Six-Unit Apartment Building with Off-Street
For Sale
$749,000
320 Watts Street, Morgantown, WV 26501
MULTI_FAMILY - Morgantown, WV
Property Size4,800 SF
Lot Size0.18 Acres
Price / SF$156.04
Days on Market23
Property Features for 320 Watts Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Apartment Residential
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bedroom 9, Bedroom 2, Bedroom 12, Bedroom 8, Bedroom 11, Bedroom 4, Bathroom 5, Bedroom 1, Bathroom 6, Bathroom 2, Bedroom 7, Bedroom 3, Basement, Bathroom 1, Bedroom 10, Bedroom 5, Bedroom 6, Bathroom 4
Parking features
Off Street
Patio and Porch features
Patio
Interior features
Walk-up Attic, Electric Stove Connection, Washer Connection, Electric Dryer Connection, All Window Treatments
Exterior features
Patio, Outside Lighting
Appliances
Range, Microwave, Dishwasher, Refrigerator, Washer, Dryer
Subdivision
South Park
Lot features
Level
Elementary school
Mountainview Elementary
Middle school
South Middle
High school
Morgantown High
Elementary school district
Monongalia
Middle school district
Monongalia
High school district
Monongalia
Directions
At the intersection of Pleasant Street and Spruce Street, travel southeast across the Pleasant Street bridge, turn left onto Cobun Avenue, turn right onto Kingwood Street, turn right onto Watts Street. Parking lot and apartment building will be on left.
Standard status
Active
Size
4,800 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
BL E NORTHERN PT LOTS 6,7 & 8, PT LOT 5 WATTS ADD 320 WATTS
Tax Annual Amount
11842
Legal Description
BL E NORTHERN PT LOTS 6,7 & 8, PT LOT 5 WATTS ADD 320 WATTS
Utilities
Heating system
Electric (Heating), Forced Air, Natural Gas, Other (Heating)
Cooling system
Window Unit(s), Ceiling Fan(s)
Amenities
in-unit laundry
dishwashers
stainless steel appliances
off-street parking
storage space
Building Details
Year built
1930
Floors in Building
3
Number of units
6
Flooring type
Wood, Carpet - Full, Vinyl
Building materials
Frame, Block
Roof type
Shingle
Listing Agency:
KLM PROPERTIES, INC
(304) 296-1533
Listed By:
JOHN WHISLER
(304) 216-0884
Added: Jul 20
Changed: Aug 2
Last Checked: Aug 11 at 10:06PM
MLS# 10165910
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 six-unit apartment building at 320 Watts Street was built in 1930 and features frame/block construction, a walk-up attic, and a variety of unit layouts. The apartments are approximately 600 to 900 square feet and include essential appliances in each unit. Select units also offer in-unit laundry, dishwashers, and stainless steel appliances. Existing furnishings and household items associated with the furnished rental operation convey, supporting move-in-ready furnished accommodations. Interior features include electric stove connection, electric dryer connection, and washer connection, along with all window treatments. Exterior amenities include a patio and outside lighting, with off-street parking for residents and guests.
The property is located in Morgantown’s South Park Historic District and is described as having a City of Morgantown Letter of Compliance valid through May 2029. The roof was replaced in 2022. Heating is electric (heating) and forced air, with natural gas also listed; cooling includes window unit(s) and ceiling fans. With walk-up configuration and storage space, the building offers multiple rental approaches, including long-term leases and furnished short- and mid-term stays.
The property is located in Morgantown’s South Park Historic District and is described as having a City of Morgantown Letter of Compliance valid through May 2029. The roof was replaced in 2022. Heating is electric (heating) and forced air, with natural gas also listed; cooling includes window unit(s) and ceiling fans. With walk-up configuration and storage space, the building offers multiple rental approaches, including long-term leases and furnished short- and mid-term stays.
Key Highlights
- Six‑unit apartment building with units approximately 600 to 900 SF
- Zoned Apartment Residential and located in Morgantown’s South Park Historic District
- Off‑street parking plus patio and outside lighting
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
$27,377
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
3.66%
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%
$547,540
$547.5K
Cap Rate 7%
$391,100
$391.1K
Cap Rate 9%
$304,189
$304.2K
Market Conditions
NOI Build-Up for 4,800 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
$50.7K $10.56/SF
− Vacancy
−$912 −$0.19/SF
EGI
$49.8K $10.37/SF
− OpEx
−$22.4K −$4.67/SF
NOI
$27.4K $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%
$547,540
Cap Rate 7%
$391,100
Cap Rate 9%
$304,189
Alternative Uses
Best Use
Apartment 5plus
$391.1K
$342.2K – $456.3K
NOI $27,377 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,865 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,344
Businesses Nearby
Explore this area
Business Placement
Demographics for 26501, WV
19,200
Population
9,541
Households
2
Avg Household Size
38
Median Age
45%
College-Educated
94%
High-School Grad
58.5 sq mi
ZIP Area
328
Density / Sq Mi
$62,173
Median Household Income
$34,949
Median Earnings
$914
Median Rent
$213,000
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Zoned Apartment Residential, this six-unit walk-up features a patio, off-street parking, and in-unit laundry in select units.
Where is this apartment building located?
The property is located at 320 Watts Street Morgantown, WV.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Six‑unit apartment building with units approximately 600 to 900 SF; Zoned Apartment Residential and located in Morgantown’s South Park Historic District; Off‑street parking plus patio and outside lighting
