Multi-Tenant Retail Investment | Downtown Leesburg
Property Details
Property Overview
Downtown Leesburg Development Opportunity
Corner of Church Street & South Street | Leesburg, VA
Positioned in the heart of historic downtown Leesburg, this rare redevelopment opportunity offers investors and builders a chance to shape one of Loudoun County’s most desirable urban blocks. Located at the corner of Church Street and South Street, the site is surrounded by boutique retail, award-winning restaurants, and local landmarks — all within walking distance of Market Street.
The concept plan envisions 24 two-over-two style condominiums across two buildings, each featuring 6 townhome-style units with 2-car garage parking accessed via a 20-foot rear alley. With building heights up to 65 feet permitted and dimensions of 24’ x 52’ per unit, the plan balances modern functionality with the architectural integrity required in Leesburg’s historic district.
Adding to the investment appeal, the existing buildings on site are fully leased, allowing a buyer or developer to collect rental income while securing site plan approval. This unique combination of immediate cash flow and long-term redevelopment potential makes the property especially attractive for those seeking a strategic entry into the downtown Leesburg market.
With the Town of Leesburg supportive of residential redevelopment consistent with the area’s character, this site represents a compelling opportunity to deliver high-demand housing within a walkable, amenity-rich environment — blending historic charm with modern urban living.
Highlights
- Fully leased, stabilized income — 11,466 SF across three buildings, 100% occupied by 10 diversified tenants generating $286,765 in gross income and $218,043 NOI.
- Significant mark-to-market upside — Multiple in-place leases below current downtown market rates, with an estimated $55K–$90K of annual rent growth achievable through routine re-leasing, equating to roughly $850K–$1.5M in value creation at market cap rates.
- Near-term lease rollover — Three of the most below-market suites totaling 5,554 SF have leases expiring within the next 12 to 24 months, providing a clear, low-risk path to NOI growth.
- Prime downtown Leesburg corner location — One block off King Street and steps from Tuscarora Mill, South Street Under, the Loudoun County Courthouse, and the W&OD Trail.
- Affluent, growing trade area — Five-mile average household income of $219,101, Loudoun County median HHI of $170,463, and a downtown Leesburg residential base with continued boutique retail demand.
Photos
Location Description
Downtown Leesburg, Virginia, and the broader Loudoun County present a compelling landscape for development, characterized by robust economic growth, a rapidly expanding population, and significant affluence.
Economic Growth and Affluence
Loudoun County's economy has experienced substantial growth, with its Gross Domestic Product (GDP) reaching $38 billion in 2022, marking a 13% increase from 2018. This economic expansion is complemented by a median household income of $170,463 as of 2022, reflecting an 8.7% rise from the previous year. Such figures underscore the county's status as one of the most affluent regions in the United States.
Population Growth
The population of Loudoun County has been steadily increasing, reaching approximately 420,773 residents in 2022, a 1.74% growth from 2021. Similarly, Leesburg's population has expanded, with estimates indicating a rise to 49,622 in 2024, reflecting a 2.56% increase since the 2020 census. This population surge fuels demand for residential, commercial, and retail developments, presenting ample opportunities for investors and businesses.
Educational Attainment
The region boasts a highly educated populace, with 56.1% of Leesburg residents aged 25 and over holding a bachelor's degree or higher. This educated workforce enhances the area's appeal to businesses seeking skilled professionals.
Development Potential
The combination of economic prosperity, population growth, and a well-educated workforce positions Downtown Leesburg and Loudoun County as prime areas for development. The increasing demand for housing, retail spaces, and commercial facilities offers significant opportunities for developers and investors aiming to capitalize on the region's dynamic growth and affluence.