Waverly Park Office Condominiums

Highlights:

• Rare downtown Leesburg portfolio — seven of eight condominiums in a single acquisition; 27,267 SF on South King Street, the primary commercial corridor of Loudoun County's county seat
• Tightest submarket in Northern Virginia — Leesburg / West Loudoun Class B vacancy at 4.3% vs. 17.4% for the broader NoVA office market; leasing velocity up 37% year-over-year
• Flexible acquisition structure — pursue as a portfolio, pursue select unit combinations, or occupy a portion and lease the balance; seller open to multiple configurations
• Assemblage upside — eighth condominium independently owned by a dental practice; long-term opportunity to consolidate full building control
• Proven location fundamentals — walking distance to Loudoun County Courthouse and Government Center; 15 miles to Dulles International Airport; immediate access to Routes 7, 15, and 267
• Multiple buyer profiles supported — owner-user, value-add investor, or medical / professional services operator seeking a flagship downtown address

Description:

Serafin Real Estate is pleased to present for sale Waverly Park Office Condominiums, a seven-unit office condominium portfolio totaling 27,267 square feet at 602 South King Street in Historic Downtown Leesburg, Virginia. The offering represents a rare opportunity to acquire a controlling interest — seven of eight condominiums — within a well-established Class B office building situated on the primary commercial corridor of Loudoun County's county seat. The portfolio was acquired through a foreclosure auction in April 2026, creating an immediate basis advantage and a compelling entry point relative to stabilized market value for buyers prepared to execute.

The investment thesis is straightforward: a tight submarket, a generational location, and a flexible asset that serves multiple buyer profiles. The Leesburg / West Loudoun office submarket currently operates at 4.3% vacancy for Class B product — one of the tightest in all of Northern Virginia — while leasing velocity has increased 37% year-over-year. One unit is leased direct to a long-term tenant through March 2029 at $23.06 per square foot with 2.5% annual escalations, providing immediate in-place income. The remaining 23,580 square feet represents lease-up or owner-occupancy potential in a submarket where professional service demand is durable and absorption timelines are measured in months, not years.

The portfolio is ideally structured for an owner-user seeking to occupy a portion of the building while generating leased income from the balance — a profile well-supported by SBA 504 financing at up to 90% loan-to-value with 25-year amortization. Professional services firms, medical and dental practices, faith-based organizations, and family-owned businesses will find in Waverly Park a rare downtown Leesburg address with on-site parking, elevator access, and a 1988 steel-frame construction base that has proven its durability and tenant appeal. For the investor buyer, the fractured vacancy presents a value-add play with clear comparables supporting stabilized pricing well above the current acquisition basis. And for the most strategic acquirer, the presence of an independently owned eighth condominium — occupied by an established dental practice — represents a long-term assemblage opportunity that could ultimately deliver full-building control at a meaningful premium to today's pricing.

Loudoun County stands among the most economically dynamic counties in the United States — consistently ranked as one of the wealthiest by median household income and among the fastest-growing by population and commercial investment. Anchored by Dulles International Airport to the southeast and the Blue Ridge foothills to the west, Loudoun has evolved from a rural exurb into a premier destination for corporate headquarters, data centers, professional services, healthcare providers, and a rapidly expanding residential base. The county is home to over 450,000 residents, a highly educated workforce, and one of the strongest retail and office absorption profiles in the Northern Virginia region. Its trajectory — driven by infrastructure investment, top-tier public schools, and proximity to Washington, D.C. — has made Loudoun one of the most compelling commercial real estate markets in the Mid-Atlantic.

At the heart of Loudoun County sits Leesburg, the county seat and one of Northern Virginia's most storied small cities. Unlike the suburban office corridors that define much of the region, Leesburg offers something increasingly rare: a walkable, mixed-use downtown with a genuine sense of place. Established in the 1750s and listed on the National Register of Historic Places, the Historic District anchors a thriving commercial ecosystem of law firms, financial advisory practices, medical and dental offices, specialty retail, and a deeply rooted restaurant and hospitality scene. The Loudoun County Government Center, County Courthouse, and a concentration of legal and professional service providers make downtown Leesburg one of the most consistently active submarkets for office occupancy in Northern Virginia — insulated from the broader market vacancy cycles that have impacted suburban Class A product elsewhere.

Waverly Park is positioned along South King Street, the primary commercial spine connecting Historic Downtown Leesburg to the Route 7 / Route 15 interchange — placing it within walking distance of the Loudoun County Courthouse, Government Center, and the full amenity base of the downtown core. The asset benefits from immediate access to Route 7, Route 15, and the Dulles Greenway (Route 267), situating tenants and owner-occupants within 15 minutes of Dulles International Airport and approximately 25 miles from Washington, D.C. This location delivers the rare combination of a high-visibility address on a major commercial corridor, the credibility and foot traffic of a historic downtown context, and the regional accessibility demanded by professional service tenants and ownership-minded businesses alike.

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