Historic McFarland House Turnkey
For Sale
$1,299,990
Pending
409 S Queen St, Martinsburg, WV 25401
Georgian masterpiece, circa 1878, operating as a wedding venue.
Property Size9,000 SF
Lot Size0.39 Acres
Days on Market686
Property Features for 409 S Queen St
General Information
Standard status
Pending
Size
9,000 SF
Lot size
0.39 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$16,316
Amenities
Downtown
Landscaping
Building Details
Year Built
1878
Listing Agency:
YOUNG & ASSOCIATES
(304) 707-0086
Listed By:
SAMANTHA YOUNG · License #WVB190300575
Source:
Corcoran
Added: Sep 26, 2024
Changed: Aug 8
Last Checked: Aug 8 at 12:34PM
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 YOUNG & ASSOCIATES
Investment Insights
Based on property information with market context.
The historic "McFarland House," a Georgian architectural masterpiece circa 1878, presents a rare acquisition opportunity. This landmark property is prominently located on Queen Street in the historic district of Martinsburg. The grand estate features over 9,000 square feet of living space, complemented by an approximately 7,000-square-foot backyard oasis. The interior includes 17 rooms, featuring 6 bedrooms, adjoining atrium ballrooms with a moving glass wall system creating an expansive approximately 1800-square-foot space, multiple parlors, bars, a kitchen fully retrofitted for commercial use, an upper kitchenette, 2 full baths, 2 half baths, a laundry room, and dual interior staircases. The rear outdoor space boasts a large covered pavilion with flagstone floors, brick walkways, brick and stone retaining walls, lush landscaping with electrical pre-wiring, and a lawn wedding arena. Extensive renovations continue to evolve the property, preserving its grand architectural details, including crystal chandeliers, flagstone floors, hardwoods, stamped concrete, handcrafted moldings, 10+ foot ceilings, original plaster walls, grand marble bathrooms, and period-replicated custom woodwork. Modifications have been made to allow for full handicap accessibility to the main floor. The property offers endless commercial or residential possibilities and is currently operating as a wedding venue, banquet, and event location with gourmet dining. The property is being offered for sale as a turnkey investment opportunity. It was originally constructed by Alexander B. Parks and later gained recognition under William and Jane McFarland, who operated a catering business from their home. The location, reputation, and heritage of the property set the groundwork for new owners to prosper.
Key Highlights
- Turnkey investment: established and profitable wedding/event venue and gourmet dining location.
- Historic landmark property (circa 1878) with significant local recognition.
- Extensive living space: over 9,000 sq ft interior plus approx. 7,000 sq ft outdoor space.
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
$87,662
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
6.74%
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%
$1,753,240
$1.8M
Cap Rate 7%
$1,252,314
$1.3M
Cap Rate 9%
$974,022
$974.0K
Market Conditions
NOI Build-Up for 9,000 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
$126.4K $14.04/SF
− Vacancy
−$9.5K −$1.05/SF
EGI
$116.9K $12.99/SF
− OpEx
−$29.2K −$3.25/SF
NOI
$87.7K $9.74/SF
Area
Berkeley County, WV
Vacancy
7.50%
Lease Rate
$14.04 /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%
$1,753,240
Cap Rate 7%
$1,252,314
Cap Rate 9%
$974,022
Alternative Uses
Best Use
Specialty Retail
$1.25M
$1.10M – $1.46M
NOI $87,662 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,048 @ 7.0% cap · market cap 8.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,077
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Electronics 10%
7-Eleven
Shops & Services
6,649 visits/mo
0.4 miles
Truist
Shops & Services
4,602 visits/mo
0.2 miles
Boost Mobile
Electronics
1,329 visits/mo
0.4 miles
Napa Auto Parts
Shops & Services
714 visits/mo
0.5 miles
City National Bank
Shops & Services
148 visits/mo
0.3 miles
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 Retail in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Wedding venue - Georgian masterpiece, circa 1878, operating as a wedding venue.
Where is this wedding venue located?
The property is located at 409 S Queen St Martinsburg, WV.
What is the asking price?
The asking price for this property is $1,299,990.
What are key features of this property?
This property features: Turnkey investment: established and profitable wedding/event venue and gourmet dining location.; Historic landmark property (circa 1878) with significant local recognition.; Extensive living space: over 9,000 sq ft interior plus approx. 7,000 sq ft outdoor space.
