Historic Stone Mixed-Use
For Sale
$1,400,000
211 DISCOVERY ROAD, Martinsburg, WV 25403
Converted barn offers flexible commercial interiors with a kitchenette, multiple restrooms, storage, and secured on-site parking.
Property Size12,461 SF
Price / SF$112.35
Days on Market14
Property Features for 211 DISCOVERY ROAD
General Information
Standard status
Active
Size
12,461 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$12,820
Amenities
kitchenette
restrooms
interior storage
separate storage building
Central Air
3
Hardwood, Vinyl, Carpet
Metal
Parking.
Private, Secured, Lot.
Additional Lot(s).
Building Details
Year Built
1850
Buildings
2
Stories
3
Construction
stone
Listing Agency:
Century 21 Modern Realty Results
(304) 263-2346
Listed By:
Larry DeMarco · License #0225265472
(304) 263-2346
Source:
Xome
Added: Jul 27
Changed: Aug 8
Last Checked: Aug 8 at 3:56AM
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 commercial space across a distinctive historic structure. Cathedral ceilings, hand-carved beams, and a blend of hardwood, vinyl, and carpet flooring define the interior. The property has supported training, meetings, corporate office operations, call center use, and television production, with a layout that also accommodates office, medical, hospitality, restaurant, or educational applications. Interior amenities include a kitchenette, multiple restrooms, storage areas, and central air.
The offering combines the primary 3.17+ acre parcel with an adjacent separately deeded lot, totaling over 5.5 acres. Two access entrances serve the property, while a paved parking area accommodates 40+ vehicles. A separate on-site storage building provides additional room for equipment or inventory. Recent capital work includes a standing seam metal roof, upgraded HVAC, and an enhanced water treatment system.
The offering combines the primary 3.17+ acre parcel with an adjacent separately deeded lot, totaling over 5.5 acres. Two access entrances serve the property, while a paved parking area accommodates 40+ vehicles. A separate on-site storage building provides additional room for equipment or inventory. Recent capital work includes a standing seam metal roof, upgraded HVAC, and an enhanced water treatment system.
Key Highlights
- 12,461‑square‑foot converted stone barn built in 1850
- Combined acreage totals over 5.5 acres, including a separately deeded adjacent lot
- Paved parking lot accommodates 40+ vehicles
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?
Mixed-use property - Converted barn offers flexible commercial interiors with a kitchenette, multiple restrooms, storage, and secured on-site parking.
Where is this mixed-use property located?
The property is located at 211 DISCOVERY ROAD 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; Combined acreage totals over 5.5 acres, including a separately deeded adjacent lot; Paved parking lot accommodates 40+ vehicles
