Multifamily Investment Opportunity in
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940 Stewart Street, Morgantown, WV 26505
36-unit multifamily property in Morgantown, West Virginia.
Property Size34,848 SF
Price / SF$103.31
Days on Market187
Property Features for 940 Stewart Street
General Information
Standard status
Active
Size
34,848 SF
Property subtype
Multifamily
Zoning
No Zoning
Building Details
Year Built
1989
Buildings
3
Stories
3
Units
36
Tenancy
Multi
Listing Agency:
Black Diamond Realty
(304) 413-4350
Listed By:
David Lorenze, CCIM, SIOR, Principal & Associate Broker · License #WV0025501
Source:
Crexi
Added: Feb 13
Changed: Aug 17
Last Checked: Aug 17 at 12:24AM
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 Black Diamond Realty
Investment Insights
Based on property information with market context.
This multifamily investment opportunity at 940 Stewart Street in Morgantown, West Virginia, comprises three well-maintained buildings with a total gross area of approximately 34,848 square feet. The property features 36 residential units, including 23 two-bedroom, one-bath units and 13 one-bedroom, one-bath units. The location is convenient to High Street and multiple PRT systems, providing access to the Mon Health Medical Center, WVU’s Health Sciences Center campus, and Ruby Memorial Hospital. The property is suitable for students, professionals, and long-term renters.
Key Highlights
- Multifamily investment opportunity with 36 residential units.
- 23 two‑bedroom, one‑bath units and 13 one‑bedroom, one‑bath units.**
- Total building size of 34,848 (+/-) gross square feet across three buildings.
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
$198,754
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
5.52%
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%
$3,975,080
$4.0M
Cap Rate 7%
$2,839,343
$2.8M
Cap Rate 9%
$2,208,378
$2.2M
Market Conditions
NOI Build-Up for 34,848 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
$368.0K $10.56/SF
− Vacancy
−$6.6K −$0.19/SF
EGI
$361.4K $10.37/SF
− OpEx
−$162.6K −$4.67/SF
NOI
$198.8K $5.70/SF
Area
Monongalia County, WV
Vacancy
1.80%
Lease Rate
$10.56 /SF/Yr
Expense Ratio
45.00%
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%
$3,975,080
Cap Rate 7%
$2,839,343
Cap Rate 9%
$2,208,378
Alternative Uses
Best Use
Apartment 5plus
$2.84M
$2.48M – $3.31M
NOI $198,754 @ 7.0% cap · market cap 5.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.05M
$8.79M – $11.72M
NOI $703,238 @ 7.0% cap · market cap 19.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
425
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?
Apartment building - 36-unit multifamily property in Morgantown, West Virginia.
Where is this apartment building located?
The property is located at 940 Stewart Street Morgantown, WV.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Multifamily investment opportunity with 36 residential units.; 23 two‑bedroom, one‑bath units and 13 one‑bedroom, one‑bath units.**; Total building size of 34,848 (+/-) gross square feet across three buildings.
