Add Listing
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

    408 Race St Martinsburg, WV 25401-2749

    • Warehouses
    • 16,500 SF
    • 0.86 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US94-0494783
    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

    • SMITHSTONIAN CONTRACTING, LLC / Construction Company / General Contractor

    Property Details for 408 Race St

    Year built
    1930
    Construction
    WOOD FRAME
    Lot size
    0.86 lot acres
    Property size
    16,500 SF
    Property type
    Warehouses
    APN
    02-06- 10-0273.0000
    APU
    2061002730000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Martinsburg
    County
    Berkeley
    State
    West Virginia
    Longitude
    -77.9662
    Latitude
    39.4628
    CBSA code
    25180
    CBSA name
    HAGERSTOWN-MARTINSBURG, MD-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
    $4,542
    $16,200
    $128,520
    $144,720
    -
    $27,000
    $214,200
    $241,200

    Comparable in this City

    • Value Estimation by Request
      0.36 Acres

      14865 Apple Harvest Dr

      WAREHOUSE, STORAGE • 0.36 Acres
      14865 Apple Harvest Dr, Martinsburg, WV 25401-6491
      View Details
    • Value Estimation by Request
      4.35 Acres

      79 Sopwith Way

      MINI-WAREHOUSE, STORAGE • 4.35 Acres
      79 Sopwith Way, Martinsburg, WV 25401-6311
      View Details
    • Value Estimation
      $1,860,000
      21,400 SF

      22 Virginia Ave Ext, Unit 24

      MINI-WAREHOUSE, STORAGE • 21,400 SF
      22 Virginia Ave Ext, Martinsburg, WV 25401-2585
      View Details
    • Value Estimation by Request
      11,600 SF

      25 Bowling Ln

      WAREHOUSE, STORAGE • 11,600 SF
      25 Bowling Ln, Martinsburg, WV 25401-5188
      View Details
    • Value Estimation by Request
      2,400 SF

      Cumberland Vly

      WAREHOUSE, STORAGE • 2,400 SF
      Cumberland Vly, Martinsburg, WV 25401
      View Details
    • Value Estimation by Request
      5.49 Acres

      750 Baltimore St

      WAREHOUSE, STORAGE • 5.49 Acres
      750 Baltimore St, Martinsburg, WV 25401-2822
      View Details

    Similar Nearby for Sale

    • $700,000

      Versatile Commercial Property in Downtown

      Mixed-use property with retail, office, and warehouse space.
      311 Cumberland Valley Pl, Martinsburg, WV 25401
      View Details
    • $684,900

      Martinsburg Commercial Property on Winchester

      Prime commercial property with high visibility and flexible space options.
      310 Winchester Ave, Martinsburg, WV 25401
      View Details
    • $250,000
      1,481 SF

      Martinsburg Office Building For Sale

      Prime location, 1,481 sq ft office space.
      121 College St, Martinsburg, WV 25401
      View Details
    • Contact for pricing

      Downtown Martinsburg Commercial Space

      Well-maintained commercial property in downtown Martinsburg, ideal for various businesses.
      121 N College St, Martinsburg, WV 25401
      View Details
    • $469,900
      6.64 Acres

      Martinsburg Development Land For Sale

      Development-ready land in Martinsburg with approved site plan.
      Baltimore & Boston St, Martinsburg, WV 25401
      View Details
    • $389,900
      0.58 Acres

      Renovated Office Building on Winchester

      Turnkey commercial office building on highly visible Winchester Avenue.
      1008 Winchester Ave, Martinsburg, WV 25401
      View Details

    Similar Nearby for Lease

    • $1,425 /Mo

      Downtown Warehouse with Loading Dock

      7500 SF warehouse with loading dock and parking.
      215 S College St, Martinsburg, WV 25401
      View Details
    • $14,416 /Mo

      Versatile Commercial Building with Shop

      Multi-use commercial property featuring office and shop space.
      301 Wilson St, Martinsburg, WV 25401
      View Details
    • $2,500 /Mo

      Martinsburg Office Space Available

      Professional office space near VA Center, available November 1, 2025.
      3058 - C Charles Town Rd, Martinsburg, WV 25401
      View Details
    • $2,000 /Mo
      30,492 SF

      Professional Office Space Near Hospital

      Newly renovated office space near WVU East Hospital.
      2009 Professional Ct, Martinsburg, WV 25401
      View Details
    • $900 /Mo
      15,682 SF

      Downtown Martinsburg Professional Office Hub

      Reimagined office building with flexible, modern workspace in prime location.
      101 S Queen St, Martinsburg, WV 25401
      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.
    408 Race St
    Martinsburg, WV 25401-2749
    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.
    Sign Up Successful!
    You now have access to more from Realmo!