Two-Unit Duplex with
For Sale
$189,900
348 Wilson Avenue, Morgantown, WV 26501
Separate residences provide distinct bedroom and bath layouts, outdoor porches, and tenant-paid utilities.
Property Size2,518 SF
Price / SF$75.42
Days on Market16
Property Features for 348 Wilson Avenue
General Information
Standard status
Active
Size
2,518 SF
Property subtype
Multi-family
Financials
Asking Price
$189,000
Gross Income
$20,400
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
washer/dryer
upper porch
private back porch
street parking
Building Details
Year Built
1915
Listing Agency:
BEL-CROSS PROPERTIES,LLC
(304) 296-7930
Listed By:
DESTINY SYLVESTER · License #3690
(301) 387-2000
Source:
Railey
Added: Aug 17
Changed: Aug 31
Last Checked: Aug 31 at 7:58PM
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 BEL-CROSS PROPERTIES,LLC
Investment Insights
Based on property information with market context.
This two-unit duplex at 348 Wilson Avenue includes an upper residence with three bedrooms, two bathrooms, a washer and dryer, and an upper porch. The lower residence contains two bedrooms, one bathroom, and a private rear porch. Both units provide separate living accommodations, while tenants are responsible for all utilities. Street parking serves the property.
Built in 1915, the property is located in Morgantown’s South Park area near downtown, WVU’s Downtown Campus, Morgantown High School, restaurants, parks, trails, coffee shops, and the rail trail. Current leases extend through July 22, 2027. Tenant access requires a minimum of 24 hours’ notice.
Built in 1915, the property is located in Morgantown’s South Park area near downtown, WVU’s Downtown Campus, Morgantown High School, restaurants, parks, trails, coffee shops, and the rail trail. Current leases extend through July 22, 2027. Tenant access requires a minimum of 24 hours’ notice.
Key Highlights
- Two‑unit duplex with a 3‑bedroom, 2‑bath upper residence and a 2‑bedroom, 1‑bath lower residence
- Upper unit includes a washer and dryer plus an upper porch
- Lower unit features a private back porch
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
$15,592
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
8.21%
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%
$311,840
$311.8K
Cap Rate 7%
$222,743
$222.7K
Cap Rate 9%
$173,244
$173.2K
Market Conditions
NOI Build-Up for 2,518 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
$22.7K $9.00/SF
− Vacancy
−$388 −$0.15/SF
EGI
$22.3K $8.85/SF
− OpEx
−$6.7K −$2.65/SF
NOI
$15.6K $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%
$311,840
Cap Rate 7%
$222,743
Cap Rate 9%
$173,244
Alternative Uses
Best Use
Multifamily LT 5
$222.7K
$194.9K – $259.9K
NOI $15,592 @ 7.0% cap · market cap 8.21%
Second Best
Apartment 5plus
$205.2K
$179.5K – $239.4K
NOI $14,361 @ 7.0% cap · market cap 7.56%
Theoretical Best
Office A
$725.9K
$635.2K – $846.9K
NOI $50,814 @ 7.0% cap · market cap 26.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,144
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?
Duplex - Separate residences provide distinct bedroom and bath layouts, outdoor porches, and tenant-paid utilities.
Where is this duplex located?
The property is located at 348 Wilson Avenue Morgantown, WV.
What is the asking price?
The asking price for this property is $189,900.
What are key features of this property?
This property features: Two‑unit duplex with a 3‑bedroom, 2‑bath upper residence and a 2‑bedroom, 1‑bath lower residence; Upper unit includes a washer and dryer plus an upper porch; Lower unit features a private back porch
