Renovated Office Building on
For Sale
Contact for pricing
Pending
1008 Winchester Ave, Martinsburg, WV 25401
Turnkey commercial office building on high-traffic Winchester Avenue.
Property Size2,009 SF
Days on Market150
Property Features for 1008 Winchester Ave
General Information
Standard status
Pending
Size
2,009 SF
Class
C
Property subtype
Office
Zoning
C
Building Details
Year Built
1981
Year Renovated
2021
Buildings
1
Stories
1
Units
10
Tenancy
Single
Listing Agency:
Long & Foster Real Estate, Inc. Martinsburg Foxcroft
(304) 279-3863
Listed By:
Butch Cazin · License #WV0015220
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Jul 24 at 8:36AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Long & Foster Real Estate, Inc. Martinsburg Foxcroft
Investment Insights
Based on property information with market context.
This fully renovated, turnkey commercial office building is located on highly visible Winchester Avenue (Route 11) in Martinsburg, West Virginia. The former medical office provides flexible professional office space suitable for medical, dental, legal, or general office use. The layout features 5 private offices, a conference room, a receptionist area, a copy room (previously reception), a kitchenette, a utility room, and storage space. The property is handicap accessible. Situated on a high-traffic corridor with an annual average daily traffic count of 9,968 in 2023 just north of the property, the location offers exposure and accessibility. A private on-site parking lot provides 13 spaces. The property is ideal for owner-users or investors seeking a move-in ready commercial property in Martinsburg.
Key Highlights
- Fully renovated, turnkey commercial office building, ready for immediate occupancy.
- High‑visibility location on Winchester Ave (Rt. 11) with significant traffic (AADT 9,968).
- Flexible layout suitable for medical, dental, legal, or general office use, including 5 private offices and a conference room.
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
$19,437
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
4.99%
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%
$388,740
$388.7K
Cap Rate 7%
$277,671
$277.7K
Cap Rate 9%
$215,967
$216.0K
Market Conditions
NOI Build-Up for 2,009 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
$30.1K $15.00/SF
− Vacancy
−$4.2K −$2.10/SF
EGI
$25.9K $12.90/SF
− OpEx
−$6.5K −$3.23/SF
NOI
$19.4K $9.68/SF
Area
Berkeley County, WV
Vacancy
14.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$388,740
Cap Rate 7%
$277,671
Cap Rate 9%
$215,967
Alternative Uses
Best Use
Office B
$277.7K
$243.0K – $324.0K
NOI $19,437 @ 7.0% cap · market cap 4.99%
Second Best
Healthcare Medical
$236.9K
$207.3K – $276.3K
NOI $16,580 @ 7.0% cap · market cap 4.25%
Theoretical Best
Office A
$363.7K
$318.2K – $424.3K
NOI $25,458 @ 7.0% cap · market cap 6.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
664
Businesses Nearby
Explore this area
Business Placement
Demographics for 25401, WV
15,086
Population
6,841
Households
2.2
Avg Household Size
38
Median Age
23%
College-Educated
86%
High-School Grad
5.8 sq mi
ZIP Area
2,601
Density / Sq Mi
$49,157
Median Household Income
$33,147
Median Earnings
$1,014
Median Rent
$221,500
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Turnkey commercial office building on high-traffic Winchester Avenue.
Where is this office building located?
The property is located at 1008 Winchester Ave Martinsburg, WV.
What is the asking price?
The asking price for this property is $389,900.
What are key features of this property?
This property features: Fully renovated, turnkey commercial office building, ready for immediate occupancy.; High‑visibility location on Winchester Ave (Rt. 11) with significant traffic (AADT 9,968).; Flexible layout suitable for medical, dental, legal, or general office use, including 5 private offices and a conference room.
