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341 E. Market St.
Leesburg, VA 20176
Property Type
Square ft
Property Description
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)
Property Information
Lot Size
-- square ft
Property Type
Year Built
MLS Number
341 E. Market St.
Zip Code
Dudley Resources, original listing
Dudley Resources
(804) 709-1954
Office Name
Dudley Resources
Office Phone
(804) 709-1954
Agent Name
Tim Dudley on the Go!

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Free Foreclosure Listings is a website that simplifies the process of finding foreclosures and HUD properties. Everyone thinks they are a real estate web surfing pro until they search for foreclosure homes and stumble upon a numerous sites that want to charge a fee to see their listings. With that’s not the case. When searching for HUD properties or a home finding website for foreclosure it is important to know what you are looking for. It is important to use a niche company that specializes in foreclosures like We have put together 2 tools that have made the real estate search process of our website much easier to navigate. The Homesearch online tool is filled with foreclosure lists and free listings of hud homes for sale. Most of our users start with a broad search with the homesearch online tool to see the most HUD properties and foreclosure lists in your area and narrow their search down with the Homefinder online tool. The homefinder online tool is a custom filter system that we breakdown the area based upon filters such as convention and foreclosure listings. This give you the option to filter out conventional listings and focus on just the foreclosures in the market. We thank you for making us Americas top home finding website for foreclosure and Hud properties. Free listings of hud homes for sale are hard to come by but should always be free and that’s the way things are going to stay on our website.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.