Historic Stone Office
For Sale
$1,400,000
211 DISCOVERY ROAD #2, Martinsburg, WV 25403
Converted 1800s stone structure with flexible commercial interiors, upgraded systems, parking, and a separate storage building.
Property Size12,461 SF
Price / SF$112.35
Days on Market18
Property Features for 211 DISCOVERY ROAD #2
General Information
Standard status
Active
Size
12,461 SF
Property subtype
Commercial
Amenities
kitchenette
restrooms
interior storage
Building Details
Year Built
1850
Buildings
2
Construction
stone barn
Listing Agency:
Century 21 Modern Realty Results
(304) 263-2346
Listed By:
Larry A. DeMarco · License #0225265472
(304) 263-2346
Source:
Cummingsrealtors
Added: Jul 23
Changed: Aug 8
Last Checked: Aug 8 at 9:37AM
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 Century 21 Modern Realty Results
Investment Insights
Based on property information with market context.
Built in 1850, this converted stone barn provides 12,461 square feet of adaptable office-oriented space while retaining original architectural elements, including hand-carved beams and cathedral ceilings. The interior includes a kitchenette, multiple restrooms, interior storage areas, and technology and connectivity upgrades. A new standing seam metal roof, upgraded HVAC system, and enhanced water treatment system support ongoing operations.
The property encompasses more than 5.5 acres through the included adjacent separately deeded lot. Two access entrances serve the site, which also offers a paved parking area for 40+ vehicles and a separate storage building. Its prior configurations have included a training facility, meeting space, call center, corporate office, and television studio, providing a documented range of commercial layouts.
The property encompasses more than 5.5 acres through the included adjacent separately deeded lot. Two access entrances serve the site, which also offers a paved parking area for 40+ vehicles and a separate storage building. Its prior configurations have included a training facility, meeting space, call center, corporate office, and television studio, providing a documented range of commercial layouts.
Key Highlights
- 12,461‑square‑foot converted stone barn built in 1850
- More than 5.5 acres, including an adjacent separately deeded lot
- Original hand‑carved beams and cathedral ceilings
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
$120,560
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
8.61%
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%
$2,411,200
$2.4M
Cap Rate 7%
$1,722,286
$1.7M
Cap Rate 9%
$1,339,556
$1.3M
Market Conditions
NOI Build-Up for 12,461 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
$186.9K $15.00/SF
− Vacancy
−$26.2K −$2.10/SF
EGI
$160.7K $12.90/SF
− OpEx
−$40.2K −$3.23/SF
NOI
$120.6K $9.68/SF
Area
Berkeley County, WV
Vacancy
14.00%
Lease Rate
$15.00 /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%
$2,411,200
Cap Rate 7%
$1,722,286
Cap Rate 9%
$1,339,556
Alternative Uses
Best Use
Office B
$1.72M
$1.51M – $2.01M
NOI $120,560 @ 7.0% cap · market cap 8.61%
Second Best
Healthcare Medical
$1.47M
$1.29M – $1.71M
NOI $102,841 @ 7.0% cap · market cap 7.35%
Theoretical Best
Office A
$2.26M
$1.97M – $2.63M
NOI $157,906 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 25403, WV
15,316
Population
6,477
Households
2.4
Avg Household Size
39
Median Age
28%
College-Educated
96%
High-School Grad
40.4 sq mi
ZIP Area
379
Density / Sq Mi
$82,190
Median Household Income
$50,633
Median Earnings
$1,381
Median Rent
$301,800
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?
Office building - Converted 1800s stone structure with flexible commercial interiors, upgraded systems, parking, and a separate storage building.
Where is this office building located?
The property is located at 211 DISCOVERY ROAD #2 Martinsburg, WV.
What is the asking price?
The asking price for this property is $1,400,000.
What are key features of this property?
This property features: 12,461‑square‑foot converted stone barn built in 1850; More than 5.5 acres, including an adjacent separately deeded lot; Original hand‑carved beams and cathedral ceilings
