Medical Office Building with
New
For Sale
Contact for pricing
1703 LOCUST AVE, Fairmont, WV 26554
Purpose-built layout includes exam rooms, private offices, reception, and administrative areas.
Property Size6,636 SF
Lot Size0.68 Acres
Price / SF$180.83
Days on Market7
Property Features for 1703 LOCUST AVE
General Information
Standard status
Active
Size
6,636 SF
Total Parking Spaces
40
Lot size
0.68 Acres
Property subtype
Office, Special Purpose
Zoning
Marion Corridor Commercial
Additional Details
Road Access
Yes
Amenities
security system
Building Details
Year Built
1999
Buildings
1
Stories
1
Building Size
6,636 SF
Listing Agency:
Black Diamond Realty
(304) 413-4350
Listed By:
Mark J. Nesselroad · License #WV WV0029167
Source:
Crexi
Added: Aug 6
Changed: Aug 12
Last Checked: Aug 12 at 7:07AM
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 Black Diamond Realty
Investment Insights
Based on property information with market context.
Located at 1703 Locust Avenue in Fairmont, West Virginia, this 6,636-square-foot medical office property occupies approximately 0.68 acre. Constructed in 1999, the building includes exam and patient rooms, private offices, file rooms, reception, and administrative areas. A separate 236-square-foot loft adds space for office, storage, or administrative functions, and an installed security system is in place.
The property fronts Route 19, which records approximately 7,500 vehicles daily according to the cited 2025 traffic sources. The site also provides prominent signage opportunities and a parking lot with approximately 40 spaces. Zoning is Marion Corridor Commercial. Additional land directly behind the building is available for future expansion or development.
The property fronts Route 19, which records approximately 7,500 vehicles daily according to the cited 2025 traffic sources. The site also provides prominent signage opportunities and a parking lot with approximately 40 spaces. Zoning is Marion Corridor Commercial. Additional land directly behind the building is available for future expansion or development.
Key Highlights
- 6,636 (+/-) square foot medical office building on 0.68 (+/-) acre
- 236 (+/-) square foot loft for office, storage, or administrative use
- Medical layout with exam rooms, patient rooms, private offices, and file rooms
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
$102,606
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
8.55%
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%
$2,052,120
$2.1M
Cap Rate 7%
$1,465,800
$1.5M
Cap Rate 9%
$1,140,067
$1.1M
Market Conditions
NOI Build-Up for 6,636 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
$159.3K $24.00/SF
− Vacancy
−$22.5K −$3.38/SF
EGI
$136.8K $20.62/SF
− OpEx
−$34.2K −$5.15/SF
NOI
$102.6K $15.46/SF
Area
Marion County, WV
Vacancy
14.10%
Lease Rate
$24.00 /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%
$2,052,120
Cap Rate 7%
$1,465,800
Cap Rate 9%
$1,140,067
Alternative Uses
Best Use
Office B
$1.47M
$1.28M – $1.71M
NOI $102,606 @ 7.0% cap · market cap 8.55%
Second Best
Healthcare Medical
$905.6K
$792.4K – $1.06M
NOI $63,391 @ 7.0% cap · market cap 5.28%
Theoretical Best
Multifamily LT 5
$40.71M
$35.62M – $47.50M
NOI $2,849,848 @ 7.0% cap · market cap 237.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
719
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 26554, WV
42,133
Population
19,688
Households
2.1
Avg Household Size
40
Median Age
30%
College-Educated
94%
High-School Grad
131.9 sq mi
ZIP Area
319
Density / Sq Mi
$69,271
Median Household Income
$40,688
Median Earnings
$931
Median Rent
$181,800
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?
Medical Office Space - Purpose-built layout includes exam rooms, private offices, reception, and administrative areas.
Where is this medical office space located?
The property is located at 1703 LOCUST AVE Fairmont, WV.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 6,636 (+/-) square foot medical office building on 0.68 (+/-) acre; 236 (+/-) square foot loft for office, storage, or administrative use; Medical layout with exam rooms, patient rooms, private offices, and file rooms
