Seven-Unit Office Condominium
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For Sale
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602 S King St, Leesburg, VA 20175
Office condominium portfolio with elevator access and on-site parking.
Property Size3,570 SF
Price / SF$295
Days on Market4
Property Features for 602 S King St
General Information
Standard status
Active
Size
3,570 SF
Property subtype
OFFICE
Listing Agency:
Serafin Real Estate
(703) 994-7510
Listed By:
Joe Serafin · License #0225239987
Source:
Moodyscre
Added: Aug 6
Changed: Aug 9
Last Checked: Aug 9 at 6:09AM
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.
Waverly Park Office Condominiums comprises seven office condominium units totaling 27,267 square feet within a Class B office building at 602 South King Street in Leesburg, Virginia. The portfolio includes seven of the building’s eight condominiums, with one unit leased through March 2029 and 23,580 square feet available for lease-up or owner occupancy.
Constructed in 1988 with a steel-frame structure, the property offers elevator service and on-site parking. Its setting in Historic Downtown Leesburg places the office condominium portfolio along the primary commercial corridor of Loudoun County’s county seat. The existing configuration supports a combination of occupied and available office space within a single controlled portfolio.
Constructed in 1988 with a steel-frame structure, the property offers elevator service and on-site parking. Its setting in Historic Downtown Leesburg places the office condominium portfolio along the primary commercial corridor of Loudoun County’s county seat. The existing configuration supports a combination of occupied and available office space within a single controlled portfolio.
Key Highlights
- Seven of eight office condominiums included
- 27,267 square feet across seven units
- 23,580 square feet available for lease‑up or owner occupancy
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
$67,579
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
6.42%
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%
$1,351,580
$1.4M
Cap Rate 7%
$965,414
$965.4K
Cap Rate 9%
$750,878
$750.9K
Market Conditions
NOI Build-Up for 3,570 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
$105.4K $29.52/SF
− Vacancy
−$15.3K −$4.28/SF
EGI
$90.1K $25.24/SF
− OpEx
−$22.5K −$6.31/SF
NOI
$67.6K $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%
$1,351,580
Cap Rate 7%
$965,414
Cap Rate 9%
$750,878
Alternative Uses
Best Use
Office B
$965.4K
$844.7K – $1.13M
NOI $67,579 @ 7.0% cap · market cap 6.42%
Second Best
Healthcare Medical
$950.0K
$831.3K – $1.11M
NOI $66,501 @ 7.0% cap · market cap 6.31%
Theoretical Best
Specialty Retail
$1.12M
$979.0K – $1.31M
NOI $78,317 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
2,055
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 - Office condominium portfolio with elevator access and on-site parking.
Where is this office units located?
The property is located at 602 S King St Leesburg, VA.
What is the asking price?
The asking price for this property is $1,053,150.
What are key features of this property?
This property features: Seven of eight office condominiums included; 27,267 square feet across seven units; 23,580 square feet available for lease‑up or owner occupancy
