602 S King St, Leesburg, VA 20175

Listing Agency: Serafin Real Estate Show Phone

Listed By: Joe Serafin · License #0225239987 Show Phone

Source: Moodyscre

Added: Aug 6 Changed: Oct 26 Last Checked: Nov 8 at 6:55AM

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 Serafin Real Estate

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

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.

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 / Yr

$67,579

Cap Rate

6.42%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,351,580 $1.4M

Cap Rate 7%

$965,414 $965.4K

Cap Rate 9%

$750,878 $750.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,570 SF

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 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 (±1% cap)

NOI $67,579 @ 7.0% cap · market cap 6.42%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$1.12M

$979.0K – $1.31M (±1% cap)

NOI $78,317 @ 7.0% cap · market cap 7.44%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

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

Suggested Use

Top Pick Storage Facility Hotel & Motel Furniture & Home Goods (Bike/Boat/Book/etc) Store Butcher Parking Lot & Garage

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

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

Average Price Trend$/SF for Office Units in Loudoun County, VA

$209 Jul

$227 Aug

$220 Sep

$184 Oct

Properties on Market for Office Units in Loudoun County

Jul

Aug

Sep

Oct

Vacancy Rate% for Office in South region

14.4% 2019

16.4% 2020

17.3% 2021

18% 2022

18.6% 2023

20.3% 2024

20.2% 2025

Similar For Sale Nearby

See more

Renovated Mixed-Use Building

19 Wirt Street Southwest, Leesburg, VA 20175

$1,400,000

2,336 SF

View details

Multi-Unit Office Condo

891-895 Harrison St SE, Leesburg, VA 20175

$1,925,000

View details

Medical Office Condo with Signage

2 CARDINAL PARK DRIVE SE Unit: 101, Leesburg, VA 20175

$750,000

1,915 SF

View details

Medical Office Suite with Parking

211 S KING STREET #C, Leesburg, VA 20175

Contact for pricing

4,028 SF

View details

Built-Out Office Unit with Private Entrance

19441 GOLF VISTA PLAZA #110-A, Leesburg, VA 20176

Contact for pricing

1,830 SF

View details

Top-Floor Corner Office Unit

19420 GOLF VISTA PLAZA #320, Leesburg, VA 20176

Contact for pricing

1,557 SF

View details

Office Unit with New HVAC

823-B S KING Street, Leesburg, VA 20175

$260,000

View details

Downtown Leesburg Commercial Opportunity

17 Loudoun St SE, Leesburg, VA 20175

$1,375,000

4,576 SF

View details

Potomac River-View Income Property

19365 CYPRESS RIDGE TERRACE #907, Leesburg, VA 20176

$585,000

1,720 SF

View details

Residential Condo with Sunroom

19370 MAGNOLIA GROVE SQUARE Unit: L04, Leesburg, VA 20176

$589,900

1,708 SF

View details

Leesburg Apartment for Sale

19355 CYPRESS RIDGE TER TERRACE #1006, Leesburg, VA 20176

$575,000

View details

Residential Income Property with Sunroom

19385 CYPRESS RIDGE TER #920, Leesburg, VA 20176

$450,000

View details

Frequently Asked Questions

What type of property is this?

Office unit - Office condominium portfolio with elevator access and on-site parking.

Where is this office unit 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