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341 E Market Street

LEESBURG, VA 20176
  • $1,000,000
  • STATUS: Active
  • ON SITE: 28 Days
  • ID#: VALO2066902
Foreclosure
$1,000,000
  • 0
    BEDS
  • N/A
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1985
County:

School Information

Elementary School:
Middle School:
High School:

Description

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 +GG 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+GGs check payable to the substitute trustee, Jeffrey A. WardProperty Highlights:Prime Location within Leesburg's Economic Development Crescent Design DistrictIncome Producing with Long-Term Lease w 2 yrs. 3 mo. remaining with a 5 year renewal option.Versatile Commercial/Industrial UseBuilding Area 2,705 Sq. Ft.Land Area .53 AC (23,087 Sq. Ft.)Converted to Bank Branch in 2006Zoned CD-C, Crescent Design +GG Commercial Town of LeesburgExceptional Traffic Counts - 75,000 VPDTwo Curb Cuts and 97 +/- feet of Frontage on Market StreetConvenient Drive-Thru WindowAttractive Brick ExteriorUtilities include electricity, natural gas, telephone service, public water and public sewer are available and connectedAmple 7,000 SF Paved Parking Lot with 19 Parking SpacesPOTENTIAL GROSS RENTAL INCOME Potential Gross Rental Income is based on current contract rent of $174,037.50, annuallyNET 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 TermsTenant: 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+GG 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

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or AJ Team Realty | EXP Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-04-03T23:52:46.143.
www.ajteamrealty.com/homes/148674051
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341 E Market Street LEESBURG, VA 20176

  • Price: $1,000,000
  • Status: Active
  • On Site: 28 Days
  • ID#: VALO2066902
0
Beds
0
Baths
0
½ Baths
N/A
Acres
1985
Built
County:
Loudoun
Elementary School:
Leesburg
Middle School:
Smart's Mill
High School:
Loudoun County
School District:
Loudoun County Public Schools
Property Description
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 +GG 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+GGs check payable to the substitute trustee, Jeffrey A. WardProperty Highlights:Prime Location within Leesburg's Economic Development Crescent Design DistrictIncome Producing with Long-Term Lease w 2 yrs. 3 mo. remaining with a 5 year renewal option.Versatile Commercial/Industrial UseBuilding Area 2,705 Sq. Ft.Land Area .53 AC (23,087 Sq. Ft.)Converted to Bank Branch in 2006Zoned CD-C, Crescent Design +GG Commercial Town of LeesburgExceptional Traffic Counts - 75,000 VPDTwo Curb Cuts and 97 +/- feet of Frontage on Market StreetConvenient Drive-Thru WindowAttractive Brick ExteriorUtilities include electricity, natural gas, telephone service, public water and public sewer are available and connectedAmple 7,000 SF Paved Parking Lot with 19 Parking SpacesPOTENTIAL GROSS RENTAL INCOME Potential Gross Rental Income is based on current contract rent of $174,037.50, annuallyNET 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 TermsTenant: 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+GG 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
Exterior Features

Construction Materials Brick Garage YN No Location Type Business District Parking Features Paved Parking Parking Types Parking Lot Riparian Rights YN No Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 2705.00 Cooling Central A/C Heating Forced Air Heating YN Yes Net Square Feet 2705.00

Property Features

Accessibility Features 2+ Access Exits Assessment Year 2023 Business Type Other Central Air YN Yes Cooling Fuel Electric Ground Rent Payment Frequency Annually Heating Fuel Electric Hot Water Electric Navigable Water YN N Net Operating Income 174038.00 New Construction YN No Original MLSNumber 802931684902 Ownership Interest Other Possession Subject to Existing Lease Property Sub Type Special Purpose Sale Type In ForeclosureAuction Sewer Public Sewer Tax Annual Amount 2564.43 Tax Assessment Amount 1465390.00 Vacation Rental YN No Water Source Public Year Built Effective 2006 Zoning CD-C Zoning Description The Town of Leesburg's Economic Development Crescent Design District. It is zoned CD+óGé¼-ÉCCrescent Design

Listing courtesy of Dudley Auctions Inc: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or AJ Team Realty | EXP Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-04-03T23:52:46.143.
 
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