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602 S King St
Leesburg, VA 20175 Outer Leesburg

$899,000 - $1,211,700 USD

Medical Condos For Sale  •  3,100+ SF

Property Details

  • Property Type Medical
  • Total Building Size 30,986 SF
  • Lot Size 1.06 AC
  • Building Class B
  • Year Built 1987
  • Tenancy Multiple
  • Zoning B-2
30 Transit Score
50 Walk Score

7 Units Available

Name Condo Use Size Price Details
1st Floor - Unit 100 Office 3,570 SF $1,053,150 USD
  • Unit Size: 3,570 SF
  • Condo Use: Office
  • Price: $1,053,150 USD
  • Sale Type: Investment
  • Price/SF: $295.00 USD
Description
Discover a rare foreclosure opportunity to acquire prime commercial office space in the heart of vibrant downtown Leesburg—along high-traffic Route 15 (South King Street) in one of Northern Virginia's most desirable and affluent markets. Loudoun County continues to rank among the fastest growing and wealthiest counties in the U.S., with strong demand for flexible professional spaces near historic charm, government offices, amenities, and business corridors.

Waverly Park is a free-standing, four-level Class B office building built in 1988 and governed by the Declaration for Waverly Park Office Condominium. We are offering at foreclosure auction seven (7) individual commercial office condominiums. Unit 202 (may be part of 201) and Unit 300 (consists of two tenants) appear to be tenant occupied. The remaining five (5) units offered at auction are believed to be vacant and free of leases, providing immediate control for investors, owner-users, or re-tenanting strategies. Crescent Design District allows reconfiguration for office, retail, medical, or other permitted uses.  This information is believed accurate but not has not been verified.
1st Floor - Unit 101 Retail 3,345 SF $986,775 USD
  • Unit Size: 3,345 SF
  • Condo Use: Retail
  • Price: $986,775 USD
  • Sale Type: Investment
  • Price/SF: $295.00 USD
Description
Zone retail entire growing floor zones retail with multiple individual spaces in condo 100 & 101 pkenty of parking !!
Must see!
1/7 commercial & res cindos iffered in a portookio sale for total of 7 units for $200.00 psf!! For quick sale 
As is where is
2nd Floor - Unit 200 Medical Office 3,689 SF $1,180,480 USD
  • Unit Size: 3,689 SF
  • Condo Use: Medical Office
  • Price: $1,180,480 USD
  • Sale Type: Investment
  • Price/SF: $320.00 USD
Description
Largest condo in bldg with multiple division opportunities with 3 sep entrances & a private bathroom at kimg st entry end for this unit only and a large kitchen w adjacent D/R room or small conf rm +additional large furnished conf room. Multiple offices built out with parallel hallways and large windowed private offices along both outside walls.  One large open space can be accomplished on lobby reception end of unit. Large file room and interior lrg work rooms with supply closet multiple more office suites can be added if desired. Build out to be paid by Tenant. Ideal for medical offices or urgent care. Or a bank with possibility of creating a outside entry from side wall for an ATM space in between existing outer walls on north side of suite to sidewalk and parking lot.  and a new double door system. Ideal as a large Pharmacy like a Walgreens with potential for drive up window & medical spaces.
2nd Floor - Unit 201 Medical Office 3,345 SF $1,036,950 USD
  • Unit Size: 3,345 SF
  • Condo Use: Medical Office
  • Price: $1,036,950 USD
  • Sale Type: Investment
  • Price/SF: $310.00 USD
3rd Floor - Unit 300 Office 4,039 SF $1,211,700 USD
  • Unit Size: 4,039 SF
  • Condo Use: Office
  • Price: $1,211,700 USD
  • Sale Type: Investment
  • Price/SF: $300.00 USD
4th Floor - Unit 400 Office 3,640 SF $1,055,600 USD
  • Unit Size: 3,640 SF
  • Condo Use: Office
  • Price: $1,055,600 USD
  • Sale Type: Investment
  • Price/SF: $290.00 USD
4th Floor - Unit 401 Office 3,100 SF $899,000 USD
  • Unit Size: 3,100 SF
  • Condo Use: Office
  • Price: $899,000 USD
  • Sale Type: Investment
  • Price/SF: $290.00 USD

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.

Highlights

Rare downtown Leesburg portfolio
Supply-constrained submarket
Flexible for multiple buyer and tenant profiles
Proven location fundamentals
Full-building assemblage potential
Premier professional environment

Major Tenants

Tenant SF Occupied Lease End Date
Connections Health Center
Leesburg Dental
Sherry Wilson & Co
The Williams Center
Waverly Shared Suites

Amenities

  • 24 Hour Access
  • Reception
  • Air Conditioning
  • Balcony

Public Transportation

AirportDriveWalkDistance
Washington Dulles International 27 min - 16.7 mi
Ronald Reagan Washington Ntl 60 min - 41.5 mi

Parking Details

Parking Available: Yes
Reserved: No
Spaces Provided: 80
Type: Surface
Included in Rent: Yes
Grant Wetmore 703-261-4809 Serafin Real Estate
Grant Wetmore 703-261-4809 Serafin Real Estate