Two-Story Mixed-Use
New
For Sale
$354,900
311-315 S RALEIGH STREET, Martinsburg, WV 25401
Includes residential apartments, commercial space, storage units, a detached cottage, and private parking.
Property Size2,913 SF
Price / SF$121.83
Days on Market5
Property Features for 311-315 S RALEIGH STREET
General Information
Standard status
Active
Size
2,913 SF
Property subtype
Commercial
Building Details
Year Built
1925
Listing Agency:
Coldwell Banker Premier
(304) 724-2000
Listed By:
Adam Miller · License #WV0029452
(304) 582-3606
Source:
Cummingsrealtors
Added: Sep 10
Changed: Sep 13
Last Checked: Sep 13 at 7:21AM
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 Coldwell Banker Premier
Investment Insights
Based on property information with market context.
This mixed-use property includes a large two-story building with central heating and air, three residential apartments, and one commercial space occupied by a commercial tenant. The property also includes a detached cottage, a separate garage containing seven storage units, and a large private parking lot. The storage units are being marketed as-is.
Situated at 311-315 S Raleigh Street in downtown Martinsburg, the property combines multiple structures across separate lots. The 0.217-acre site has level terrain and significant road frontage. The main building includes a one-bedroom apartment and commercial space on the first level, with another apartment above. Constructed in 1925, the property offers a combination of residential, commercial, and storage components.
Situated at 311-315 S Raleigh Street in downtown Martinsburg, the property combines multiple structures across separate lots. The 0.217-acre site has level terrain and significant road frontage. The main building includes a one-bedroom apartment and commercial space on the first level, with another apartment above. Constructed in 1925, the property offers a combination of residential, commercial, and storage components.
Key Highlights
- Mixed‑use property with 3 residential apartments and 1 commercial tenant
- Large two‑story building with central heating and air
- Separate garage with 7 storage units, marketed as‑is
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
$24,763
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
6.98%
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%
$495,260
$495.3K
Cap Rate 7%
$353,757
$353.8K
Cap Rate 9%
$275,144
$275.1K
Market Conditions
NOI Build-Up for 2,913 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
$38.5K $13.20/SF
− Vacancy
−$3.1K −$1.06/SF
EGI
$35.4K $12.14/SF
− OpEx
−$10.6K −$3.64/SF
NOI
$24.8K $8.50/SF
Area
Berkeley County, WV
Vacancy
8.00%
Lease Rate
$13.20 /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%
$495,260
Cap Rate 7%
$353,757
Cap Rate 9%
$275,144
Alternative Uses
Best Use
Self Storage
$353.8K
$309.5K – $412.7K
NOI $24,763 @ 7.0% cap · market cap 6.98%
Second Best
Warehouse
$291.9K
$255.4K – $340.6K
NOI $20,435 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$527.3K
$461.4K – $615.2K
NOI $36,914 @ 7.0% cap · market cap 10.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,100
Businesses Nearby
Explore this area
Business Placement
Demographics for 25401, WV
15,086
Population
6,841
Households
2.2
Avg Household Size
38
Median Age
23%
College-Educated
86%
High-School Grad
5.8 sq mi
ZIP Area
2,601
Density / Sq Mi
$49,157
Median Household Income
$33,147
Median Earnings
$1,014
Median Rent
$221,500
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes residential apartments, commercial space, storage units, a detached cottage, and private parking.
Where is this mixed-use property located?
The property is located at 311-315 S RALEIGH STREET Martinsburg, WV.
What is the asking price?
The asking price for this property is $354,900.
What are key features of this property?
This property features: Mixed‑use property with 3 residential apartments and 1 commercial tenant; Large two‑story building with central heating and air; Separate garage with 7 storage units, marketed as‑is
