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
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2991 University Ave Morgantown, WV 26505-4680

    • Retail space
    • 0.21 lot acres
    OFF-MARKET
    Value Estimations
    $285,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US94-0767294
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Elite smoke shop drive thru / Tobacco Shop

    Property Details for 2991 University Ave

    Lot size
    0.21 lot acres
    Property type
    Retail space
    APN
    31-15- 11-0008.0000
    APU
    31151100080000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $285,000

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Morgantown
    County
    Monongalia
    State
    West Virginia
    Longitude
    -79.9669
    Latitude
    39.6512
    CBSA code
    34060
    CBSA name
    MORGANTOWN, WV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2024
    $2,588
    $71,820
    $26,520
    $98,340
    -
    $119,700
    $44,200
    $163,900

    Comparable in this City

    • Value Estimation
      $355,000
      2.08 Acres

      1397 Earl L Core Rd

      RETAIL STORES (PERSONAL SERVICES) • 2.08 Acres
      1397 Earl L Core Rd, Morgantown, WV 26505-5883
      View Details
    • Value Estimation
      $265,000
      0.09 Acres

      3506 University Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.09 Acres
      3506 University Ave, Morgantown, WV 26505-3037
      View Details
    • Value Estimation
      $285,000
      0.07 Acres

      320 High St

      RETAIL STORES (PERSONAL SERVICES) • 0.07 Acres
      320 High St, Morgantown, WV 26505-5502
      View Details
    • Value Estimation
      $285,000
      0.32 Acres

      428 Industrial Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.32 Acres
      428 Industrial Ave, Morgantown, WV 26505-2036
      View Details
    • Value Estimation
      $5,060,000
      1.41 Acres

      1000 Pineview Dr

      RETAIL STORES (PERSONAL SERVICES) • 1.41 Acres
      1000 Pineview Dr, Morgantown, WV 26505-2721
      View Details
    • Value Estimation
      $290,000
      0.11 Acres

      549 Beechurst Ave

      RETAIL STORES (PERSONAL SERVICES) • 0.11 Acres
      549 Beechurst Ave, Morgantown, WV 26505-4906
      View Details

    Similar Nearby for Sale

    • $990,000
      10,720 SF

      Downtown Morgantown Mixed-Use

      Prime location, versatile space, high visibility.
      1370 University Ave, Morgantown, WV 26505
      View Details
    • $575,000
      7,392 SF

      Historic Mixed-Use Building in Morgantown

      Historic building with retail space and remodeled apartments in downtown.
      220-222 Pleasant St, Morgantown, WV 26505
      View Details
    • $2,950,000
      11,600 SF

      Morgantown Mixed-Use Investment

      11,600 SF, 70% Occupied, Net Lease
      1053 Maple Dr, Morgantown, WV 26505
      View Details
    • $450,000
      2,400 SF

      University Avenue Retail/Office Opportunity

      Retail or office space with waterfront views and high visibility.
      1029 University Ave, Morgantown, WV 26505
      View Details
    • $249,000

      Sabraton Retail/Office Space Auction

      2250 SF flexible space with excellent visibility and parking.
      1639 Sabraton Ave, Morgantown, WV 26505
      View Details
    • $800,000

      Prime Corner Lot in Star City

      High-visibility corner lot suitable for retail, office, or mixed-use.
      408 Boyers Ave, Morgantown, WV 26505
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      6,000 SF

      Retail Space Near WVU Campus

      Retail space located near West Virginia University campus.
      207 Willey St, Morgantown, WV 26505
      View Details
    • Contact for pricing
      2,499 SF

      Turnkey Restaurant Space Near WVU

      Ground floor retail space near West Virginia University with patio.
      331 Beechurst Ave, Morgantown, WV 26505
      View Details
    • $18 SF/Yr
      28,366 SF

      The Monongahela Building

      Office space • 28,366 SF
      235 High St, Morgantown, WV 26505
      View Details
    • $13 SF/Yr
      10,720 SF

      Morgantown Commercial Gem

      Downtown Morgantown office space. High visibility.
      1370 University Ave, Morgantown, WV 26505
      View Details
    • Contact for pricing
      29,113 SF

      High Street Office Space Available

      Downtown Morgantown, Flexible Suites, 16,000 SF Vacant
      496 High St, Morgantown, WV 26505
      View Details
    • $26 SF/Yr
      5,800 SF

      Morgantown Office Building

      5,800 SF Office Space Available
      699 Burroughs St, Morgantown, WV 26505
      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.
    2991 University Ave
    Morgantown, WV 26505-4680
    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.