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    489 Mid Atlantic Pkwy, Unit 3 Martinsburg, WV 25404

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    Sponsored
    For Lease
    $5,450 /Mo

    CommercialLease - MARTINSBURG, WV

    Type:Office
    Days on Market:
    37
    Last Refresh:
    Mar 29 at 8:06 am

    Property Features for 489 Mid Atlantic Pkwy

    General Information

    Property type
    Other
    Property subtype
    Office
    Standard status
    Active
    Parking
    100
    Parking features
    Assigned, Parking Lot

    Utilities

    Heating system
    Forced Air, Heat Pump (Heating)
    Cooling system
    Heat Pump

    Building Details

    Year built
    2013
    Building materials
    Block

    We can help!

    Listing Contact
    Eric C Kronenwetter
    Eric C Kronenwetter

    Top of VA, LLC

    Listing agent Eric C Kronenwetter

    Listing date Feb 20, 2026

    MLS# WVBE2044508

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

    Learn more

    Overview

    Modern Office Space Available

    This modern, clean office space is available for lease in a professionally managed property. The space is ideally suited for contractors, consultants, healthcare agencies, and similar businesses. It features approximately 3535 square feet, including 12 offices or rooms, a large conference room, and storage areas. There are also 2 bathrooms. The landlord covers utilities. The property offers 24-hour access and ample parking for both staff and clients. The monthly rent is approximately $5,449.79, which equates to $18.50 per square foot. The property is located in MARTINSBURG, WV.
    Location Intelligence

    Current Use by Public Records

    Division of Rehabilitation Services ... Social Service Agency Panhandle Podiatry: Mollica ... Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center 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
    Martinsburg
    County
    Berkeley
    State
    West Virginia
    Longitude
    -77.95436625
    Latitude
    39.49687031

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    FAQs

    What type of property is this?
    Office units - Professionally managed office space suitable for various businesses.
    Where is this office units located?
    The property is located at 489 Mid Atlantic Pkwy, Unit 3 Martinsburg, WV.
    What is the lease rate?
    The lease rate is $5,450 /Mo.
    What are key features of this property?
    This property features: - Professionally managed modern office space suitable for various businesses.; - Landlord pays utilities, reducing tenant expenses.; - Approximately 3535 SF with **12 offices/rooms plus conference room and storage.**
    (540) 533-3627
    Request Owner's contact information
    489 Mid Atlantic Pkwy, Unit 3 Martinsburg, WV 25404
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    Martinsburg, WV 25404
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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.

    More about this property
    489 Mid Atlantic Pkwy, Unit 3 Martinsburg, WV 25404
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    We can help!
    Listing Contact
    Eric C Kronenwetter
    Eric C Kronenwetter
    Real Estate License ID: WV0025985
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