Car Wash Property with L-Shaped
For Sale
$499,000
Pending
132 S High Street, Morgantown, WV 26501
COMMERCIAL - Morgantown, WV
Property Size5,883 SF
Lot Size0.67 Acres
Days on Market78
Property Features for 132 S High Street
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
South Park
Directions
Directions: From Downtown Morgantown, travel south on High Street toward the Wharf District. Continue onto South High Street. The property will be located on the right at 132 South High Street, with additional access available from Simpson Street.
Standard status
Pending
APN
09-28-118, 119, 120; 09-37-99
Lot size
0.67 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5655
Utilities
Water source
Public
Listing Agency:
Joe R. Pyle Complete Auction and Realty Service
(304) 592-6000
Listed By:
Joe Pyle
(304) 592-6000
Added: Jun 4
Changed: Aug 4
Last Checked: Aug 20 at 8:06PM
MLS# 11801056
Copyright © 2026 My State 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 property was previously operated as a car wash and includes an approximately 5,883-square-foot, L-shaped building with multiple service bays. In addition to the service areas, the facility offers office space and equipment areas, along with ample on-site parking for customers and vehicles. The site is set up for flexible use either as a continuing car wash operation or for other redevelopment concepts, subject to applicable approvals.
The site is located at 132 S High Street in Morgantown and provides frontage on South High Street, with additional access from Simpson Street. The property’s layout supports multiple ingress and egress points, and it benefits from convenient access to major transportation routes including I-79 and I-68. The surrounding area includes Downtown Morgantown, the WVU campus, and the Wharf District, along with numerous restaurants, businesses, and public amenities.
For buyers and operators, the combination of service-bay infrastructure, built-out office and equipment spaces, and parking may support an owner-user continuation of the car wash business or redevelopment of the improvements. A Phase II Environmental Site Assessment Report is available upon request. The property will be sold by public auction, with online bidding only, ending Tuesday, July 7th at 6:00 PM.
The site is located at 132 S High Street in Morgantown and provides frontage on South High Street, with additional access from Simpson Street. The property’s layout supports multiple ingress and egress points, and it benefits from convenient access to major transportation routes including I-79 and I-68. The surrounding area includes Downtown Morgantown, the WVU campus, and the Wharf District, along with numerous restaurants, businesses, and public amenities.
For buyers and operators, the combination of service-bay infrastructure, built-out office and equipment spaces, and parking may support an owner-user continuation of the car wash business or redevelopment of the improvements. A Phase II Environmental Site Assessment Report is available upon request. The property will be sold by public auction, with online bidding only, ending Tuesday, July 7th at 6:00 PM.
Key Highlights
- Approximately 0.67‑acre commercial site with frontage on South High Street and additional access from Simpson Street
- Approximately 5,883 SF L‑shaped building previously used as a car wash, with multiple service bays and office space
- Includes equipment areas and ample on‑site parking
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
$34,543
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
6.92%
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%
$690,860
$690.9K
Cap Rate 7%
$493,471
$493.5K
Cap Rate 9%
$383,811
$383.8K
Market Conditions
NOI Build-Up for 5,883 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
$52.9K $9.00/SF
− Vacancy
−$3.6K −$0.61/SF
EGI
$49.3K $8.39/SF
− OpEx
−$14.8K −$2.52/SF
NOI
$34.5K $5.87/SF
Area
Monongalia County, WV
Vacancy
6.80%
Lease Rate
$9.00 /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%
$690,860
Cap Rate 7%
$493,471
Cap Rate 9%
$383,811
Alternative Uses
Best Use
Specialty Retail
$797.1K
$697.5K – $929.9K
NOI $55,796 @ 7.0% cap · market cap 11.18%
Second Best
Retail
$794.2K
$694.9K – $926.6K
NOI $55,594 @ 7.0% cap · market cap 11.14%
Theoretical Best
Office A
$1.70M
$1.48M – $1.98M
NOI $118,720 @ 7.0% cap · market cap 23.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,313
Businesses Nearby
Explore this area
Business Placement
Demographics for 26501, WV
19,200
Population
9,541
Households
2
Avg Household Size
38
Median Age
45%
College-Educated
94%
High-School Grad
58.5 sq mi
ZIP Area
328
Density / Sq Mi
$62,173
Median Household Income
$34,949
Median Earnings
$914
Median Rent
$213,000
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?
Car wash - Versatile car wash site with multiple bays, offices, and parking along South High Street.
Where is this car wash located?
The property is located at 132 S High Street Morgantown, WV.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Approximately 0.67‑acre commercial site with frontage on South High Street and additional access from Simpson Street; Approximately 5,883 SF L‑shaped building previously used as a car wash, with multiple service bays and office space; Includes equipment areas and ample on‑site parking
