Overview

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 – 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

Highlights

• Days on Market: 47
• Parking Features: Paved Parking
• Heating: Forced Air

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