Three-Unit Triplex
For Sale
$150,000
509 Grant Avenue, Morgantown, WV 26505
Multiple Family Residence zoning, central air, and a covered porch support the existing three-unit configuration.
Property Size2,140 SF
Price / SF$70.09
Days on Market57
Property Features for 509 Grant Avenue
General Information
Standard status
Active
Size
2,140 SF
Property subtype
Residential Income / Multi Family
Zoning
Multiple Family Residence
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$2,365
Amenities
Central Air
Central
Partially Finished
Laminate, Wood
Yes
No
2
1
6
Porch
Building Details
Year Built
1910
Listing Agency:
RED BRICK PROPERTY MANAGEMENT, LLC
Listed By:
DAVID FLORES · License #WVA260040420
(304) 405-4628
Source:
Compass
Added: Jul 30
Changed: Sep 23
Last Checked: Sep 22 at 9:58PM
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 RED BRICK PROPERTY MANAGEMENT, LLC
Investment Insights
Based on property information with market context.
This three-unit property includes two residential units with two bedrooms and one bath each, plus an additional office unit arranged with two bedrooms and a half bath. The building offers central air, partially finished areas, laminate and wood flooring, and a porch. Constructed in 1910, the property is being sold as-is, with work already underway.
Zoned Multiple Family Residence, the property is located at 509 Grant Avenue in Morgantown, West Virginia. The existing layout combines two residential units with a separate office-oriented unit, providing a clearly defined three-unit configuration within the 2,140 property size.
Zoned Multiple Family Residence, the property is located at 509 Grant Avenue in Morgantown, West Virginia. The existing layout combines two residential units with a separate office-oriented unit, providing a clearly defined three-unit configuration within the 2,140 property size.
Key Highlights
- Three‑unit layout with six total bedrooms
- Two residential units, each with 2 bedrooms and 1 bath
- Additional office unit with 2 bedrooms and a half bath
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
$13,251
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
8.83%
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%
$265,020
$265.0K
Cap Rate 7%
$189,300
$189.3K
Cap Rate 9%
$147,233
$147.2K
Market Conditions
NOI Build-Up for 2,140 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
$19.3K $9.00/SF
− Vacancy
−$329 −$0.15/SF
EGI
$18.9K $8.85/SF
− OpEx
−$5.7K −$2.65/SF
NOI
$13.3K $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%
$265,020
Cap Rate 7%
$189,300
Cap Rate 9%
$147,233
Alternative Uses
Best Use
Multifamily LT 5
$189.3K
$165.6K – $220.9K
NOI $13,251 @ 7.0% cap · market cap 8.83%
Second Best
Apartment 5plus
$174.4K
$152.6K – $203.4K
NOI $12,205 @ 7.0% cap · market cap 8.14%
Theoretical Best
Office A
$616.9K
$539.8K – $719.8K
NOI $43,186 @ 7.0% cap · market cap 28.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Explore this area
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?
Triplex - Multiple Family Residence zoning, central air, and a covered porch support the existing three-unit configuration.
Where is this triplex located?
The property is located at 509 Grant Avenue Morgantown, WV.
What is the asking price?
The asking price for this property is $150,000.
What are key features of this property?
This property features: Three‑unit layout with six total bedrooms; Two residential units, each with 2 bedrooms and 1 bath; Additional office unit with 2 bedrooms and a half bath
