Renovated Multifamily Property Near
For Sale
Under Contract
$325,000
289 Wiles Street, Morgantown, WV 26505
MULTI_FAMILY - Morgantown, WV
Property Size1,860 SF
Price / SF$174.73
Days on Market67
Property Features for 289 Wiles Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Neighborhood Mix Use
Bedrooms
5
Bathrooms
4
Full bathrooms
3
Half bathrooms
1
Rooms
Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 2, Bedroom 1, Basement, Bedroom 5, Bathroom 3, Bathroom 4, Bathroom 1
Patio and Porch features
Porch
Interior features
Washer Connection, Electric Dryer Connection
Exterior features
Porch
Appliances
Range, Microwave, Dishwasher, Refrigerator, Washer, Dryer
Lot features
Sloping
View
City
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
289 Wiles St. - North on Spruce Street, straight through the light onto North Spruce St. Right on Wiles St. House on Left.
Subdivision
Monongalia/Morgantown
Standard status
Active Under Contract
Size
1,860 SF
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT, 289 WILES ST
Tax Annual Amount
1875
Legal Description
LOT, 289 WILES ST
Utilities
Heating system
Electric (Heating)
Cooling system
Electric, Central Air
Building Details
Year built
1926
Floors in Building
3
Number of units
1
Flooring type
Carpet - Full, Vinyl
Building materials
Frame, Block
Roof type
Shingle
Architectural style
Other
Listing Agency:
BEL-CROSS PROPERTIES, LLC
(304) 296-7930
Listed By:
DESTINY SYLVESTER · License #WVS190300676
(304) 685-9287
Added: Jun 7
Changed: Aug 2
Last Checked: Aug 11 at 11:06PM
MLS# 10165059
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.
Located one block from the WVU Downtown Campus, this renovated property at 289 Wiles Street in Morgantown, WV, presents an investment opportunity. Completed in 2024, this 1,860 square foot property features 5 bedrooms and 3.5 bathrooms. The property is currently leased through May 20, 2027, generating a monthly rental income of $3,435. The owner provides a $500 monthly utility allowance, with tenants responsible for any overages. The home has undergone extensive updates, including new siding, a new roof, central air installation, updated kitchen and baths, and all-new LVP flooring throughout. A private third-floor suite includes its own full bath and a dedicated washer/dryer. An additional washer and dryer are located on the main level, near the living room and large eat-in kitchen. Outdoor space is available from the front porch, along with street parking. The property is located near WVU, restaurants, shopping, and downtown amenities. The zoning is Neighborhood Mix Use.
Key Highlights
- Fully renovated 5‑bedroom, 3.5‑bath home completed in 2024, with electric heating and central air
- Leased with rental income of $3,435/month; lease in place through May 20, 2027
- Owner provides a $500 monthly utility allowance; tenants pay any overages
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
$10,608
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
3.26%
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%
$212,160
$212.2K
Cap Rate 7%
$151,543
$151.5K
Cap Rate 9%
$117,867
$117.9K
Market Conditions
NOI Build-Up for 1,860 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
$19.6K $10.56/SF
− Vacancy
−$354 −$0.19/SF
EGI
$19.3K $10.37/SF
− OpEx
−$8.7K −$4.67/SF
NOI
$10.6K $5.70/SF
Area
Monongalia County, WV
Vacancy
1.80%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$212,160
Cap Rate 7%
$151,543
Cap Rate 9%
$117,867
Alternative Uses
Best Use
Apartment 5plus
$151.5K
$132.6K – $176.8K
NOI $10,608 @ 7.0% cap · market cap 3.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$536.2K
$469.2K – $625.6K
NOI $37,535 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,452
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Single family property - Leased, renovated 5-bedroom property near WVU Downtown Campus.
Where is this single family property located?
The property is located at 289 Wiles Street Morgantown, WV.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Fully renovated 5‑bedroom, 3.5‑bath home completed in 2024, with electric heating and central air; Leased with rental income of $3,435/month; lease in place through May 20, 2027; Owner provides a $500 monthly utility allowance; tenants pay any overages
