Updated Quadplex with
For Sale
$350,000
704 Willey Street, Morgantown, WV 26505
Four separately entered apartments with shared laundry, tenant porches, and Apartment Residential zoning near downtown and campus.
Property Size2,988 SF
Price / SF$117.14
Days on Market57
Property Features for 704 Willey Street
General Information
Standard status
Active
Size
2,988 SF
Property subtype
Multi Family Home
Zoning
Apartment Residential
Occupancy
100%
Additional Details
Multifamily Units
4
Amenities
on-site laundry
porches
Building Details
Building Size
2,988 SF
Year Built
1925
Buildings
1
Stories
2
Units
4
Tenancy
Multi
Listing Agency:
Good Life Realty LLC
(941) 685-2441
Listed By:
Raffilena Hamilton · License #3190826
(941) 685-2441
Source:
Oliveriorealty
Added: Jun 11
Changed: Aug 4
Last Checked: Aug 5 at 2:06PM
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 Good Life Realty LLC
Investment Insights
Based on property information with market context.
Built in 1925, this quadplex contains four independently accessed apartments totaling 2,988 square feet, with a combined 9 bedrooms and 5 bathrooms. All four units are leased. Residents have access to a shared basement with washer and dryer facilities, while each apartment includes a private porch. The four-bedroom unit has received kitchen improvements, including a dishwasher and stove, along with updated bathroom flooring and a replacement toilet. Exterior work includes a new sidewalk and concrete steps at the front porch.
The property is located at 704 Willey Street in Morgantown, near downtown and campus. Apartment Residential zoning supports the existing multifamily configuration. Its four-unit layout, separate entrances, and current occupancy provide a straightforward income-property profile with a range of unit sizes within one building.
The property is located at 704 Willey Street in Morgantown, near downtown and campus. Apartment Residential zoning supports the existing multifamily configuration. Its four-unit layout, separate entrances, and current occupancy provide a straightforward income-property profile with a range of unit sizes within one building.
Key Highlights
- Four rental units with 9 bedrooms and 5 bathrooms
- 2,988 square feet on a 1925‑built property
- All 4 units are leased
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
$18,503
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
5.29%
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%
$370,060
$370.1K
Cap Rate 7%
$264,329
$264.3K
Cap Rate 9%
$205,589
$205.6K
Market Conditions
NOI Build-Up for 2,988 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
$26.9K $9.00/SF
− Vacancy
−$460 −$0.15/SF
EGI
$26.4K $8.85/SF
− OpEx
−$7.9K −$2.65/SF
NOI
$18.5K $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%
$370,060
Cap Rate 7%
$264,329
Cap Rate 9%
$205,589
Alternative Uses
Best Use
Multifamily LT 5
$264.3K
$231.3K – $308.4K
NOI $18,503 @ 7.0% cap · market cap 5.29%
Second Best
Apartment 5plus
$243.5K
$213.0K – $284.0K
NOI $17,042 @ 7.0% cap · market cap 4.87%
Theoretical Best
Office A
$861.4K
$753.7K – $1.00M
NOI $60,298 @ 7.0% cap · market cap 17.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,452
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four separately entered apartments with shared laundry, tenant porches, and Apartment Residential zoning near downtown and campus.
Where is this quadplex located?
The property is located at 704 Willey Street Morgantown, WV.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Four rental units with 9 bedrooms and 5 bathrooms; 2,988 square feet on a 1925‑built property; All 4 units are leased
