Building Details

Year built 1970

Listing Agency: Joe R. Pyle Complete Auction and Realty Service Show Phone

Listed By: Joe Pyle Show Phone

Added: Jul 2 Changed: Aug 19 Last Checked: Aug 29 at 2:06PM

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MLS# 11866678

Copyright © 2026 My State MLS. 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.

Commercial office/warehouse building located in Dunbar’s B-2 Central Business District at 1234 Ohio Avenue. The property includes approximately 4,500+/- SF with office space, a warehouse/work area, and rear parking, along with alley access.

The building was constructed in 1970 and offers a straightforward live-work style layout for office and warehouse operations within the B-2 commercial district. The site is set on a 0.13-acre lot.

This is a for-sale auction property. Public auction ends Tuesday, August 18th at 11AM, with online bidding available. The auction is held at the Kanawha County Courthouse.

Key Highlights

• Approximately 4,500+/- SF office and warehouse/work area
• B‑2 Central Business District commercial location in Dunbar
• Rear parking plus alley access

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

$22,482

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

8.55%

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%

$449,640 $449.6K

Cap Rate 7%

$321,171 $321.2K

Cap Rate 9%

$249,800 $249.8K

Market Conditions

NOI Build-Up for 4,500 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

$35.1K $7.80/SF

− Vacancy

−$3.0K −$0.66/SF

EGI

$32.1K $7.14/SF

− OpEx

−$9.6K −$2.14/SF

NOI

$22.5K $5.00/SF

Area

Kanawha County, WV

Vacancy

8.50%

Lease Rate

$7.80 /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%

$449,640

Cap Rate 7%

$321,171

Cap Rate 9%

$249,800

Alternative Uses

Best Use

Flex RnD

$394.2K

$345.0K – $460.0K (±1% cap)

NOI $27,597 @ 7.0% cap · market cap 10.50%

Second Best

Warehouse

$374.8K

$328.0K – $437.3K (±1% cap)

NOI $26,238 @ 7.0% cap · market cap 9.98%

Theoretical Best

Office A

$992.4K

$868.3K – $1.16M (±1% cap)

NOI $69,466 @ 7.0% cap · market cap 26.43%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Pierson Technical Services Production Facility

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Building Supply Spa & Massage Center Big Box & Wholesale Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

752

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 25064, WV

9,229

Population

5,058

Households

1.8

Avg Household Size

44

Median Age

31%

College-Educated

94%

High-School Grad

6.7 sq mi

ZIP Area

1,377

Density / Sq Mi

$52,708

Median Household Income

$35,274

Median Earnings

$902

Median Rent

$117,700

Median Home Value

Market

Vacancy Rate% for Industrial in South region

6% 2019

6.5% 2020

4% 2021

3.5% 2022

6% 2023

7.6% 2024

7.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Commercial office and warehouse building in Dunbar’s B-2 Central Business District with rear parking and alley access.

Where is this flex space located?

The property is located at 1234 Ohio Avenue Dunbar, WV.

What is the asking price?

The asking price for this property is $262,800.

What are key features of this property?

This property features: Approximately 4,500+/- SF office and warehouse/work area; B‑2 Central Business District commercial location in Dunbar; Rear parking plus alley access