Historic Morgantown Mixed-Use
156 Clay Street, Morgantown, WV 26501
Mixed Use - Morgantown, WV
Type:Mixed Use
Property size:
12,477 SFLot size:
0.23 AcresPrice / SF:
$130/SF- Added:
- Feb 27, 2026
- Days on Market:
- 80
- Last Refresh:
- May 18 at 12:06 am
Property Features for 156 Clay Street
General Information
- Property type
- Commercial Sale
- Property subtype
- Mixed Use
- Zoning
- Central Commercial Business
- Parking features
- Off Street, Secured
- Interior features
- Gas Stove Connection, electric Stove Connection, 9ft+ Ceiling
- Exterior features
- Dumpster Area
- Appliances
- Dishwasher, Microwave, Range, Refrigerator, Washer
- Standard status
- Active
- Size
- 12,477 SF
- Lot size
- 0.23 Acres
Taxes and HOA fees
- Tax Year
- 2024
- Tax Annual Amount
- 15114
Utilities
- Utilities
- Electricity Available
- Heating system
- Forced Air, Natural Gas
- Cooling system
- Central Air
Building Details
- Year built
- 1920
- Floors in Building
- 3
- Number of units
- 8
- Flooring type
- Carpet, Carpet - Full, Other, Wood
- Building materials
- Block, Brick
- Roof type
- Metal
- Architectural style
- Other
Listing agent EVE LEOMBRUNO License #WV0030283 (304) 692-1042
Listing office THE AGENCY - MORGANTOWN 67 Lakeview Drive, Morgantown, WV (304) 212-2500
Listing date Feb 27, 2026
MLS# 10160189
Listing URL
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.
HighLights
- Fully leased property offering immediate income from commercial and residential tenants.
- Prime location in Morgantown's Wharf District.
- Includes a fully equipped commercial‑grade kitchen, restaurant seating, large bar, and covered outdoor seating area leased to a catering business/venue.
- Features a mix of apartment units: one studio, five 1‑bedroom, and two 2‑bedroom apartments.
- Recent improvements include 4 renovated apartment units, new roof, updated HVAC system, and 15 new double pane windows.
- Includes an additional 4,818 sqft gravel lot for off‑street parking.
Overview
This historic mixed-use property is located in Morgantown's Wharf District. The property is fully leased. The main floor is leased to a catering business and venue, featuring a commercial-grade kitchen, restaurant seating, a large bar, and a covered outdoor seating area. The upper floors contain one studio apartment, five one-bedroom apartments, and two two-bedroom apartments, all of which are currently leased. Recent improvements include four renovated apartment units, a new roof, an updated HVAC system, and 15 new double-pane windows. The property includes an additional 4,818-square-foot gravel lot for off-street parking. The lot size is 0.225 acres. The property is zoned Central Commercial Business. The property size is 12,477 square feet.
Financial Insights
Value Estimation Calculated for Mixed Use
Conservative
$1.40M
NOI $126,330 @ 9.00% cap · cautious / downside scenario
Moderate
$1.80M
NOI $126,330 @ 7.00% cap · market / base-case scenario
Aggressive
$2.53M
NOI $126,330 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Mixed Use
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $224.6k | $18.00 |
| − Vacancy | −$22.5k | −$1.80 |
| EGI | $202.1k | $16.20 |
| − OpEx | −$75.8k | −$6.07 |
| NOI | $126.3k | $10.13 |
12,477 SF · lease $18.00/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Use Scenarios
Best Use
Mixed Use
$1.80M
$1.58M – $2.11M
NOI $126,330 @ 7.0% cap · market cap 7.77%
Second Best
Specialty Retail
$1.69M
$1.48M – $1.97M
NOI $118,334 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$3.60M
$3.15M – $4.20M
NOI $251,788 @ 7.0% cap · market cap 15.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Kincaid and Arnett Feed ...
Warehouse & Storage
Flour and Feed LLC
Restaurant
Location Insight
- Map
- Local Demand
- City
- Morgantown
- County
- Monongalia
- State
- West Virginia
- Longitude
- -79.9626274
- Latitude
- 39.6265504
Nearby Similar for Sale
FAQs
What type of property is this?
Mixed-use property - Fully leased mixed-use property with restaurant and apartments in Morgantown.
Where is this mixed-use property located?
The property is located at 156 Clay Street Morgantown, WV.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Fully leased property offering immediate income from commercial and residential tenants.; Prime location in Morgantown's Wharf District.; Includes a fully equipped commercial‑grade kitchen, restaurant seating, large bar, and covered outdoor seating area leased to a catering business/venue.
