202 Loudoun St, Winchester, VA 22601
34,689 SF | Office Building | Winchester, VA 22601 | $8,672,000 ($250/SF) | 6% Cap Rate
For Sale
Active
- Date Added:
- September 16, 2024
- Days on Market:
- 17 days
Asking Price $8,672,000
- Property Type
-
Office
- Square Feet
- 34,689 SF
- Price / Square Foot
- $250
Listing Contacts
Ryan Rauner, CCIM
- Property Info
Property Overview
202 N Loudoun Street in Winchester, VA is a 34,688-square-foot building, built in 1986. The property will be sold fully leased to a credit tenant for a period of 10 years from the date of settlement. The lease agreement is absolute net with the tenant responsible for all building maintenance, repairs, and replacements. All triple net costs will be paid directly to the vendor, provider, and/or taxing authority. The new owner will enjoy monthly rental payments deposited directly into their bank account. The asking price represents a 6% cap rate and reflects the financial strength and stability of the tenant, low vacancy of the submarket (3.2%), long-term lease (10 years with two 5-year options), and value of improvements made by the tenant. The tenant will be replacing the building's HVAC system within the first year of the lease term at a cost of over $1.2M. The property has its own private parking lot with 25 spaces and is directly across the street from the Old Town Winchester Walking Mall, which feature numerous dining and shopping amenities. The Winchester City office submarket has extremely strong fundamentals compared with the rest of the DC metro area. Vacancy has average 4.37% over the past 10 years with over 24% rent growth over the same period. No new supply has delivered since 2014 and no new construction is in the pipeline.
Property Details
- Class
- B
- Year Built
- 1986
- Stories
- 3
- Lot Size (sq. ft)
- 30,056 SF
Highlights
- Conveniently located near public transportation on E Piccadilly Street.
- The building is being sold 100% occupied with a 10 year absolute net lease.
- The Old Town Winchester Walking Mall is directly across the street with numerous dining and shopping options.
- 25 parking spaces are included within the building's private lot.
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