Three-Unit Triplex Near WVU
For Sale
$299,900
213 McLane Avenue, Morgantown, WV 26505
Residential income property with three units near WVU’s Downtown Campus.
Property Size3,583 SF
Days on Market47
Property Features for 213 McLane Avenue
General Information
Standard status
Active
Size
3,583 SF
Property subtype
Multi Family Home
Zoning
Single Family Residential
Building Details
Building Size
3,583 SF
Year Built
1916
Stories
3
Units
3
Tenancy
Multi
Listing Agency:
Howard Hanna Premier Properties By Barbara Alexander, LLC
(304) 216-2203
Listed By:
Travis Doak · License #WVS200301267
(304) 216-2203
Source:
Oliveriorealty
Added: Jun 26
Changed: Aug 2
Last Checked: Aug 11 at 1:22PM
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 Howard Hanna Premier Properties By Barbara Alexander, LLC
Investment Insights
Based on property information with market context.
This three-unit residential property contains a total of nine bedrooms and was built in 1916. The asset is classified as a triplex and carries Single Family Residential zoning, providing a defined residential configuration for continued use as a multifamily property.
Located at 213 McLane Avenue in Morgantown, the property is near WVU’s Downtown Campus. Its unit count, bedroom total, and campus-area setting make it a clearly defined residential income asset.
Located at 213 McLane Avenue in Morgantown, the property is near WVU’s Downtown Campus. Its unit count, bedroom total, and campus-area setting make it a clearly defined residential income asset.
Key Highlights
- Three‑unit triplex configuration
- Nine total bedrooms
- Near WVU’s Downtown Campus
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
$22,187
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
7.40%
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%
$443,740
$443.7K
Cap Rate 7%
$316,957
$317.0K
Cap Rate 9%
$246,522
$246.5K
Market Conditions
NOI Build-Up for 3,583 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
$32.2K $9.00/SF
− Vacancy
−$551 −$0.15/SF
EGI
$31.7K $8.85/SF
− OpEx
−$9.5K −$2.65/SF
NOI
$22.2K $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%
$443,740
Cap Rate 7%
$316,957
Cap Rate 9%
$246,522
Alternative Uses
Best Use
Multifamily LT 5
$317.0K
$277.3K – $369.8K
NOI $22,187 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$291.9K
$255.4K – $340.6K
NOI $20,435 @ 7.0% cap · market cap 6.81%
Theoretical Best
Office A
$1.03M
$903.8K – $1.21M
NOI $72,306 @ 7.0% cap · market cap 24.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,347
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?
Triplex - Residential income property with three units near WVU’s Downtown Campus.
Where is this triplex located?
The property is located at 213 McLane Avenue Morgantown, WV.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Three‑unit triplex configuration; Nine total bedrooms; Near WVU’s Downtown Campus
