Versatile Commercial Property on 2.2
For Sale
$1,299,000
61 N Eagle School Road, Martinsburg, WV 25404
12,722 sq ft commercial space near I-81.
Property Size12,722 SF
Lot Size2.20 Acres
Price / SF$102.11
Days on Market145
Property Features for 61 N Eagle School Road
General Information
Standard status
Active
Size
12,722 SF
Lot size
2.20 Acres
Property subtype
Commercial
Lease Term
[]
Building Details
Year Built
1986
Listing Agency:
RE/MAX Real Estate Group
(304) 671-8070
Listed By:
Constance L Barnhart · License #WVB240301003
Source:
Deepcreeklake
Added: Apr 1
Changed: Aug 23
Last Checked: Aug 23 at 7:09AM
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 RE/MAX Real Estate Group
Investment Insights
Based on property information with market context.
This commercial property offers 12,722 square feet of space on a 2.20-acre lot. The property is suitable for professional offices, medical facilities, retail spaces, general office use, or mixed-use developments. Its location provides accessibility and visibility in a high-traffic area off Edwin Miller Boulevard, with convenient access to I-81. The property offers potential for multi-tenant occupancy or mixed-use configurations. Previously, the site was used as a survey business and a sports facility. The location is considered very walkable, with a walk score of 75, and bikeable, with a bike score of 51.
Key Highlights
- High‑traffic location with excellent visibility off Edwin Miller Blvd near I‑81
- Large 12,722 sq ft space suitable for various uses
- 2.20‑acre lot offering potential for expansion or development
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
$86,828
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
6.68%
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%
$1,736,560
$1.7M
Cap Rate 7%
$1,240,400
$1.2M
Cap Rate 9%
$964,756
$964.8K
Market Conditions
NOI Build-Up for 12,722 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
$152.7K $12.00/SF
− Vacancy
−$13.7K −$1.08/SF
EGI
$138.9K $10.92/SF
− OpEx
−$52.1K −$4.10/SF
NOI
$86.8K $6.83/SF
Area
Berkeley County, WV
Vacancy
9.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$1,736,560
Cap Rate 7%
$1,240,400
Cap Rate 9%
$964,756
Alternative Uses
Best Use
Office B
$1.76M
$1.54M – $2.05M
NOI $123,085 @ 7.0% cap · market cap 9.48%
Second Best
Mixed Use
$1.24M
$1.09M – $1.45M
NOI $86,828 @ 7.0% cap · market cap 6.68%
Theoretical Best
Office A
$2.30M
$2.02M – $2.69M
NOI $161,213 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
469
Businesses Nearby
Explore this area
Business Placement
Demographics for 25404, WV
23,034
Population
9,973
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
87%
High-School Grad
37.9 sq mi
ZIP Area
608
Density / Sq Mi
$68,897
Median Household Income
$42,976
Median Earnings
$1,228
Median Rent
$226,900
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?
Mixed-use property - 12,722 sq ft commercial space near I-81.
Where is this mixed-use property located?
The property is located at 61 N Eagle School Road Martinsburg, WV.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: High‑traffic location with excellent visibility off Edwin Miller Blvd near I‑81; Large 12,722 sq ft space suitable for various uses; 2.20‑acre lot offering potential for expansion or development
