Two-Bedroom
For Sale
$370,000
535-537 ROUNDHOUSE Way, Martinsburg, WV 25404
Multi-Family, MARTINSBURG, WV
Property Size3,504 SF
Lot Size0.25 Acres
Price / SF$105.59
Days on Market252
Property Features for 535-537 ROUNDHOUSE Way
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Rooms
Basement
Parking
8
Parking features
Off Street, Driveway
Interior features
Floor Plan - Traditional, Kitchen - Eat-In
Appliances
Refrigerator, Stove
Elementary school district
BERKELEY COUNTY SCHOOLS
Middle school district
BERKELEY COUNTY SCHOOLS
High school district
BERKELEY COUNTY SCHOOLS
Standard status
Active
Size
3,504 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Annual Amount
3711
Utilities
Heating system
Electric (Heating), Baseboard
Cooling system
Central Air
Amenities
washer/dryer hookup
Building Details
Year built
1920
Number of units
4
Building materials
Wood Siding
Architectural style
Colonial
Listing Agency:
John Orem & Associates, LLC.
(304) 264-8177
Listed By:
John W Orem · License #WV0003150
(304) 279-9999
Added: Jan 15
Changed: Sep 16
Last Checked: Sep 24 at 9:06AM
MLS# WVBE2047286
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.
Investment Insights
Based on property information with market context.
This 3,504-square-foot quadplex in Martinsburg contains four two-bedroom residences with spacious traditional floor plans. Each unit includes separate water and electric metering, washer and dryer hookups, a kitchen with an eat-in area, a refrigerator, and a stove. Central air conditioning and electric baseboard heat serve the building, which was constructed in 1920 with Colonial styling and wood siding.
The property occupies 0.2517 acres at 535-537 Roundhouse Way in Berkeley County. Off-street parking and a driveway provide on-site vehicle access, while basement space is included in the building configuration.
The property occupies 0.2517 acres at 535-537 Roundhouse Way in Berkeley County. Off-street parking and a driveway provide on-site vehicle access, while basement space is included in the building configuration.
Key Highlights
- 4‑unit quadplex with 2 bedrooms in each unit
- 3,504 square feet on 0.2517 acres
- Separate water and electric meters for each unit
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
$16,673
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
4.51%
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%
$333,460
$333.5K
Cap Rate 7%
$238,186
$238.2K
Cap Rate 9%
$185,256
$185.3K
Market Conditions
NOI Build-Up for 3,504 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
$24.8K $7.08/SF
− Vacancy
−$990 −$0.28/SF
EGI
$23.8K $6.80/SF
− OpEx
−$7.1K −$2.04/SF
NOI
$16.7K $4.76/SF
Area
Berkeley County, WV
Vacancy
3.99%
Lease Rate
$7.08 /SF/Yr
Expense Ratio
30.00%
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%
$333,460
Cap Rate 7%
$238,186
Cap Rate 9%
$185,256
Alternative Uses
Best Use
Multifamily LT 5
$238.2K
$208.4K – $277.9K
NOI $16,673 @ 7.0% cap · market cap 4.51%
Second Best
Apartment 5plus
$218.4K
$191.1K – $254.8K
NOI $15,287 @ 7.0% cap · market cap 4.13%
Theoretical Best
Office A
$634.3K
$555.0K – $740.1K
NOI $44,403 @ 7.0% cap · market cap 12.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
Explore this area
Business Placement
Demographics for 25404, WV
23,034
Population
9,973
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
37.9 sq mi
ZIP Area
608
Density / Sq Mi
$68,897
Median Household Income
$42,976
Median Earnings
$1,228
Median Rent
$226,900
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?
Quadplex - Four separately metered residences feature washer and dryer hookups, central air, and off-street parking.
Where is this quadplex located?
The property is located at 535-537 ROUNDHOUSE Way Martinsburg, WV.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 4‑unit quadplex with 2 bedrooms in each unit; 3,504 square feet on 0.2517 acres; Separate water and electric meters for each unit
