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Leesburg Redevelopment Opportunity 208-212 Church SE st 24 Unit Apartment Building $4,990,000 ($207,917/Unit) Leesburg, VA 20175
INVESTMENT HIGHLIGHTS
- Prime Downtown Leesburg Location – Corner of Church Street and South Street, surrounded by restaurants, retail, and historic charm.
- Town Supportive of Residential Use – The Town of Leesburg is open to residential redevelopment that complements the historic district’s architecture.
- Fully Leased Buildings – Provides ongoing rental income during the site plan approval process, offering immediate cash flow for the buyer/developer.
- Residential Redevelopment Concept – Preliminary plan for 24 luxury two-over-two style condominiums across two buildings with 2-car garage parking.
- Zoning & Height Parameters – Up to 65 feet permitted; layout designed to align with code requirements for width, depth, and alley access.
- Walkable Urban Lifestyle – Steps to Market Street, Tally Ho Theater, local breweries, and cafés — highly attractive to future condo buyers.
EXECUTIVE SUMMARY
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.
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.
FINANCIAL SUMMARY (ACTUAL - 2025) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$279,778
|
$6.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$279,778
|
$6.99
|
| Taxes |
$23,512
|
$0.59
|
| Operating Expenses |
$11,600
|
$0.29
|
| Total Expenses |
$35,112
|
$0.88
|
| Net Operating Income |
$244,666
|
$6.12
|
FINANCIAL SUMMARY (ACTUAL - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $279,778 |
| Annual Per SF | $6.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $279,778 |
| Annual Per SF | $6.99 |
| Taxes | |
|---|---|
| Annual | $23,512 |
| Annual Per SF | $0.59 |
| Operating Expenses | |
|---|---|
| Annual | $11,600 |
| Annual Per SF | $0.29 |
| Total Expenses | |
|---|---|
| Annual | $35,112 |
| Annual Per SF | $0.88 |
| Net Operating Income | |
|---|---|
| Annual | $244,666 |
| Annual Per SF | $6.12 |
PROPERTY FACTS
| Price | $4,990,000 | Apartment Style | Mid-Rise |
| Price Per Unit | $207,917 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.55 AC |
| Sale Condition | Redevelopment Project | Construction Status | Proposed |
| No. Units | 24 | Building Size | 59,904 SF |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built | 2028 |
| Zoning | LB:B1 - The LB-1 zoning district allows a mixture of residential and commercial uses that are more restricted than the adjacent B-1 Downtown. | ||
| Price | $4,990,000 |
| Price Per Unit | $207,917 |
| Sale Type | Investment |
| Sale Condition | Redevelopment Project |
| No. Units | 24 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | B |
| Lot Size | 0.55 AC |
| Construction Status | Proposed |
| Building Size | 59,904 SF |
| No. Stories | 4 |
| Year Built | 2028 |
| Zoning | LB:B1 - The LB-1 zoning district allows a mixture of residential and commercial uses that are more restricted than the adjacent B-1 Downtown. |
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Walk Score®
Very Walkable (86)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $2,698,220 | |
| Land Assessment | $914,700 | Annual Taxes | $23,512 ($0.39/SF) |
| Improvements Assessment | $1,783,520 | Tax Year | 2025 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$914,700
Improvements Assessment
$1,783,520
Total Assessment
$2,698,220
Annual Taxes
$23,512 ($0.39/SF)
Tax Year
2025
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Leesburg Redevelopment Opportunity | 208-212 Church SE st
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