Fully Leased Duplex
For Sale
Under Contract
$215,000
1024 Cayton Street, Morgantown, WV 26505
Multi-Unit/Income, Raised Ranch, Two Story, Morgantown, WV
Property Size1,580 SF
Lot Size0.29 Acres
Price / SF$136.08
Days on Market123
Property Features for 1024 Cayton Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Neighborhood Residential
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Basement, Bathroom 3, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 2, Bathroom 1
Patio and Porch features
Deck, Porch, Patio
Interior features
Electric Stove Connection, Washer Connection, Electric Dryer Connection, Wet Bar, Beamed Ceilings
Exterior features
Porch, Patio, Deck, Screen Porch
Appliances
Range, Dishwasher, Refrigerator
Lot features
Sloping, No Outlet Street
Elementary school
Eastwood Elementary
Middle school
Mountaineer Middle
High school
University High
Elementary school district
Monongalia
Middle school district
Monongalia
High school district
Monongalia
Directions
0.4 miles from WVU Mountainlair, Once at the Mountainlair head up College Ave, then turn right onto Cornell Ave, make the second left onto Cayton. The property is at the end of Cayton St.
Subdivision
Monongalia/Morgantown
Standard status
Active Under Contract
Size
1,580 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
BL C, LOT 2 & 17-1/2 STRIP 1024 CAYTON ST, BL C, LOT 1& 17-1/2 STRIP 1048 COLLEGE AVE
Tax Annual Amount
2958
Legal Description
BL C, LOT 2 & 17-1/2 STRIP 1024 CAYTON ST, BL C, LOT 1& 17-1/2 STRIP 1048 COLLEGE AVE
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Ceiling Fan(s), Electric, Central Air
Building Details
Year built
1920
Floors in Building
2
Number of units
2
Flooring type
Laminate, Wood, Vinyl
Building materials
Frame, Block
Roof type
Shingle
Architectural style
Other, Ranch
Listing Agency:
BEL-CROSS PROPERTIES, LLC
(304) 296-7930
Listed By:
DESTINY SYLVESTER · License #3690
(304) 685-9287
Added: May 28
Changed: Sep 20
Last Checked: Sep 27 at 7:06PM
MLS# 10164543
Copyright © 2026 North Central West Virginia Real Estate Information Network. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering combines two adjacent residential properties at 1024 Cayton Street and 1048 College Avenue in Morgantown. Each residence has two bedrooms; the Cayton Street home includes two bathrooms, while the College Avenue home has one. Interior features include kitchens with ranges, dishwashers, and refrigerators, along with washer and dryer connections. Outdoor improvements include porches, patios, decks, and a screened porch. The homes were built in 1920 and feature frame and block construction, natural-gas forced-air heat, central air, and ceiling fans.
The properties are approximately 0.5 miles from West Virginia University's Downtown Campus and the WVU Mountainlair. Both residences are leased through May 20, 2027, with tenants responsible for utilities and lawn care. The package is situated on 0.29 acres and is zoned Neighborhood Residential. Showings require at least 24 hours' notice.
The properties are approximately 0.5 miles from West Virginia University's Downtown Campus and the WVU Mountainlair. Both residences are leased through May 20, 2027, with tenants responsible for utilities and lawn care. The package is situated on 0.29 acres and is zoned Neighborhood Residential. Showings require at least 24 hours' notice.
Key Highlights
- Two adjacent residential properties at 1024 Cayton Street and 1048 College Avenue
- Both residences leased through May 20, 2027
- Approximately 0.5 miles from West Virginia University's Downtown Campus and WVU Mountainlair
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$9,784
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.55%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$195,680
$195.7K
Cap Rate 7%
$139,771
$139.8K
Cap Rate 9%
$108,711
$108.7K
Market Conditions
NOI Build-Up for 1,580 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$14.2K $9.00/SF
− Vacancy
−$243 −$0.15/SF
EGI
$14.0K $8.85/SF
− OpEx
−$4.2K −$2.65/SF
NOI
$9.8K $6.19/SF
Area
Monongalia County, WV
Vacancy
1.71%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$195,680
Cap Rate 7%
$139,771
Cap Rate 9%
$108,711
Alternative Uses
Best Use
Multifamily LT 5
$139.8K
$122.3K – $163.1K
NOI $9,784 @ 7.0% cap · market cap 4.55%
Second Best
Apartment 5plus
$128.7K
$112.6K – $150.2K
NOI $9,011 @ 7.0% cap · market cap 4.19%
Theoretical Best
Office A
$455.5K
$398.6K – $531.4K
NOI $31,885 @ 7.0% cap · market cap 14.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,259
Businesses Nearby
Explore this area
Business Placement
Demographics for 26505, WV
39,057
Population
19,220
Households
2
Avg Household Size
27
Median Age
55%
College-Educated
93%
High-School Grad
12.6 sq mi
ZIP Area
3,100
Density / Sq Mi
$42,275
Median Household Income
$24,042
Median Earnings
$942
Median Rent
$265,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two neighboring residences near West Virginia University offer established occupancy and convenient oversight for a multifamily owner.
Where is this duplex located?
The property is located at 1024 Cayton Street Morgantown, WV.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two adjacent residential properties at 1024 Cayton Street and 1048 College Avenue; Both residences leased through May 20, 2027; Approximately 0.5 miles from West Virginia University's Downtown Campus and WVU Mountainlair
