Duplex With Off-Street
For Sale
$179,000
1951 Listravia Avenue, Morgantown, WV 26505
Two-unit property currently occupied as one spacious residence, with separate-unit flexibility and a large lot.
Property Size1,700 SF
Days on Market51
Property Features for 1951 Listravia Avenue
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Multi Family Home
Zoning
Single Family Residential
Additional Details
Multifamily Units
2
Building Details
Building Size
1,700 SF
Year Built
1911
Stories
3
Units
2
Tenancy
Single
Listing Agency:
J. S. Walker Associates
(304) 203-3849
Listed By:
Kristine Crutch
(304) 203-3849
Source:
Oliveriorealty
Added: Jul 1
Changed: Aug 20
Last Checked: Aug 20 at 6:19AM
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 J. S. Walker Associates
Investment Insights
Based on property information with market context.
Built in 1911, this two-unit residential property is currently rented as one spacious unit while retaining a layout suited to separate occupancy. The property includes upgraded electrical service, a furnace installed in 2025, off-street parking, and a large lot. Zoning is Single Family Residential.
The property is located near WVU campus and medical centers, placing it within proximity to major educational and healthcare destinations in Morgantown. Its existing single-unit rental configuration and two-unit design provide flexibility for an owner seeking a residence with additional rental use or a reconfigured duplex arrangement.
The property is located near WVU campus and medical centers, placing it within proximity to major educational and healthcare destinations in Morgantown. Its existing single-unit rental configuration and two-unit design provide flexibility for an owner seeking a residence with additional rental use or a reconfigured duplex arrangement.
Key Highlights
- Two‑unit residential property currently rented as one spacious unit
- New furnace installed in 2025
- Upgraded electrical service
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
$10,527
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
5.88%
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%
$210,540
$210.5K
Cap Rate 7%
$150,386
$150.4K
Cap Rate 9%
$116,967
$117.0K
Market Conditions
NOI Build-Up for 1,700 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
$15.3K $9.00/SF
− Vacancy
−$262 −$0.15/SF
EGI
$15.0K $8.85/SF
− OpEx
−$4.5K −$2.65/SF
NOI
$10.5K $6.19/SF
Area
Monongalia County, WV
Vacancy
1.71%
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%
$210,540
Cap Rate 7%
$150,386
Cap Rate 9%
$116,967
Alternative Uses
Best Use
Multifamily LT 5
$150.4K
$131.6K – $175.5K
NOI $10,527 @ 7.0% cap · market cap 5.88%
Second Best
Apartment 5plus
$138.5K
$121.2K – $161.6K
NOI $9,696 @ 7.0% cap · market cap 5.42%
Theoretical Best
Office A
$490.1K
$428.8K – $571.8K
NOI $34,306 @ 7.0% cap · market cap 19.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 26505, WV
39,057
Population
19,220
Households
2
Avg Household Size
27
Median Age
55%
College-Educated
93%
High-School Grad
12.6 sq mi
ZIP Area
3,100
Density / Sq Mi
$42,275
Median Household Income
$24,042
Median Earnings
$942
Median Rent
$265,100
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property currently occupied as one spacious residence, with separate-unit flexibility and a large lot.
Where is this duplex located?
The property is located at 1951 Listravia Avenue Morgantown, WV.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: Two‑unit residential property currently rented as one spacious unit; New furnace installed in 2025; Upgraded electrical service
