4-Unit Historic
For Sale
Contact for pricing
4 Delaware Avenue, Charleston, WV 25302
Two-story apartment building with periodic renovations and basement laundry access for residents.
Property Size3,120 SF
Price / SF$72.12
Days on Market10
Property Features for 4 Delaware Avenue
General Information
Standard status
Active
Size
3,120 SF
Property subtype
Multifamily
Zoning
R-6, Medium Density Residential/Luna Park Historic District
Occupancy
98%
Investment Type
Stabilized
Site & Location
Road Access
Yes
Utilities to Site
Yes
Additional Details
Average Monthly Rent
$797.50
Multifamily Units
4
Amenities
washer/dryer in basement
Building Details
Year Built
1900
Year Renovated
2014
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Goldman Associates Inc
Listed By:
Todd Goldman · License #WV WV0015391
(304) 343-5695
Source:
Crexi
Added: Aug 26
Changed: Sep 2
Last Checked: Sep 3 at 8:21AM
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 Goldman Associates Inc
Investment Insights
Based on property information with market context.
This 3,120-square-foot quadplex occupies a two-story building constructed in 1900. The former residence has been converted into four apartments, with periodic renovations and ongoing maintenance. Units A and B use forced-air heating, while Units C and D feature baseboard heat. Residents supply their own window air-conditioning units, and a shared washer and dryer is available in the basement without an additional charge. The landlord covers all utilities.
The property is at 4 Delaware Avenue in Charleston, West Virginia, on the near West Side, north of Kanawha Boulevard. It is close to Kanawha Boulevard and Magic Island Park, with street parking available nearby. The property carries R-6, Medium Density Residential zoning and is within the Luna Park Historic District. Occupancy was 98% in 2025.
The property is at 4 Delaware Avenue in Charleston, West Virginia, on the near West Side, north of Kanawha Boulevard. It is close to Kanawha Boulevard and Magic Island Park, with street parking available nearby. The property carries R-6, Medium Density Residential zoning and is within the Luna Park Historic District. Occupancy was 98% in 2025.
Key Highlights
- Four apartment units in a 3,120‑square‑foot building
- Constructed in 1900 and located within the Luna Park Historic District
- R‑6, Medium Density Residential zoning
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
$20,118
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
8.94%
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%
$402,360
$402.4K
Cap Rate 7%
$287,400
$287.4K
Cap Rate 9%
$223,533
$223.5K
Market Conditions
NOI Build-Up for 3,120 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
$37.4K $12.00/SF
− Vacancy
−$861 −$0.28/SF
EGI
$36.6K $11.72/SF
− OpEx
−$16.5K −$5.28/SF
NOI
$20.1K $6.45/SF
Area
Kanawha County, WV
Vacancy
2.30%
Lease Rate
$12.00 /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%
$402,360
Cap Rate 7%
$287,400
Cap Rate 9%
$223,533
Alternative Uses
Best Use
Multifamily LT 5
$304.9K
$266.8K – $355.7K
NOI $21,341 @ 7.0% cap · market cap 9.48%
Second Best
Apartment 5plus
$287.4K
$251.5K – $335.3K
NOI $20,118 @ 7.0% cap · market cap 8.94%
Theoretical Best
Office A
$688.0K
$602.0K – $802.7K
NOI $48,163 @ 7.0% cap · market cap 21.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
98%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,041
Businesses Nearby
Explore this area
Business Placement
Demographics for 25302, WV
14,307
Population
7,676
Households
1.9
Avg Household Size
44
Median Age
34%
College-Educated
93%
High-School Grad
12.4 sq mi
ZIP Area
1,154
Density / Sq Mi
$55,525
Median Household Income
$33,488
Median Earnings
$875
Median Rent
$148,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Two-story apartment building with periodic renovations and basement laundry access for residents.
Where is this quadplex located?
The property is located at 4 Delaware Avenue Charleston, WV.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Four apartment units in a 3,120‑square‑foot building; Constructed in 1900 and located within the Luna Park Historic District; R‑6, Medium Density Residential zoning
