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    Unrestricted Land with Salvage Permit Title is generated by Realmo AI

    894 OLD FURNACE Road, Ridgeley, WV 26753

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    Claim this Listing
    For Sale
    $159,900

    COMMERCIAL - RIDGELEY, WV

    Property size:
    3,000 SF
    Lot size:
    4.93 Acres
    Price / SF:
    $53/SF
    Added:
    Sep 11, 2025
    Days on Market:
    245
    Last Refresh:
    May 13 at 4:06 am

    Property Features for 894 OLD FURNACE Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Size
    3,000 SF
    Lot size
    4.93 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1378

    We can help!

    Listing Contact
    Craig E See
    Craig E See

    Listing agent Craig E See License #CG488

    Listing office Pioneer Ridge Realty 82 S W Main Street, ROMNEY, WV

    Listing date Sep 11, 2025

    MLS# WVMI2003738 Listing URL

    Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Nearly five acres of unrestricted land with a transferable salvage permit.
    • 3,000 square foot building with office, storage, and garage space.
    • Prime location with excellent exposure on Old Furnace Road, minutes from Cumberland, Maryland.
    • Quick access to I‑68 and I‑70, providing convenient access to Frederick, Hagerstown, and the I‑81 corridor.
    • Building features adaptable office spaces, a staff kitchen, and storage rooms.
    • Lower level with expansive storage, built‑in shelving, a wood stove, four overhead doors, and two car lifts.

    Overview

    This property offers nearly five acres of unrestricted land and a transferable salvage permit. A 3,000 square foot building combines office, storage, and garage space. The property fronts directly on Old Furnace Road in Ridgeley, West Virginia, offering exposure and proximity to Cumberland, Maryland. It provides access to I-68 and I-70, with Frederick, Hagerstown, and the I-81 corridor within a two-hour drive. The building's main level features a reception area with counter space and offices, a private office, a staff kitchen, storage rooms, and a half bath. The lower level provides storage with built-in shelving and a wood stove, leading into a garage addition with four overhead doors and two car lifts. The property consists of dual parcels and is positioned for investors and entrepreneurs seeking a redevelopment site or a new commercial venture.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Jump's Recycled Auto ... Big Box & Wholesale Store

    Suggested Use

    Restaurant Law Firm Big Box & Wholesale Store Auto Repair Shop Auto Parts Store Food Market Grocery & Convenience Store Discount Store Tattoo & Piercing Shop

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

    Similar Places Nearby

    • Death Valley Diesel — 301 Death Valley Rd, Ridgeley, WV 26753
    • Days salvage yard aka Charlie’s garage — Short Gap, WV 26753
    • Zinns Outdoor Equipment Repair — 23 Kennedy Ln, Ridgeley, WV 26753
    • Turnaround Auto Repair and Detailing — West Virginia 26753

    Location Insight

    • Map
    • Local Demand
    City
    Ridgeley
    County
    Mineral
    State
    West Virginia
    Longitude
    -78.77619
    Latitude
    39.5758

    Nearby Similar for Sale

    • $189,900
      3,000 SF

      Ridgeley Commercial Property for Sale

      Commercial property available for purchase in Ridgeley, West Virginia.
      894 Old Furnace Rd, Ridgeley, WV 26753
      View Details
    • $199,900

      Lakefront Land Opportunity in Ridgeley

      Three combined lots offering lakefront views and recreational opportunities.
      LAKEWOOD S, RIDGELEY, WV 26753
      View Details

    FAQs

    What type of property is this?
    Auto shop - Nearly five acres with transferable salvage permit and building.
    Where is this auto shop located?
    The property is located at 894 OLD FURNACE Road Ridgeley, WV.
    What is the asking price?
    The asking price for this property is $159,900.
    What are key features of this property?
    This property features: Nearly five acres of unrestricted land with a transferable salvage permit.; 3,000 square foot building with office, storage, and garage space.; Prime location with excellent exposure on Old Furnace Road, minutes from Cumberland, Maryland.
    (304) 813-1092
    We can help!
    Listing Contact
    Craig E See
    Craig E See
    Real Estate License ID: CG488
    Learn More
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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.

    More about this property
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