Four-Unit Multifamily
409 McLane Avenue, Morgantown, WV 26505
For Sale
$449,000
Under Contract
Multi-Unit/Income, Two Story, Morgantown, WV
Property Size4,608 SF
Lot Size0.20 Acres
Price / SF$97.44
Days on Market51
Property Features for 409 McLane Avenue
General Information
Property type
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Bedrooms
Bathrooms
Full bathrooms
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Parking features
Patio and Porch features
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Elementary school
Middle school
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Elementary school district
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Additional Details
Tenant in Place
Taxes and HOA fees
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Utilities
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Amenities
in-unit washer and dryer
off-street parking
Building Details
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Listing Agency:
KLM PROPERTIES, INC
(304) 296-1533
Listed By:
MATT LACY
(304) 685-1635
Added: Sep 19
Changed: Oct 25
Last Checked: Nov 8 at 8:06AM
MLS# 10167021
Copyright © 2026 North Central West Virginia Real Estate Information Network. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
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Investment Insights
Based on property information with market context.
This 4,608-square-foot multifamily property contains four units, each arranged with two bedrooms and two bathrooms. Built in 2001, the two-story building includes in-unit laundry connections, central air, natural gas heating, decks, and assigned off-street parking. Recent improvements include interior paint, flooring, select appliances, HVAC equipment, and laundry equipment. The property occupies 0.202 acres across two adjoining parcels and is zoned Two Family & Multi-Family.
Located in Morgantown’s Sunnyside neighborhood, the property sits between WVU’s Downtown and Evansdale campuses, with access to downtown, dining, shopping, entertainment, healthcare, and public transportation. All four units are leased into 2027, while tenants handle individual utilities and the owner pays for garbage service. A valid City of Morgantown Code Enforcement Letter of Compliance is in place through June 2028.
Located in Morgantown’s Sunnyside neighborhood, the property sits between WVU’s Downtown and Evansdale campuses, with access to downtown, dining, shopping, entertainment, healthcare, and public transportation. All four units are leased into 2027, while tenants handle individual utilities and the owner pays for garbage service. A valid City of Morgantown Code Enforcement Letter of Compliance is in place through June 2028.
Key Highlights
- Four units, each with a 2‑bedroom, 2‑bath layout
- 4,608 square feet on 0.202 acres across two adjoining parcels
- All four units leased into 2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,534
Cap Rate
6.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$570,680
$570.7K
Cap Rate 7%
$407,629
$407.6K
Cap Rate 9%
$317,044
$317.0K
Market Conditions
NOI Build-Up for 4,608 SF
Gross rent
$41.5K $9.00/SF
− Vacancy
−$709 −$0.15/SF
EGI
$40.8K $8.85/SF
− OpEx
−$12.2K −$2.65/SF
NOI
$28.5K $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 Rate 5%
$570,680
Cap Rate 7%
$407,629
Cap Rate 9%
$317,044
Alternative Uses
Best Use
Multifamily LT 5
$407.6K
$356.7K – $475.6K
NOI $28,534 @ 7.0% cap · market cap 6.36%
Second Best
Apartment 5plus
$375.5K
$328.5K – $438.0K
NOI $26,282 @ 7.0% cap · market cap 5.85%
Theoretical Best
Office A
$1.33M
$1.16M – $1.55M
NOI $92,990 @ 7.0% cap · market cap 20.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
728
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Demographics for 26505, WV
39,057
Population
19,220
Households
2
Avg Household Size
27
Median Age
55%
College-Educated
93%
High-School Grad
12.6 sq mi
ZIP Area
3,100
Density / Sq Mi
$42,275
Median Household Income
$24,042
Median Earnings
$942
Median Rent
$265,100
Median Home Value
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Market
Vacancy Rate% for Multifamily in South region
Frequently Asked Questions
What type of property is this?
Quadplex - Two-story layout with campus-area access, assigned off-street parking, and leases extending through 2027.
Where is this quadplex located?
The property is located at 409 McLane Avenue Morgantown, WV.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Four units, each with a 2‑bedroom, 2‑bath layout; 4,608 square feet on 0.202 acres across two adjoining parcels; All four units leased into 2027
