Spacious Warehouse in Berkeley Business
For Sale
$2,500,000
531 Corning Way, Martinsburg, WV 25405
16,000 SF warehouse with ample parking and remodeled office space.
Property Size16,000 SF
Lot Size5.00 Acres
Price / SF$156.25
Days on Market363
Property Features for 531 Corning Way
General Information
Standard status
Active
Size
16,000 SF
Lot size
5.00 Acres
Listing Agency:
Oakcrest Commercial Real Estate
(540) 247-4974
Listed By:
H. Paige Manuel · License #0225023519
(540) 247-4974
Source:
Exprealty
Added: Aug 12, 2025
Changed: Aug 8
Last Checked: Aug 8 at 1:29PM
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 Oakcrest Commercial Real Estate
Investment Insights
Based on property information with market context.
This 16,000 SF building, suitable for warehouse or light industrial uses, is situated on 2.5 acres and features ample parking. The property includes recently remodeled office space, 3-Phase electric service, a 20 ft. clear height, two loading docks, and one grade level overhead door. Located at 531 Corning Way in Berkeley Business Park, it is in close proximity to Tabler Station Exit, I-81, US 11, P & G Manufacturing, The Clorox Company, Trex Company, Knauf Insulation, and Orgill Company. A 2.5-acre lay-down yard is located behind the building.
Key Highlights
- Spacious 16,000 SF building suitable for warehouse or light industrial use.
- Large 2.5 acre lot with ample parking and a 2.5 acre lay‑down yard.
- Convenient location in Berkeley Business Park near I‑81 and major manufacturers (P & G, Clorox, Trex, Knauf, Orgill).
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
$154,800
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
6.19%
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%
$3,096,000
$3.1M
Cap Rate 7%
$2,211,429
$2.2M
Cap Rate 9%
$1,720,000
$1.7M
Market Conditions
NOI Build-Up for 16,000 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
$240.0K $15.00/SF
− Vacancy
−$33.6K −$2.10/SF
EGI
$206.4K $12.90/SF
− OpEx
−$51.6K −$3.23/SF
NOI
$154.8K $9.68/SF
Area
Berkeley County, WV
Vacancy
14.00%
Lease Rate
$15.00 /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%
$3,096,000
Cap Rate 7%
$2,211,429
Cap Rate 9%
$1,720,000
Alternative Uses
Best Use
Office B
$2.21M
$1.94M – $2.58M
NOI $154,800 @ 7.0% cap · market cap 6.19%
Second Best
Flex RnD
$2.04M
$1.79M – $2.38M
NOI $143,052 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$2.90M
$2.53M – $3.38M
NOI $202,752 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 25405, WV
14,294
Population
5,917
Households
2.4
Avg Household Size
38
Median Age
20%
College-Educated
89%
High-School Grad
21.7 sq mi
ZIP Area
659
Density / Sq Mi
$90,962
Median Household Income
$45,563
Median Earnings
$1,549
Median Rent
$254,700
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - 16,000 SF warehouse with ample parking and remodeled office space.
Where is this warehouse located?
The property is located at 531 Corning Way Martinsburg, WV.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Spacious 16,000 SF building suitable for warehouse or light industrial use.; Large 2.5 acre lot with ample parking and a **2.5 acre lay‑down yard**.; Convenient location in Berkeley Business Park near I‑81 and major manufacturers (P & G, Clorox, Trex, Knauf, Orgill).
