109 N 21st St 4,872 SF 100% Leased Retail Building Purcellville, VA 20132 $2,095,000 ($430.01/SF) 11.93% Cap Rate

An exceptional investment opportunity awaits in the heart of historic downtown Purcellville. Known locally as The White Palace, this iconic corner property is primed for transformation. With the interior already fully gutted, a Certificate of Design Approval secured, and eligibility for up to 45% in combined state and federal historic tax credits, this project offers a rare combination of vision, value, and velocity. Whether you're a boutique hotel developer, a restaurateur looking for dual concepts, or an investor seeking long-term value in one of Loudoun County's most affluent communities, The Palace is your platform for a standout commercial asset.
Property Highlights: Flexible mixed-use zoning ideal for a boutique hotel, dual restaurant concepts, event space, or creative commercial uses. Approved architectural plans include 4 hotel rooms on the second floor and 3 on the third, the addition of a basement-adding another ~2400 sqft of leasable space–with one or more storefronts at street level. Plans increase total gross floor area to over 9100 sqft.
Directly across from a public parking lot, offering easy access for guests, patrons, and tenants. High-visibility corner lot in a walkable district poised for continued revitalization. Located on 21st Street, which is under consideration for a pedestrian-friendly streetscape as part of the town's economic development strategy. Designated as part of Virginia's Main Street Program, enhancing eligibility for additional incentives and support. Strategic Growth Location Situated in Loudoun County-one of the wealthiest regions in the U.S. with a median household income exceeding $150,000-Purcellville is home to nearly 10,000 residents and continues to attract high-income professionals and families seeking charm and convenience.
The upcoming Rt. 690/Rt. 7 interchange will dramatically enhance east-west and north-south connectivity, channeling increased traffic into Purcellville's commercial core-directly benefiting The Palace's position and exposure. Why Invest in The Palace: Potential for up to 45% in historic tax credits to offset renovation costs Ready-to-execute development with plans and approvals in place. Strong future income potential through hotel stays, restaurant tenants, and commercial leases. Premium corner lot with public parking and high foot traffic Located in a revitalizing district with long-term growth upside. Access to a high-income, pro-business market in Loudoun County. With site work initiated and major entitlement hurdles cleared, this is your opportunity to establish a legacy property in one of Northern Virginia's most desirable small towns.