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    Renovated Landmark in Beckley, WV Title is generated by Realmo AI

    403 NEVILLE STREET, Beckley, WV 25801

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    For Sale
    $1,250,000

    Commercial - BECKLEY, WV

    Property size:
    8,808 SF
    Lot size:
    0.08 Acres
    Price / SF:
    $141/SF
    Added:
    Mar 5, 2026
    Days on Market:
    72
    Last Refresh:
    May 16 at 11:06 am

    Property Features for 403 NEVILLE STREET

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    8,808 SF
    Lot size
    0.08 Acres

    Building Details

    Year built
    1925
    Architectural style
    Other

    We can help!

    Listing Contact
    Lisa Armes

    Listing agent Lisa Armes

    Listing office ARMES REAL ESTATE & LAND COMPANY INC. 130 George St. Suite H, Beckley, WV

    Listing date Mar 5, 2026

    MLS# 93312 Listing URL

    Copyright © 2026 Beckley Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime commercial location in the heart of Beckley, steps from WVU Tech.
    • Fully equipped theater with stadium seating, professional lighting/sound, and a grand stage.
    • Impressive $3.1 million renovation blending historic charm with modern functionality.
    • Lower‑level Tavern with full bar, commercial kitchen, and outdoor patio, ideal for restaurant/lounge.
    • Stable lease with the City of Beckley generating $36,000 annual income with city‑paid utilities.
    • Expansive upstairs office space, dressing rooms, and restrooms offering flexible commercial use.

    Overview

    This 8,808 sq ft commercial property is located in Beckley, WV, near WVU Tech. The renovated landmark property has seen $3.1 million in investment. The property is suited for entertainment, hospitality, office, or mixed-use commercial ventures. The main level features a fully equipped theater with stadium-style seating, professional lighting and sound, acoustic paneling, sculpted overhead baffles, and a grand stage framed by millwork. A lobby with a concession counter and built-in cabinetry supports events such as film screenings, live performances, lectures, private functions, and community gatherings. The lower level includes a Tavern with a hardwood bar, booth seating, a commercial kitchen, and an outdoor patio, making it suitable for restaurant or lounge operations. The upper level offers office space, dressing rooms, and restrooms, providing flexibility for coworking, boutique lodging, creative studios, administrative use, or hybrid commercial development. The property benefits from a lease with the City of Beckley, generating $36,000 annually, with the city paying their own utilities.

    Financial Insights

    Value Estimation Calculated for Office B

    Conservative
    $1.06M
    NOI $95,126 @ 9.00% cap · cautious / downside scenario
    Moderate
    $1.36M
    NOI $95,126 @ 7.00% cap · market / base-case scenario
    Aggressive
    $1.90M
    NOI $95,126 @ 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 Office B

    Component $ $/SF
    Gross rent $158.5k $18.00
    − Vacancy −$31.7k −$3.60
    EGI $126.8k $14.40
    − OpEx −$31.7k −$3.60
    NOI $95.1k $10.80
    8,808 SF · lease $18.00/SF/yr · vacancy 20.00% · expense 25.00%

    Alternative Use Scenarios

    Best Use
    Office B
    $1.36M
    $1.19M – $1.59M (±1% cap)
    NOI $95,126 @ 7.0% cap · market cap 7.61%
    Second Best
    Specialty Retail
    $1.20M
    $1.05M – $1.39M (±1% cap)
    NOI $83,687 @ 7.0% cap · market cap 6.69%
    Theoretical Best
    Multifamily LT 5
    $5.19M
    $4.54M – $6.05M (±1% cap)
    NOI $363,293 @ 7.0% cap · market cap 29.06%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Raleigh Playhouse and Theatre Theater & Performing Art Venue Sir Walter's Tavern Bar & Pub

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Beckley
    County
    Raleigh
    State
    West Virginia
    Longitude
    -81.1908239
    Latitude
    37.7764489

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    FAQs

    What type of property is this?
    Theater & concert hall - 8,808 sq ft renovated commercial property near WVU Tech.
    Where is this theater & concert hall located?
    The property is located at 403 NEVILLE STREET Beckley, WV.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Prime commercial location in the heart of Beckley, steps from WVU Tech.; Fully equipped theater with **stadium seating, professional lighting/sound, and a grand stage.**; Impressive $3.1 million renovation blending historic charm with modern functionality.
    (304) 890-2388
    We can help!
    Listing Contact
    Lisa Armes
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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