Six-Unit Multifamily
For Sale
$749,000
320 Watts St, Morgantown, WV 26501
Established apartments support long-term, furnished, and blended rental formats with off-street parking and operating furnishings included.
Property Size4,800 SF
Price / SF$156.04
Days on Market28
Property Features for 320 Watts St
General Information
Standard status
Active
Size
4,800 SF
Property subtype
Residential Income
Additional Details
Furnished
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,842
Amenities
in-unit laundry
dishwasher
stainless steel appliances
off-street parking
storage space
Building Details
Buildings
1
Listing Agency:
KLM PROPERTIES, INC
(304) 216-0884
Listed By:
John Whisler
(304) 216-0884
Source:
Exprealty
Added: Jul 15
Changed: Aug 10
Last Checked: Aug 10 at 6:55AM
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 KLM PROPERTIES, INC
Investment Insights
Based on property information with market context.
This 4,800-square-foot multifamily property contains six apartments ranging from approximately 600 to 900 square feet. Unit layouts vary, and each apartment includes essential appliances; select residences add in-unit laundry, dishwashers, and stainless steel appliances. Furnishings and household items used in the furnished rental operation convey with the property. Generous storage areas and off-street parking provide practical support for residents, guests, and ongoing operations.
The building is located at 320 Watts St in Morgantown’s South Park Historic District, with access to downtown Morgantown, WVU, healthcare facilities, local employers, dining, shopping, and recreation. Rental operations have included long-term leases as well as furnished short- and mid-term stays through Airbnb and Furnished Finder. The roof was replaced in 2022, and a City of Morgantown Letter of Compliance is valid through May 2029.
The building is located at 320 Watts St in Morgantown’s South Park Historic District, with access to downtown Morgantown, WVU, healthcare facilities, local employers, dining, shopping, and recreation. Rental operations have included long-term leases as well as furnished short- and mid-term stays through Airbnb and Furnished Finder. The roof was replaced in 2022, and a City of Morgantown Letter of Compliance is valid through May 2029.
Key Highlights
- Six‑unit multifamily property totaling 4,800 square feet
- Apartments range from approximately 600 to 900 square feet
- Long‑term leases plus furnished short- and mid‑term rental history
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
$27,377
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
3.66%
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%
$547,540
$547.5K
Cap Rate 7%
$391,100
$391.1K
Cap Rate 9%
$304,189
$304.2K
Market Conditions
NOI Build-Up for 4,800 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
$50.7K $10.56/SF
− Vacancy
−$912 −$0.19/SF
EGI
$49.8K $10.37/SF
− OpEx
−$22.4K −$4.67/SF
NOI
$27.4K $5.70/SF
Area
Monongalia County, WV
Vacancy
1.80%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$547,540
Cap Rate 7%
$391,100
Cap Rate 9%
$304,189
Alternative Uses
Best Use
Apartment 5plus
$391.1K
$342.2K – $456.3K
NOI $27,377 @ 7.0% cap · market cap 3.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,865 @ 7.0% cap · market cap 12.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,344
Businesses Nearby
Explore this area
Business Placement
Demographics for 26501, WV
19,200
Population
9,541
Households
2
Avg Household Size
38
Median Age
45%
College-Educated
94%
High-School Grad
58.5 sq mi
ZIP Area
328
Density / Sq Mi
$62,173
Median Household Income
$34,949
Median Earnings
$914
Median Rent
$213,000
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?
Apartment building - Established apartments support long-term, furnished, and blended rental formats with off-street parking and operating furnishings included.
Where is this apartment building located?
The property is located at 320 Watts St Morgantown, WV.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Six‑unit multifamily property totaling 4,800 square feet; Apartments range from approximately 600 to 900 square feet; Long‑term leases plus furnished short- and mid‑term rental history
