Bank Ordered Foreclosure - Leesburg VA. - Income Producing
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. 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. List Price is suggested opening offer amount ***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 This sale is being facilitated as a third party foreclosure, M&T Bank is the Long Term Tenant and in good standing with the lease. There is approximately 2 years and 3 months remaining on the lease with the opportunity for a third 5 year extension including a 10% escalation. 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 CAP Rate Calculation Table: Purchase Price Estimated Capitalization Rate $1,500,000 10.42% $1,600,000 9.77% $1,700,000 9.22% $1,800,000 8.68% $1,900,000 8.23% $2,000,000 7.82% $2,100,000 7.44% $2,200,000 7.11% $2,300,000 6.8% $2,400,000 6.51% $2,500,000 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)
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