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    Four-Unit Apartment Building with Cottage Title is generated by Realmo AI

    601 & 601 1/2 North Avenue, Elkins, WV 26241

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    For Sale
    $249,000

    MULTI_FAMILY - Elkins, WV

    Property size:
    2,946 SF
    Lot size:
    0.15 Acres
    Price / SF:
    $84/SF
    Added:
    Jun 3, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 3 at 10:06 pm

    Property Features for 601 & 601 1/2 North Avenue

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    General Residential
    Bedrooms
    9
    Bathrooms
    5
    Rooms
    Bedroom 7, Bedroom 1, Bathroom 2, Bedroom 5, Bathroom 5, Bedroom 8, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 6, Basement, Bathroom 4, Bedroom 9, Bedroom 2, Bathroom 3
    Parking features
    Off Street
    Appliances
    Range, Refrigerator
    Standard status
    Active
    Size
    2,946 SF
    Lot size
    0.15 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    B-B PT LOT 6 Y & H ADD
    Tax Annual Amount
    1285

    Utilities

    Heating system
    Electric (Heating), Baseboard
    Cooling system
    Window Unit(s)

    Building Details

    Year built
    1935
    Floors in Building
    2
    Number of units
    5
    Building materials
    Frame
    Roof type
    Rubber
    Architectural style
    Contemporary

    We can help!

    Listing Contact
    AMBER NESTOR

    Listing agent AMBER NESTOR License #WVS230302836

    Listing office HOUSE HUNTERS REAL ESTATE & LAND 1302 N Randolph Avenue, Elkins, WV

    Listing date Jun 3, 2026

    MLS# 10165164 Listing URL

    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.

    HighLights

    • Apartment building with 4 apartments, each with 2 bedrooms and 1 bathroom
    • Additional cottage behind the main property with 1 bedroom and 1 bathroom
    • All apartments and the cottage are currently rented
    • Built in 1935 with frame construction and contemporary architectural style
    • Electric heating with baseboard units and window unit(s) for cooling
    • Off‑street parking and rubber roof

    Overview

    This property consists of four apartments, each configured with two bedrooms and one bathroom. In addition, there is a separate cottage behind the main building that includes one bedroom and one bathroom. The listing indicates all units are currently rented, providing a straightforward, tenant-occupied residential income setup.

    The building is located at 601 & 601 1/2 North Avenue in Elkins, West Virginia, in Randolph County. The property is situated on a small lot, with a total building size of 2,946 square feet.

    For buyers seeking a residential rental portfolio, this configuration offers multiple units with consistent two-bedroom layouts plus an added one-bedroom cottage on-site. Because the property is currently tenant-occupied, buyers should be prepared to coordinate tours through the listing agent, and financing requires pre-approval as noted in the remarks. The site is zoned General Residential, supporting its use as a residential income property.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elkins
    County
    Randolph
    State
    West Virginia
    Longitude
    -79.860223
    Latitude
    38.930119

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    FAQs

    What type of property is this?
    Apartment building - Residential income property with four rented apartments and a separate one-bedroom, one-bath cottage.
    Where is this apartment building located?
    The property is located at 601 & 601 1/2 North Avenue Elkins, WV.
    What is the asking price?
    The asking price for this property is $249,000.
    What are key features of this property?
    This property features: Apartment building with 4 apartments, each with 2 bedrooms and 1 bathroom; Additional cottage behind the main property with 1 bedroom and 1 bathroom; All apartments and the cottage are currently rented
    (304) 940-0834
    We can help!
    Listing Contact
    AMBER NESTOR
    Real Estate License ID: WVS230302836
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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