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    Commercial Office Condominiums Foreclosure Auction Title is generated by Realmo AI

    602 S King St, Leesburg, VA 20175

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    Foreclosure auction of commercial office condominiums in downtown Leesburg.

    Type:Office
    Property size:
    25,070 SF
    Added:
    Mar 11, 2026
    Days on Market:
    63
    Last Refresh:
    Mar 19 at 10:47 pm

    Property Features for 602 S King St

    General Information

    Standard status
    Active
    Size
    25,070 SF
    Property subtype
    Office

    Building Details

    Year Built
    1988

    We can help!

    Listing Contact
    Stephen Karbelk
    Stephen Karbelk

    Listing agent Stephen Karbelk License #0225026849

    Listing office CENTURY 21 NEW MILLENNIUM

    Listing date Mar 11, 2026

    Source Crexi

    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 NEW MILLENNIUM

    HighLights

    • Prime commercial office space on high‑traffic Route 15 in downtown Leesburg.
    • Located in Loudoun County, one of the fastest‑growing and wealthiest counties in the U.S.
    • Opportunity to acquire multiple individual commercial office condominiums.
    • Five units believed to be vacant and free of leases, offering immediate control.
    • Flexible professional space suitable for investors, owner‑users, or re‑tenanting.
    • Crescent Design District allows reconfiguration for office, retail, medical, or other permitted uses.

    Overview

    A foreclosure auction is scheduled for Monday, March 30, 2026, at 11:00 am, offering commercial office condominiums in downtown Leesburg, along Route 15 (South King Street). Located in Loudoun County, this area is known for its growth and affluence, creating demand for professional spaces near historic charm, government offices, amenities, and business corridors. The properties are situated in Waverly Park, a four-level Class B office building constructed in 1988, governed by the Declaration for Waverly Park Office Condominium. Seven individual commercial office condominiums are being offered. According to the announcement, Unit 202 (potentially part of 201) and Unit 300 (accommodating two tenants) appear to be tenant-occupied. The remaining five units are believed to be vacant and free of leases. The Crescent Design District designation allows for reconfiguration to accommodate office, retail, medical, or other permitted uses. The total property size is 25070 square feet. Unit sizes are based on the survey recorded with the Declaration for Waverly Park Office Condominium.
    Location Intelligence

    Current Use by Public Records

    Leesburg Dental Dental Office J2 Land Surveying Office Justina M. Dee, ... Alternative Medicine Practice Kristopher R. Schuster, ... Alternative Medicine Practice Beyond Wellness Practice ... Alternative Medicine Practice

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Leesburg
    County
    Loudoun
    State
    Virginia
    Longitude
    -77.5680534
    Latitude
    39.1066138

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    FAQs

    What type of property is this?
    Office units - Foreclosure auction of commercial office condominiums in downtown Leesburg.
    Where is this office units located?
    The property is located at 602 S King St Leesburg, VA.
    What are key features of this property?
    This property features: Prime commercial office space on high‑traffic Route 15 in downtown Leesburg.; Located in Loudoun County, one of the fastest‑growing and wealthiest counties in the U.S.; Opportunity to acquire multiple individual commercial office condominiums.
    (571) 481-1037 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Stephen Karbelk
    Stephen Karbelk
    Real Estate License ID: 0225026849
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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