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    Renovated Multi-Unit Building on Main Title is generated by Realmo AI

    514 Elk Street, Gassaway, WV 26624

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    For Sale
    $169,900

    Multi-Unit (2-4) - Gassaway, WV

    Property size:
    4,000 SF
    Price / SF:
    $42/SF
    Added:
    Mar 17, 2025
    Days on Market:
    429
    Last Refresh:
    May 19 at 7:06 pm

    Property Features for 514 Elk Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    900
    Bathrooms
    2
    Rooms
    Basement, Bathroom 1, Bathroom 2, Kitchen, Laundry
    Parking features
    Garage, Garage - Attached, Underground/Basement
    Basement Y/N
    1
    Standard status
    Active
    APN
    8/25
    Size
    4,000 SF

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1800

    Utilities

    Heating system
    Electric (Heating), Natural Gas

    Building Details

    Year built
    1910
    Year renovated
    1910
    Floors in Building
    2
    Flooring type
    Carpet, Laminate
    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Lisa Rader

    Listing agent Lisa Rader

    Listing office Central WV Real Estate, LLC PO Box 22, Glenville, WV

    Listing date Mar 17, 2025

    MLS# 11452361 Listing URL

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

    HighLights

    • Renovated first floor and basement offer immediate usability and appeal.
    • High income potential for business or residential rental units.
    • New roof, AC/heat units, updated electric, and new flooring minimize maintenance costs.
    • Off‑street parking and a one‑car garage with loading dock provide convenience.
    • Basement provides additional space and potential.
    • Brick construction offers durability.

    Overview

    Located on Main Street in Gassaway, Braxton County, WV, this renovated building offers multiple options for business or residential rental units. The 4,000 square foot property features a new roof, new AC/heat units, updated electric, and new flooring in the renovated first floor and basement. It includes off-street parking and a one-car garage with a loading dock. The property is zoned 900 and offers lots of income potential.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Quadplexes

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Building Supply Nail Salon Auto Repair Shop Gym & Fitness Center Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Gassaway
    County
    Braxton
    State
    West Virginia
    Longitude
    -80.775033
    Latitude
    38.672799

    Nearby Similar for Sale

    • $120,000

      Gassaway Office Building For Sale

      2,500 SF office space in central Gassaway, move-in ready.
      626 Elk St, Gassaway, WV 26624
      View Details
    • $225,000
      1,800 SF

      Gassaway Income Producing Multi-Unit Building

      Two-story building with two updated apartments and business potential.
      503 River St, Gassaway, WV 26624
      View Details
    • $650,000
      1,980 SF

      Farm/Estate in Central WV Region

      143-acre farm with renovated 4-bedroom home near I-79.
      808 Elk River Rd, Gassaway, WV 26624
      View Details

    FAQs

    What type of property is this?
    Quadplex - Renovated building with income potential in Gassaway, West Virginia.
    Where is this quadplex located?
    The property is located at 514 Elk Street Gassaway, WV.
    What is the asking price?
    The asking price for this property is $169,900.
    What are key features of this property?
    This property features: Renovated first floor and basement offer immediate usability and appeal.; High income potential for business or residential rental units.; New roof, AC/heat units, updated electric, and new flooring minimize maintenance costs.
    (304) 462-5997
    We can help!
    Listing Contact
    Lisa Rader
    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.

    More about this property
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