Find your home.

341 E Market StreetLeesburg, VA 20176MLS Number VALO2066902

  • Price: $1,000,000
  • 28 Days on Market
$
$
%
$/month over payments
Federal 30-year interest rate: 6.88% last updated on Apr 11, 2024
* All Figures are estimates. Check with your bank or proposed mortgage company for actual interest rates.
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis.
Active
341 E Market Street Leesburg VA 20176341 E Market Street Leesburg VA 20176341 E Market Street Leesburg VA 20176341 E Market Street Leesburg VA 20176341 E Market Street Leesburg VA 20176341 E Market Street Leesburg VA 20176341 E Market Street Leesburg VA 20176
QR Code
  • 1985Year Built
  • LeesburgUsmArea
  • 370Price Per Square Foot
  • 2023Assessment Year
Bank Ordered Foreclosure - Loudoun Co. - Income Producing Bank Branch Office - Leased to Nat'l Bank Tenant w Long Term Lease 2 yrs. 3 mo. remaining w 5 year renewal option in place - No Scheduled Showings Allowed - List Price is Suggested Opening Offer Amount and may not reflect the final sales price, seller reserves the right to reject any offers. Onsite and Online auction on Thursday, April 11th at 11:00 AM EST at the Loudoun County Courthouse. Income-producing commercial building with a long term tenant. The property is located in The Town of Leesburg's Economic Development Crescent Design District. It is zoned CD-C, Crescent Design - Commercial use with high traffic counts (75,000 VPD), and frontage on Market St. - Recent Appraisal Value $2,400,000 - The auction for this property will take place online and in-person on April 11th @ 11:00 AM EST, with the in-person auction being held at the Loudoun County Courthouse at 18 East Market Street Leesburg, VA 20176. ***ONLINE Bidders deposit must be received no later than 24 hours prior to the Foreclosure Auction, IN-PERSON bidders must provide the deposit in the form of a cashier's check payable to the substitute trustee, Jeffrey A. Ward Property Highlights: Prime Location within Leesburg's Economic Development Crescent Design District Income Producing with Long-Term Lease w 2 yrs. 3 mo. remaining with a 5 year renewal option. Versatile Commercial/Industrial Use Building Area 2,705 Sq. Ft. Land Area .53 AC (23,087 Sq. Ft.) Converted to Bank Branch in 2006 Zoned CD-C, Crescent Design - Commercial Town of Leesburg Exceptional Traffic Counts - 75,000 VPD Two Curb Cuts and 97 +/- feet of Frontage on Market Street Convenient Drive-Thru Window Attractive Brick Exterior Utilities include electricity, natural gas, telephone service, public water and public sewer are available and connected Ample 7,000 SF Paved Parking Lot with 19 Parking Spaces POTENTIAL GROSS RENTAL INCOME Potential Gross Rental Income is based on current contract rent of $174,037.50, annually NET OPERATING INCOME NOI Contract Rent: $174,038, Reimbursements: $15,422, Potential Gross Income: $189,460, Operating Expenses: Real Estate Taxes $15,422, Total Expenses $15,422, NOI: $174,038 Summary of Lease Terms Tenant: National Bank & Trust Company Use: Bank branch Land Area: (acres) 0.53 Building Area (sf) 2,705 Lease Date: Original Lease: February 25, 2006 Lease Extension and Modification Agreement: December 9, 2020 Lease Commencement Date June 22, 2006 Term: Initial Term of 10 years; Two 5-year renewal options exercised Expiration Date June 31, 2026 (sic) Per Lease Extension and Modification Agreement dated December 9, 2020 Renewal Options One 5-year renewal option remaining (with 6 months' notice) at $191,441.25 annual (10% escalation) Annual Base Rent Years 1-5: $130,000 ($48.06 psf GBA; $5.63 psf land) Years 6-10: $145,600 ($53.83 psf GBA; $6.31 psf land) Renewal Option 1 Years 11-15: $163,800 ($60.29 psf GBA; $7.10 per psf land) Renewal Option 2 Current Term Years 16-20: $174,037.50 ($64.34 psf GBA; $7.54 psf land) Renewal Option 3 Years 21-25: $191,441.25 ($70.77 psf GBA; $8.29 psf land) Escalations The original lease escalated 12.0% in Year 6 and 12.5% every five years thereafter. The lease rate was renegotiated with Renewal Option 2 in Year 16. The escalation for Renewal Option 3 is 10%. Operating Expenses: Triple Net; Real estate taxes are reimbursed to the Landlord
Listed by Tim O. Dudley, Dudley Auctions Inc

Driving Directions

Yeonas & Shafran Real Estate, LLC
Yeonas & Shafran Real Estate, LLC
Office: 703-790-3330
1309 Vincent Pl
McLean, VA 22101

More Info

Location Information

  • UsmAreaLeesburg

Parking

  • Parking FeaturesPaved Parking
  • Parking TypesParking Lot

Basic Information

  • Date Listed03/18/2024

Building

  • Building Area SourceEstimated
  • Building Area Total2705
  • Construction MaterialsBrick
  • Total Garage And Parking Spaces19
  • Year Built1985
  • Year Built Effective2006

Amenities

  • Accessibility Amenities2+ Access Exits

Other

  • Ground Rent Payment FrequencyAnnually

Basic Information

  • Broker NameDudley Auctions Inc
  • List Price$1,000,000
  • LocationTypeBusiness District
  • MLS NumberVALO2066902
  • MLS Property TypeCommercial Sale
  • Price Per Square Foot370
  • StatusACT

Property

  • Business TypeOther
  • Lot Size Dimensions.53 AC
  • New Construction YNN
  • Property SubTypeSpecial Purpose
  • ZoningCD-C
  • Zoning DescriptionThe Town of Leesburg's Economic Development Crescent Design District. It is zoned CD‐C, Crescent Design

Tax Information

  • Assessment Year2023
  • Tax Assessment Amount$1,465,390
  • Tax Year2023
  • Taxes$2,564
  • Total Taxes Payment FrequencyAnnually

Location

  • Address341 E Market Street
  • Building Number341
  • CountyLoudoun
  • DirectionsVA 7 W to Market St.
  • In City Limits YNYes
  • StateVA
  • TownLeesburg
  • Zip20176

Utilities

  • Central Air YNYes
  • CoolingCentral A/C
  • Cooling FuelElectric
  • Heat SystemForced Air
  • Heating FuelElectric
  • Heating YNYes
  • SewerPublic Sewer
  • Water HeaterElectric
  • Water SourcePublic

Ask A Question

Do not fill in this field:
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Copyright 2024 BRIGHT, All Rights Reserved.  Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Yeonas & Shafran Real Estate participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.Data last updated April 14, 2024. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale.

Do not fill in this field:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Do not fill in this field:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Do not fill in this field:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Do not fill in this field:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Do not fill in this field:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Do not fill in this field:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

$

Do not fill in this field:

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Your Dream Home is Waiting for You

Scroll Through to See More Listings Swipe to view more

We Work in All Price Points and Property Types - Contact Us Directly to Find Off-Market Opportunities

The Team That
Can Find You Your Dream Home

We Take Pride in Our Passionate and Dedicated Team That Adds Value and Focus to Every Transaction.

Meet The Team