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    Prime Commercial Land in Elkins Title is generated by Realmo AI

    Plantation Drive, Elkins, WV 26241

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    Claim this Listing
    For Sale
    $2,000,000

    LAND - Elkins, WV

    Lot size:
    8.33 Acres
    Added:
    Jul 26, 2025
    Days on Market:
    307
    Last Refresh:
    May 28 at 5:06 pm

    Property Features for Plantation Drive

    General Information

    Property type
    Land
    Property subtype
    Other
    Zoning
    Central Commercial Busine
    Standard status
    Active
    Lot size
    8.33 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    30.623 AC EBB CK; PLANTATION SHOPPING CTR
    Tax Annual Amount
    14558

    Utilities

    Utilities
    Water Available

    We can help!

    Listing Contact
    JOHN LYNCH

    Listing agent JOHN LYNCH License #WV0027247

    Listing office PROPST REALTY 236 Beverly Pike, Elkins, WV

    Listing date Jul 26, 2025

    MLS# 10160603

    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.

    HighLights

    • Prime Commercial Location: Adjacent to Hampton Inn and close to Plantation Shopping Center, offering high visibility.
    • Significant Development Opportunity: Zoned for commercial use, suitable for retail, hospitality, mixed‑use, and other high‑demand businesses.
    • High Accessibility: Direct access to major roads ensures high‑traffic visibility and ease of access.
    • Sizeable Land Parcel: 8.33 acres of usable land provides ample space.
    • Access to Utilities: Water, sewer, and electricity are available nearby.
    • Proximity to Amenities: Minutes away from local retail, dining, historic downtown, and essential services.

    Overview

    This 8.33-acre site is part of a larger 30.623-acre parcel of commercial land located adjacent to the Hampton Inn in Elkins, West Virginia. The property is zoned for commercial use and offers high visibility and direct access to major roads. It is suitable for retail, hospitality, mixed-use development, or other business applications. The property's proximity to Plantation Shopping Center provides access to a customer base and foot traffic from nearby commercial establishments. The site is suitable for a hotel, retail complex, office park, or entertainment facility. Utilities, including water, sewer, and electricity, are accessible nearby. The property is located near local retail, dining, historic downtown, and essential services. This property is suited for development, offering the opportunity to capitalize on the region's growth and demand for retail, hospitality, medical, and mixed-use spaces.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Elkins
    County
    Randolph
    State
    West Virginia
    Longitude
    -79.8407077
    Latitude
    38.8946665

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    FAQs

    What type of property is this?
    Commercial land - 8.33 acres of commercial land adjacent to Hampton Inn.
    Where is this commercial land located?
    The property is located at Plantation Drive Elkins, WV.
    What is the asking price?
    The asking price for this property is $2,000,000.
    What are key features of this property?
    This property features: Prime Commercial Location: Adjacent to Hampton Inn and close to Plantation Shopping Center, offering high visibility.; Significant Development Opportunity: Zoned for commercial use, suitable for retail, hospitality, mixed‑use, and other high‑demand businesses.; High Accessibility: Direct access to major roads ensures high‑traffic visibility and ease of access.
    (304) 516-9814
    We can help!
    Listing Contact
    JOHN LYNCH
    Real Estate License ID: WV0027247
    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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