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    1509 Morrell Ave Connellsville, WV 15401

    Sponsored
    For Sale
    $1,100,000

    Prime Route 119 location, 8,056 sq ft, high traffic.

    Property size:
    8,056 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    407
    This exceptional commercial property at 1509 Morrell Avenue in Connellsville, West Virginia, presents a compelling investment opportunity. Currently operating as an auto sales and repair business, the property encompasses a substantial 8,056 square feet distributed across two buildings, each two stories high, situated on a generous 2.9-acre lot. Built in 1954 and renovated in 1969, the property boasts excellent visibility and accessibility, featuring 660 feet of road frontage along Route 119, a major thoroughfare. Its strategic location directly across from a traffic light ensures high visibility to the 20,750 vehicles that pass daily (Esri, 2024). The property's proximity to prominent national retailers like Walmart further enhances its appeal. The ample space and existing structures offer flexibility for a variety of commercial uses, from redevelopment into a new enterprise to repurposing the existing buildings. The asking price is $1,100,000, translating to $136.54 per square foot. Off-street parking and signage opportunities are also available. This property offers a unique blend of established infrastructure and high-traffic location, making it an ideal investment for discerning buyers.

    Property Features for 1509 Morrell Ave

    General Information

    Property type
    Automotive properties
    Square Feet
    8,056 SF

    Building Details

    Year Built/Renovated
    1954/1969
    Buildings
    2
    Stories
    2

    We can help!

    Listing Contact
    David Lorenze, CCIM
    David Lorenze, CCIM

    Learn more

    HighLights

    • High‑visibility location on Route 119 in Connellsville, WV, with 660 feet of road frontage.
    • 8,056 square foot building on a 2.9‑acre lot, offering ample space for redevelopment or repurposing.
    • Excellent visibility due to strategic location across from a traffic light, with 20,750 vehicles passing daily.
    • Ample off‑street parking and excellent signage opportunities.
    • Asking price: $1,100,000 ($136.54/SF).
    Property Profile Location Intelligence

    Current Use by Public Records

    Auto shops

    Map

    City
    Connellsville
    State
    West Virginia

    FAQs

    What type of property is this?
    Automotive property - Prime Route 119 location, 8,056 sq ft, high traffic.
    Where is this automotive property located?
    The property is located at 1509 Morrell Ave Connellsville, WV.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: High-visibility location on Route 119 in Connellsville, WV, with 660 feet of road frontage.; 8,056 square foot building on a 2.9-acre lot, offering ample space for redevelopment or repurposing.; Excellent visibility due to strategic location across from a traffic light, with 20,750 vehicles passing daily.
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    1509 Morrell Ave Connellsville, WV 15401
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    Connellsville, WV 15401
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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
    1509 Morrell Ave Connellsville, WV 15401
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    We can help!
    Listing Contact
    David Lorenze, CCIM
    David Lorenze, CCIM
    Real Estate License ID: WV0025501
    Learn more
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