Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    Property profile & analytics

    551 Van Meter Way Wheeling, WV 26003

    • Apartment buildings
    • 2.40 lot acres
    For Sale
    View listing
    $15,600,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Apartment buildings

    Property Details for 551 Van Meter Way

    Year built
    2007
    Lot size
    2.40 lot acres
    Property type
    Apartment buildings

    Description

    This exceptional 89-unit apartment portfolio presents a compelling investment opportunity in Wheeling, West Virginia. Located at 551 Van Meter Way, this property comprises five, three-story buildings constructed in 2007 and situated on a 2.4-acre lot. The portfolio boasts a diverse mix of one-, two-, and three-bedroom apartments, each with its own bathroom, contributing to high occupancy rates and minimizing vacancy risk. Currently operating at zero vacancy, this property offers a strong and consistent rental history since its completion. Ample off-street parking is available across the expansive surface lots. The property is zoned for commercial use and enjoys a prime location directly across from West Liberty University, providing convenient access to local amenities, schools, parks, and major roadways. The asking price for this turnkey investment is $15,600,000. This well-maintained property represents a stable and lucrative investment opportunity in a thriving community. The portfolio's strong performance and desirable location make it an attractive prospect for discerning investors seeking a high-yield, low-risk investment. This is a rare opportunity to acquire a substantial, established multifamily property with a proven track record of success.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Wheeling
    County
    Ohio
    State
    West Virginia
    Longitude
    -80.6012
    Latitude
    40.1673

    Comparable in this City

    • Value Estimation
      $265,000
      0.23 Acres

      19 Mountaineer Cir

      GARDEN APT, COURT APT (5+ UNITS) • 0.23 Acres
      19 Mountaineer Cir, Wheeling, WV 26003-9691
      View Details
    • Value Estimation
      $255,000
      0.11 Acres

      57 Joan St

      GARDEN APT, COURT APT (5+ UNITS) • 0.11 Acres
      57 Joan St, Wheeling, WV 26003-6648
      View Details
    • Value Estimation
      $255,000
      0.81 Acres

      8 5th St

      GARDEN APT, COURT APT (5+ UNITS) • 0.81 Acres
      8 5th St, Wheeling, WV 26003-2554
      View Details
    • Value Estimation
      $265,000
      0.19 Acres

      28 Mountaineer Cir

      GARDEN APT, COURT APT (5+ UNITS) • 0.19 Acres
      28 Mountaineer Cir, Wheeling, WV 26003-9693
      View Details
    • Value Estimation
      $265,000
      0.23 Acres

      23 Mountaineer Cir

      GARDEN APT, COURT APT (5+ UNITS) • 0.23 Acres
      23 Mountaineer Cir, Wheeling, WV 26003-9691
      View Details
    • Value Estimation
      $275,000
      8,362 SF

      90 Vly Blvd

      GARDEN APT, COURT APT (5+ UNITS) • 8,362 SF
      90 Vly Blvd, Wheeling, WV 26003-4781
      View Details

    Similar Nearby for Sale

    • New
      $260,000
      5,000 SF

      Wheeling Multifamily Investment Opportunity

      Well-maintained 8-bedroom multifamily property in Wheeling, generating immediate income.
      411-413 South Penn St, Bethlehem, WV 26003
      View Details
    • $15,600,000
      2.40 Acres

      Wheeling, WV Apartment Portfolio

      89-Unit Multifamily Investment
      551 Van Meter Way, Wheeling, WV 26003
      View Details
    • $85,000
      0.09 Acres

      Wheeling Multi-Family Income Property

      Income-producing multi-family property with tenants in place, near amenities.
      108 S Penn St, Bethlehem, WV 26003
      View Details
    • $99,500

      Downtown Wheeling Duplex with Potential

      Duplex with development potential in downtown Wheeling.
      1200 Mccolloch St, Bethlehem, WV 26003
      View Details
    • New
      $55,000
      0.14 Acres

      Wheeling Duplex: Investment Opportunity

      Up/Down Duplex near downtown Wheeling, offering immediate rental income.
      98 Iowa St, Bethlehem, WV 26003
      View Details
    • $399,000
      0.26 Acres

      Versatile Warehouse with Rental Income

      Warehouse with duplex, rental income, and ample parking.
      2301 Warwood Ave, Bethlehem, WV 26003
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      28,000 SF

      The Hub on Market: Wheeling Office Space

      Downtown Wheeling office suites, 2,600-10,500 sq ft
      1320 Market St, Wheeling, WV 26003
      View Details
    • $17 SF/Yr
      32,000 SF

      Downtown Wheeling Office Space

      Historic Charm, Modern Amenities, 2,156 SF Available
      32 20 St, Wheeling, WV 26003
      View Details
    • Contact for pricing
      31,896 SF

      Century Centre Office Suites

      Downtown Wheeling Office Space, On-Site Parking
      1233 Main St, Wheeling, WV 26003
      View Details
    • $18 SF/Yr
      7,800 SF

      Prime Wheeling Executive Office Space

      Class A Office, 7,800 SF Available
      2001 Main St, Wheeling, WV 26003
      View Details
    • $3 SF/Yr
      67,000 SF

      Warwood Riverfront Center

      Wheeling, WV Office/Industrial Space
      170 17 St, Wheeling, WV 26003
      View Details
    • Contact for pricing
      20,932 SF

      Market Street Retail Opportunity

      Prime Wheeling Retail Space For Lease
      1425 Market St, Wheeling, WV 26003
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    551 Van Meter Way
    Wheeling, WV 26003
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.