Building Details

Year Built 2023

Listing Agency: Century 21 Redwood Realty k***@c21redwood.com Show Phone

Listed By: Kevin E LaRue · License #0225085767 Show Phone

Source: Cummingsrealtors

Added: Jul 24 Changed: Aug 8 Last Checked: Aug 9 at 4:54AM

Report an Issue

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 Century 21 Redwood Realty

Investment Insights

Based on property information with market context.

Set across 10 acres, this 4,392-square-foot wedding venue combines an event barn with private living quarters and supporting improvements. The main level includes an event area, two restrooms, and a licensed commercial production kitchen equipped with new appliances. The upper level provides four bedrooms, two full baths, an open living and dining area, vaulted ceilings, a full kitchen, and a separate laundry room. A partially finished lower level adds two flex rooms, a full bath, storage, and additional space for event support. An attic provides further storage capacity.

The property is approved and permitted for event-venue operations, with residential and commercial zoning in place. Approximately two fenced acres contain mature apple, peach, plum, persimmon, and fig trees, along with established blueberry bushes. Additional improvements include a paved circular driveway, a tractor shed with solar panels, honey bee hives, and power installed for potential construction of another dwelling. The slate front patio was completed in 2026.

Key Highlights

• 10‑acre wedding venue with a 4,392 SF event barn and private living quarters
• County‑approved and fully permitted event venue with residential and commercial zoning
• Licensed commercial production kitchen with brand‑new appliances

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

$96,350

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

6.64%

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%

$1,927,000 $1.9M

Cap Rate 7%

$1,376,429 $1.4M

Cap Rate 9%

$1,070,556 $1.1M

Market Conditions

NOI Build-Up for 4,392 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

$131.8K $30.00/SF

− Vacancy

−$3.3K −$0.75/SF

EGI

$128.5K $29.25/SF

− OpEx

−$32.1K −$7.31/SF

NOI

$96.3K $21.94/SF

Area

Loudoun County, VA

Vacancy

2.50%

Lease Rate

$30.00 /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%

$1,927,000

Cap Rate 7%

$1,376,429

Cap Rate 9%

$1,070,556

Alternative Uses

Best Use

Specialty Retail

$1.38M

$1.20M – $1.61M (±1% cap)

NOI $96,350 @ 7.0% cap · market cap 6.64%

Second Best

Industrial

$414.9K

$363.1K – $484.1K (±1% cap)

NOI $29,046 @ 7.0% cap · market cap 2.00%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Wedding venues

Suggested Use

Top Pick Real Estate Agency Building Supply Big Box & Wholesale Store Auto Repair Shop Pharmacy Law Firm

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

143

Businesses Nearby

Explore this area Business Placement

Demographics for 20180, VA

8,073

Population

2,702

Households

3

Avg Household Size

41

Median Age

58%

College-Educated

96%

High-School Grad

43.0 sq mi

ZIP Area

188

Density / Sq Mi

$162,955

Median Household Income

$70,625

Median Earnings

$2,071

Median Rent

$629,400

Median Home Value

Market

Vacancy Rate% for Retail in South region

7% 2020

6.2% 2021

5.1% 2022

4.8% 2023

4.9% 2024

5.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this wedding venues located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Frequently Asked Questions

What type of property is this?

Wedding venue - County-approved event property includes a licensed production kitchen, guest accommodations, and extensive supporting improvements.

Where is this wedding venue located?

The property is located at 38217 MOUNTAIN AIR LANE Lovettsville, VA.

What is the asking price?

The asking price for this property is $1,450,000.

What are key features of this property?

This property features: 10‑acre wedding venue with a 4,392 SF event barn and private living quarters; County‑approved and fully permitted event venue with residential and commercial zoning; Licensed commercial production kitchen with brand‑new appliances