancy is 95%. The properties are situated along the Route 7 (Harry Byrd Highway) corridor, ensuring logistics and transit for serving the Northern Virginia, D.C., and Shenandoah Valley markets. The portfolio allows for a "grow-as-you-go" strategy, with the 27,685 square foot flex facility at 21st Street and the 8,640 square foot warehouse at Cornwell. A new owner can collect short-term cash flow from established tenants, such as Virginia Regional Transit, while waiting for lease expirations to reclaim additional square footage.
Key Highlights
- 95% occupancy provides immediate, reliable income
- Strategic location along Route 7 provides seamless logistics
- Located in Loudoun County, the most affluent and economically resilient county in the nation
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
$538,903
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
5.59%
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%
$10,778,060
$10.8M
Cap Rate 7%
$7,698,614
$7.7M
Cap Rate 9%
$5,987,811
$6.0M
Market Conditions
NOI Build-Up for 36,325 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
$871.8K $24.00/SF
− Vacancy
−$42.7K −$1.18/SF
EGI
$829.1K $22.82/SF
− OpEx
−$290.2K −$7.99/SF
NOI
$538.9K $14.84/SF
Area
Loudoun County, VA
Vacancy
4.90%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
35.00%
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%
$10,778,060
Cap Rate 7%
$7,698,614
Cap Rate 9%
$5,987,811
Alternative Uses
Best Use
Flex RnD
$7.70M
$6.74M – $8.98M
NOI $538,903 @ 7.0% cap · market cap 5.59%
Second Best
Industrial
$3.43M
$3.00M – $4.00M
NOI $240,235 @ 7.0% cap · market cap 2.49%
Theoretical Best
Specialty Retail
$11.38M
$9.96M – $13.28M
NOI $796,880 @ 7.0% cap · market cap 8.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
852
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 20132, VA
18,483
Population
6,309
Households
2.9
Avg Household Size
39
Median Age
60%
College-Educated
95%
High-School Grad
84.6 sq mi
ZIP Area
218
Density / Sq Mi
$180,663
Median Household Income
$80,404
Median Earnings
$2,225
Median Rent
$704,100
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Smokin Willy — 201 N Maple Ave Unit I, Purcellville, VA 20132
Frequently Asked Questions
What type of property is this?
Flex space - Portfolio with industrial and flex space in Loudoun County.
Where is this flex space located?
The property is located at 210 N 21st St & 105 E Cornwell Lane Purcellville, VA.
What is the asking price?
The asking price for this property is $9,644,000.
What are key features of this property?
This property features: 95% occupancy provides immediate, reliable income; Strategic location along Route 7 provides seamless logistics; Located in Loudoun County, the most affluent and economically resilient county in the nation
