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    612 Elk Street Gassaway, WV 26624

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    For Sale
    $280,000

    Mixed Use - Gassaway, WV

    Type:Mixed Use
    Property size:
    8,399 SF
    Lot size:
    0.12 Acres
    Price / SF:
    $33/SF
    Added:
    Sep 29, 2025
    Days on Market:
    215
    Last Refresh:
    May 1 at 1:06 pm

    Property Features for 612 Elk Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Zoning
    General Commercial
    Window features
    Skylight(s)
    Interior features
    Electric Stove Connection, washer Connection, electric Dryer Connection, skylight(s), vaulted Ceilings, 9ft+ Ceiling
    Exterior features
    Door Signage, Truck Loading Dock, Handicap Design
    Accessibility
    Accessible Approach with Ramp
    Appliances
    Range, Refrigerator
    Standard status
    Active
    Size
    8,399 SF
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    1540

    Utilities

    Utilities
    Electricity Available
    Heating system
    Central, Forced Air, Other (Heating)
    Cooling system
    Ceiling Fan(s), Central Air, Multi Units, Wall Unit(s)

    Building Details

    Year built
    1920
    Floors in Building
    3
    Number of units
    4
    Flooring type
    Carpet, Carpet - Full, Vinyl, Wood
    Building materials
    Block, Brick
    Roof type
    Metal, Tar/Gravel
    Architectural style
    Other

    We can help!

    Listing Contact
    CRYSTAL REED

    Listing agent CRYSTAL REED License #WVS220301978

    Listing office GRIFFIN REAL ESTATE 98 S Kanawha Street, Buckhannon, WV

    Listing date Sep 29, 2025

    MLS# 10157055 Listing URL

    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.

    Overview

    Gassaway Mixed-Use Investment Opportunity

    This expansive mixed-use property portfolio, located in the heart of town, includes two commercial buildings encompassing over 8,000 square feet of marketable rental space. The property features two updated and leased apartments, one with a striking red vaulted tin ceiling. A street-level storefront is suitable for retail or other creative businesses. The basement includes a warehouse with dock access, which is currently rented. The original structures date back to the town’s early years. The property is situated in the town center with easy access to local amenities and offers immediate income potential from fully leased units. The property is zoned for general commercial use and occupies approximately 0.11 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply 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
    -80.774444
    Latitude
    38.673766

    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
    • $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
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    • $169,900
      4,000 SF

      Renovated Multi-Unit Building on Main

      Renovated building with income potential in Gassaway, West Virginia.
      514 Elk Street, Gassaway, WV 26624
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Well-maintained, fully leased commercial property with historic charm and modern functionality.
    Where is this mixed-use property located?
    The property is located at 612 Elk Street Gassaway, WV.
    What is the asking price?
    The asking price for this property is $280,000.
    What are key features of this property?
    This property features: Fully Leased: Immediate income potential.; Prime Location: Situated in the town center.; Expansive Property: Over 8,000 sq ft of marketable rental space.
    (304) 940-5056
    We can help!
    Listing Contact
    CRYSTAL REED
    Real Estate License ID: WVS220301978
    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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    612 Elk Street, Gassaway, WV 26624-1136

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