Restaurant Building with Covered
For Sale
$299,000
315 Straley Ave., Princeton, WV 24740
COMMERCIAL - PRINCETON, WV
Property Size2,334 SF
Price / SF$128.11
Days on Market164
Property Features for 315 Straley Ave.
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 2
Elementary school district
Princeton
Middle school district
Princeton
High school district
Princeton
Directions
From US Rt. 460W turn Right onto Locust St 0.3 right onto Rogers St 0.3 mi Turn left onto WV-20 S/Oakvale Rd/Thorn St Continue to follow WV-20 S 0.8 mi Turn right onto Straley Ave Destination on left
Subdivision
Mercer
Standard status
Active
APN
0010/0388
Size
2,334 SF
Amenities
commercial kitchen
ADA bathrooms
original hardwood floors
foyer
gas fireplace
Building Details
Year built
1910
Listing Agency:
COLDWELL BANKER HENDRICK REAL ESTATE
(304) 487-5050
Listed By:
JEFFREY DALTON
(304) 920-4127
Added: Mar 1
Changed: Aug 5
Last Checked: Aug 12 at 12:06AM
MLS# 55858
Copyright © 2026 Mercer Tazewell Co BOR. 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.
A circa-1910 restaurant building offering a commercial kitchen, ADA bathrooms, an inviting foyer, and original hardwood floors. The layout includes a gas fireplace and opens to a covered patio, with additional interior space identified as multiple bedrooms and bathrooms.
Set at the gateway to Mercer Street, the property benefits from high visibility in the Downtown Mercer Street corridor. An unusually large amount of usable green space in the area supports outdoor use, parking, events, or future development. An additional lot with utilities across the street also conveys.
The property’s flexible improvements and downtown setting support multiple operational concepts, including restaurant, retail, office, event, or specialty use, with walkability to the Grassroots and Historic District.
Set at the gateway to Mercer Street, the property benefits from high visibility in the Downtown Mercer Street corridor. An unusually large amount of usable green space in the area supports outdoor use, parking, events, or future development. An additional lot with utilities across the street also conveys.
The property’s flexible improvements and downtown setting support multiple operational concepts, including restaurant, retail, office, event, or specialty use, with walkability to the Grassroots and Historic District.
Key Highlights
- Commercial kitchen and covered patio
- ADA bathrooms and original hardwood floors
- Gas fireplace and welcoming foyer
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
$23,053
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
7.71%
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%
$461,060
$461.1K
Cap Rate 7%
$329,329
$329.3K
Cap Rate 9%
$256,144
$256.1K
Market Conditions
NOI Build-Up for 2,334 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
$32.8K $14.04/SF
− Vacancy
−$2.0K −$0.87/SF
EGI
$30.7K $13.17/SF
− OpEx
−$7.7K −$3.29/SF
NOI
$23.1K $9.88/SF
Area
Mercer County, WV
Vacancy
6.20%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
25.00%
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%
$461,060
Cap Rate 7%
$329,329
Cap Rate 9%
$256,144
Alternative Uses
Best Use
Specialty Retail
$329.3K
$288.2K – $384.2K
NOI $23,053 @ 7.0% cap · market cap 7.71%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,411 @ 7.0% cap · market cap 35.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
487
Businesses Nearby
3k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 93%
Hotels & Casinos 7%
Sunoco
Shops & Services
2,619 visits/mo
0.4 miles
Budget Inn
Hotels & Casinos
195 visits/mo
0.4 miles
Demographics for 24740, WV
16,238
Population
8,069
Households
2
Avg Household Size
43
Median Age
22%
College-Educated
89%
High-School Grad
30.6 sq mi
ZIP Area
531
Density / Sq Mi
$46,272
Median Household Income
$39,867
Median Earnings
$831
Median Rent
$133,200
Median Home Value
Market
Vacancy Rate% for Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Freestanding restaurant building with a commercial kitchen, ADA bathrooms, and a covered patio.
Where is this conventional restaurant located?
The property is located at 315 Straley Ave. Princeton, WV.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Commercial kitchen and covered patio; ADA bathrooms and original hardwood floors; Gas fireplace and welcoming foyer
