Two-Unit Duplex with Rear
New
For Sale
$156,900
904 Louise Avenue, Morgantown, WV 26505
Multi-Unit/Income, Two Story, Morgantown, WV
Property Size1,944 SF
Lot Size0.09 Acres
Price / SF$80.71
Days on Market1
Property Features for 904 Louise Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multiple Family Residence
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 2, Bathroom 1, Basement, Bedroom 4, Bedroom 3
Parking features
Off Street
Patio and Porch features
Patio, Porch
Interior features
Electric Dryer Connection, Electric Stove Connection, Gas Stove Connection, Washer Connection
Exterior features
Patio, Porch
Appliances
Range, Refrigerator
Lot features
Level, Sloping
Elementary school
Eastwood Elementary
Middle school
Mountaineer Middle
High school
University High
Elementary school district
Monongalia
Middle school district
Monongalia
High school district
Monongalia
Directions
From Willey St Downtown, R on Richwood Ave - turns into Charles. Left on Harrison St., Right on Louise to subject on Right.
Subdivision
Monongalia/Morgantown
Standard status
Active
Size
1,944 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
BL 6, LOT 12Lot 12, Block 6, 904 Louise
Tax Annual Amount
1680
Legal Description
BL 6, LOT 12Lot 12, Block 6, 904 Louise
Utilities
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Amenities
off street parking
Building Details
Year built
1916
Floors in Building
2
Number of units
2
Flooring type
Wood, Vinyl
Building materials
Frame
Roof type
Shingle
Architectural style
Other
Listing Agency:
BERKSHIRE HATHAWAY HOMESERVICES TOUCHDOWN HOME PROS REALTY
(304) 322-4101
Listed By:
MICHELE RAFUS
(304) 282-9246
Added: Sep 14
Last Checked: Sep 14 at 6:06PM
MLS# 10166946
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.
Investment Insights
Based on property information with market context.
This two-unit duplex contains 1,944 square feet on a 0.09-acre lot and was built in 1916. The frame property includes wood and vinyl flooring, natural-gas forced-air heat, window-unit cooling, a shingle roof, patio, porch, and rear off-street parking. Interior connections support electric and gas stoves, a washer, and an electric dryer, while appliances include a range and refrigerator.
The property is in Morgantown’s Woodburn area, with access to I-68 through Sabraton, Mileground, and Downtown Campus. Both units are fully rented, and the property has an active City of Morgantown letter of compliance through June 10, 2028. Zoning is Multiple Family Residence.
The property is in Morgantown’s Woodburn area, with access to I-68 through Sabraton, Mileground, and Downtown Campus. Both units are fully rented, and the property has an active City of Morgantown letter of compliance through June 10, 2028. Zoning is Multiple Family Residence.
Key Highlights
- Two‑unit duplex with 1,944 square feet of property size
- 0.09‑acre lot in Morgantown’s Woodburn area
- Fully rented units
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
$12,038
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
7.67%
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%
$240,760
$240.8K
Cap Rate 7%
$171,971
$172.0K
Cap Rate 9%
$133,756
$133.8K
Market Conditions
NOI Build-Up for 1,944 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
$17.5K $9.00/SF
− Vacancy
−$299 −$0.15/SF
EGI
$17.2K $8.85/SF
− OpEx
−$5.2K −$2.65/SF
NOI
$12.0K $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%
$240,760
Cap Rate 7%
$171,971
Cap Rate 9%
$133,756
Alternative Uses
Best Use
Multifamily LT 5
$172.0K
$150.5K – $200.6K
NOI $12,038 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$158.4K
$138.6K – $184.8K
NOI $11,088 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$560.4K
$490.4K – $653.8K
NOI $39,230 @ 7.0% cap · market cap 25.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
519
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully rented duplex with rear off-street parking and an active City of Morgantown letter of compliance.
Where is this duplex located?
The property is located at 904 Louise Avenue Morgantown, WV.
What is the asking price?
The asking price for this property is $156,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,944 square feet of property size; 0.09‑acre lot in Morgantown’s Woodburn area; Fully rented units
