Renovated Theater
For Sale
$1,250,000
403 NEVILLE STREET, Beckley, WV 25801
COMMERCIAL - BECKLEY, WV
Property Size8,808 SF
Lot Size0.08 Acres
Price / SF$141.92
Days on Market252
Property Features for 403 NEVILLE STREET
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Area 1
Standard status
Active
Size
8,808 SF
Lot size
0.08 Acres
Building Details
Year built
1925
Listing Agency:
ARMES REAL ESTATE & LAND COMPANY INC.
(304) 890-2388
Listed By:
Lisa Armes · License #WVB230300912
(304) 890-2388
Added: Dec 11, 2025
Changed: Aug 4
Last Checked: Aug 20 at 10:06PM
MLS# 93312
Copyright © 2026 Beckley Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Renovated landmark theater building totaling 8,808 square feet, with a fully equipped main-level theater featuring stadium-style seating, professional lighting and sound, acoustic paneling, sculpted overhead baffles, and a grand stage with rich millwork. A welcoming lobby includes a concession counter and built-in cabinetry. The lower level offers a tavern with a full hardwood bar, booth seating, a functional commercial kitchen, and an outdoor patio. Upstairs, expansive office space includes multiple dressing rooms and additional restrooms.
The property is located at 403 Neville Street in Beckley, WV 25801, and is described as being just steps from WVU Tech. The seller states an investment of $3.1 million went into the improvements.
A stable lease with the City of Beckley generates $36,000 annually, and the city pays its own utilities, creating dependable income with minimal overhead. The offering presents a structure that supports entertainment, hospitality, office use, or mixed-use concepts.
The property is located at 403 Neville Street in Beckley, WV 25801, and is described as being just steps from WVU Tech. The seller states an investment of $3.1 million went into the improvements.
A stable lease with the City of Beckley generates $36,000 annually, and the city pays its own utilities, creating dependable income with minimal overhead. The offering presents a structure that supports entertainment, hospitality, office use, or mixed-use concepts.
Key Highlights
- Prime commercial location in the heart of Beckley, steps from WVU Tech.
- Fully equipped theater with stadium seating, professional lighting/sound, and a grand stage.**
- Impressive $3.1 million renovation investment.
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
$95,126
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
7.61%
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%
$1,902,520
$1.9M
Cap Rate 7%
$1,358,943
$1.4M
Cap Rate 9%
$1,056,956
$1.1M
Market Conditions
NOI Build-Up for 8,808 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
$158.5K $18.00/SF
− Vacancy
−$31.7K −$3.60/SF
EGI
$126.8K $14.40/SF
− OpEx
−$31.7K −$3.60/SF
NOI
$95.1K $10.80/SF
Area
Raleigh County, WV
Vacancy
20.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,902,520
Cap Rate 7%
$1,358,943
Cap Rate 9%
$1,056,956
Alternative Uses
Best Use
Office B
$1.36M
$1.19M – $1.59M
NOI $95,126 @ 7.0% cap · market cap 7.61%
Second Best
Specialty Retail
$1.20M
$1.05M – $1.39M
NOI $83,687 @ 7.0% cap · market cap 6.69%
Theoretical Best
Multifamily LT 5
$5.19M
$4.54M – $6.05M
NOI $363,293 @ 7.0% cap · market cap 29.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
991
Businesses Nearby
Explore this area
Business Placement
Demographics for 25801, WV
31,369
Population
15,185
Households
2.1
Avg Household Size
43
Median Age
23%
College-Educated
88%
High-School Grad
99.1 sq mi
ZIP Area
317
Density / Sq Mi
$49,370
Median Household Income
$35,314
Median Earnings
$842
Median Rent
$151,000
Median Home Value
Market
Vacancy Rate% for Office 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?
Theater & concert hall - Renovated theater building with stadium-style seating, a lobby, and lower-level tavern and kitchen space, plus office upstairs.
Where is this theater & concert hall located?
The property is located at 403 NEVILLE STREET Beckley, WV.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Prime commercial location in the heart of Beckley, steps from WVU Tech.; Fully equipped theater with stadium seating, professional lighting/sound, and a grand stage.**; Impressive $3.1 million renovation investment.
