Low enriched uranium (LEU) based solution reactors possess the potential to meet increasing demand of 99 Mo and other short lived fission product radioisotopes being used in medical field. In the current study, optimization and neutronic design calculations have been carried out for an LEU homogeneous aqueous solution reactor with uranyl nitrate as a solution fuel. Lattice calculations and core modeling was performed employing available standard nuclear reactor codes WIMSD and CITATION. Calculation procedure was verified using experimental published data and simulated criticality results were compared with the published data. After verification of the calculation methodology, optimization and design calculations were performed for four different uranium enrichments (5%, 10%, 15%, and 19.99%) of the uranyl nitrate solution. Keeping in view the restraints on peak power density of solution reactors, annular geometry is suited as compared to the cylindrical geometry. Among the four considered enrichments in the analysis, 19.99% enriched uranyl nitrate solution with annular geometry presents optimum design parameters for the homogeneous aqueous solution reactor.