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    Historic Storefront Buildings in Elkins Title is generated by Realmo AI

    121 Third Street, Elkins, WV 26241

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    New
    For Sale
    Under Contract
    $300,000

    MULTI_FAMILY - Elkins, WV

    Property size:
    12,997 SF
    Lot size:
    0.14 Acres
    Price / SF:
    $23/SF
    Added:
    May 25, 2026
    Days on Market:
    4
    Last Refresh:
    May 28 at 5:06 pm

    Property Features for 121 Third Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Central Commercial Busine
    Bathrooms
    4
    Rooms
    Basement, Bathroom 4, Bathroom 3, Bathroom 1, Bathroom 2
    Interior features
    9ft+ Ceiling
    Exterior features
    Outside Lighting
    Standard status
    Active Under Contract
    Size
    12,997 SF
    Lot size
    0.14 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    B11 Lot 87, B11 Eastern 1/2 Lot 86
    Tax Annual Amount
    4406

    Utilities

    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air, Electric

    Building Details

    Year built
    1942
    Floors in Building
    2
    Number of units
    3
    Flooring type
    Carpet - Full, Laminate, Wood, Concrete
    Building materials
    Frame, Block, Brick
    Roof type
    Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    KIM LANDIS

    Listing agent KIM LANDIS License #WVB240301048

    Listing office KIM LANDIS REALTY 293 Bessie Varner Road, Davis, WV

    Listing date May 25, 2026

    MLS# 10163384 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.

    HighLights

    • Historic storefront buildings boast original woodwork, brick, architecture, and flooring.
    • Multiple units offer significant investment and development potential.
    • Located in downtown Elkins, WV.
    • Features 9ft+ ceilings.
    • Includes both natural gas forced air heating and central air/electric cooling.
    • Combination of frame, block, and brick construction.

    Overview

    This is an investment opportunity to bring life back to historic storefront buildings in downtown Elkins, WV. The buildings feature original woodwork, brick, architecture, and flooring throughout each unit. The property is located in Elkins, WV, with a lot size of 0.138 acres and a property size of 12997 square feet. The zoning is Central Commercial Busine. This property offers the opportunity to create and develop a project. The buildings are located at 121 Third Street, Elkins, WV 26241, in Randolph County.
    Property Profile Location Intelligence

    Current Use by Public Records

    Mama Mia Pie ... Restaurant Sae Corporation Simons ... Insurance Agency

    Suggested Use

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

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

    Similar Places Nearby

    • Tammys Floral — 24 S Randolph Ave, Elkins, WV 26241
    • Jojo's Floral & Bridal — 304 Davis Ave, Elkins, WV 26241

    Location Insight

    • Map
    • Local Demand
    City
    Elkins
    County
    Randolph
    State
    West Virginia
    Longitude
    -79.848498
    Latitude
    38.925296

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    FAQs

    What type of property is this?
    Storefront property - Historic storefront buildings with original features in downtown Elkins, WV.
    Where is this storefront property located?
    The property is located at 121 Third Street Elkins, WV.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: Historic storefront buildings boast **original woodwork, brick, architecture, and flooring**.; Multiple units offer **significant investment and development potential**.; Located in downtown Elkins, WV.
    (304) 704-4363
    We can help!
    Listing Contact
    KIM LANDIS
    Real Estate License ID: WVB240301048
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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.

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