Four-Unit Multifamily
New
For Sale
$449,000
409 McLane Avenue, Morgantown, WV 26505
Multi-Unit/Income, Two Story, Morgantown, WV
Property Size4,608 SF
Lot Size0.20 Acres
Price / SF$97.44
Days on Market2
Property Features for 409 McLane Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Two Family & Multi-Family
Bedrooms
8
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 5, Bathroom 8, Bedroom 7, Bathroom 3, Bathroom 6, Bathroom 2, Bathroom 7, Bedroom 4, Bedroom 6, Bathroom 4, Bedroom 5, Bathroom 1, Bedroom 8, Bedroom 1, Bedroom 3, Bedroom 2
Parking features
Assigned, Off Street
Patio and Porch features
Deck
Interior features
Electric Dryer Connection, Electric Stove Connection, Washer Connection
Exterior features
Deck
Appliances
Dishwasher, Dryer, Microwave, Range, Refrigerator, Washer
Lot features
Corner, Sloping
View
City
Elementary school
Suncrest Elementary
Middle school
Suncrest Middle
High school
Morgantown High
Elementary school district
Monongalia
Middle school district
Monongalia
High school district
Monongalia
Directions
At the intersection of Monongahela Blvd (US-19) and Patteson Drive, head southeast on US-19 S towards downtown Morgantown (1.2 miles), turn left onto 4th Street. Property will be on the left on the corner of 4th Street and McLane Avenue.
Subdivision
Monongalia/Morgantown
Standard status
Active
Size
4,608 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
BL 22 LOT 2 PT 1 409 MCLANE AVE, BL 22 LOT 1 401 MCLANE AVE
Tax Annual Amount
7099
Legal Description
BL 22 LOT 2 PT 1 409 MCLANE AVE, BL 22 LOT 1 401 MCLANE AVE
Utilities
Heating system
Central, Natural Gas, Forced Air
Cooling system
Central Air, Ceiling Fan(s)
Amenities
in-unit washer and dryer
off-street parking
Building Details
Year built
2001
Floors in Building
2
Number of units
4
Flooring type
Carpet - Full, Vinyl
Building materials
Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
KLM PROPERTIES, INC
(304) 296-1533
Listed By:
MATT LACY
(304) 685-1635
Added: Sep 19
Changed: Sep 20
Last Checked: Sep 20 at 2:06PM
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.
Investment Insights
Based on property information with market context.
This 4,608-square-foot multifamily property contains four residences, each arranged with two bedrooms and two bathrooms. The units include washers and dryers, full kitchen appliances, central air, forced-air natural gas heat, and a deck. Assigned off-street parking serves the property, which was built in 2001 and occupies 0.202 acres across two adjoining parcels.
All four residences are leased through 2027, with occupants paying their individual utilities while the owner covers garbage service. Recent work includes interior paint, flooring, selected appliances, HVAC equipment, and laundry equipment. The property is located at 409 McLane Avenue in Morgantown’s Sunnyside neighborhood, between WVU’s Downtown and Evansdale campuses, with access to downtown, dining, shopping, healthcare, entertainment, and public transportation.
All four residences are leased through 2027, with occupants paying their individual utilities while the owner covers garbage service. Recent work includes interior paint, flooring, selected appliances, HVAC equipment, and laundry equipment. The property is located at 409 McLane Avenue in Morgantown’s Sunnyside neighborhood, between WVU’s Downtown and Evansdale campuses, with access to downtown, dining, shopping, healthcare, entertainment, and public transportation.
Key Highlights
- 4‑unit layout with four 2‑bedroom, 2‑bath residences
- 4608 square feet on 0.202 acres
- All four units leased through 2027
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
$28,534
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
6.36%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
728
Businesses Nearby
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Business Placement
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Four matching two-bedroom residences with in-unit laundry and assigned off-street parking.
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: 4‑unit layout with four 2‑bedroom, 2‑bath residences; 4608 square feet on 0.202 acres; All four units leased through 2027
