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Listing Details
6124.livewv.com Marlinton, WV- Investment property in beautiful Pocahontas County West Virginia! This income producing building sits on 3rd Ave. in downtown Marlinton offers 2 office spaces & 13 rental apartments. 399900.00| catagory | Item | Information |
|---|---|---|
| Dwelling: | Style | apts./retail |
| Dwelling: | Square Foot | 11760.00 |
| Dwelling: | Type Walls | Wood, plaster and drywall |
| Dwelling: | Heat source | HVAC |
| Dwelling: | Construction | Brick/wood frame |
| Dwelling: | Patio and Deck | 3 units have terrace |
| Dwelling: | Condition Exterior | Good |
| Dwelling: | Condition on the inside | Good |
| Dwelling: | Type of Roof | Flat roof with repair underway |
| Dwelling: | Number of Baths | 16.00 |
| Dwelling: | Number of bedrooms | 14.00 |
| Dwelling: | Number of stories | 2.00 |
| Dwelling: | Foundation | Brick |
| Dwelling: | Age | 1902 |
| Dwelling: | Total number of rooms | 15.00 |
| Dwelling: | cable | yes |
| Dwelling: | Telephone | yes |
| Dwelling: | Water Systems | city |
| Dwelling: | Sewer System | city |
| Dwelling: | Electric | yes |
| Dwelling: | Other utilities | All customary utilities are on site. |
| Property: | Land in level | Yes |
| Property: | Land in Hillside | No |
| Property: | Wooded | No |
| Property: | Commercial Timber | No |
| Property: | Land in Rolling | No |
| Property: | Land in Pasture | No |
| Property: | Views | Street |
| Property: | Surface Water | The property is located in 100-year flood zone |
| Property: | Road Surface | Asphalt |
| Property: | Frontage | 3rd Ave. |
| Property: | Flowers & Shrubs | None |
| Property: | High School | Pocahontas County High School |
| Property: | Garage style and size | 2 commercial office spaces |
| Property: | Accessible to shopping | Marlinton, Lewisburg, Petersburg |
| Property: | Grade School | Marlinton Elementary |
| Property: | Nearest City | Marlinton, WV |
| Property: | Commercial uses | yes |
| Property: | Recreational Features | Close to Greenbrier River Trail, Greenbrier River, Knapps Creek |
| Property: | Other unique Features | Two of the six apartments on the first level are efficiency apartments and the remaining four are one-bedroom. One of the seven apartments on the second level is two-bedroom, two are two-bedroom and four are one bedroom. Seller says the roof will be repaired before closing. The Appraiser analyzed market rental rates being charged for similar rental units and discovered that the rates shown in the above charts revealed similar rates that were being obtained for the subject property. The predictable expenses were based upon the Lesseeﾃ｢竄ｬ邃｢s paying for all utilities on a monthly basis. The lessor pays the real estate taxes, insurance, and maintenance cost for future repairs. The lessor also pays some utilities for the hallways and exterior lighting. A vacancy rate of ten percent was shown within the chart. The Appraiser relied upon Realtyrates.com in determining the capitalization rate to be used in capitalizing the net income of the property to determine the estimated market income by the income approach. The following chart reflects the income calculations as well as the expenses: YEAR ONE OPERATING INCOME Potential Gross Income $ Per Month Months/Yr Annually Wic Rental 1 $526.00 12 $ 6,312.00 Community Action 1 $339.00 12 $ 4,068.00 Efficient Apt. 2 $315.00 12 $ 7,560.00 1-Bd. Rm. Apt 5 $415.00 12 $ 24,900.00 1-Bd. Rm./Dining Apt. 3 $445.00 12 $ 16,020.00 2-Bd. Rm. Apt. 2 $525.00 12 $ 12,600.00 3-Bd. Rm. Apt. 1 $625.00 12 $ 7,500.00 Total $ 78,960.00 Vacancy Loss 10% $ 7,896.00 Collection Loss 5% $ 3,948.00 Effective Gross Income $ 67,116.00 Operating Expenses Real Estate Taxes $ 4,000.00 Insurance $ 14,500.00 Utilities $ 2,400.00 Phone/Internet $ - Website/Advertising $ - Maintenance & Repairs $ 3,500.00 Management Fees 5% $ 3,355.80 Reserves 5% $ 3,355.80 Total Operating Expenses $ 31,111.60 Expense/EGI Ratio 46% Net Operating Income $ 36,004.40 50 A rate of 7.94 percent will be shown as the capitalization rate in calculating the estimated market value. The market area has no similar sales. No data for the immediate market area was discovered which could be utilized in establishing a cap rate. Overall Capitalization Rate Cap Rate Net Operating Income Estimated Market Value 7.94% $36,004.40 $ 453,455.92 Rounded $ 454,000.00 Value Estimate by Income approach is $454,000.00. |
| Property: | Possession given at | at closing |
| Property: | Directions (Ask, we are happy to show) | From the intersection of US Route 219 and 8th Street turn onto 8th Street. Continue on 8th Street for approximately 0.3 miles to 3rd Avenue. Turn right on 3rd Avenue and continue for approximately 300 feet to subject property located on the left. Property is accessed on left directly off 3rd Avenue. |
| Property: | Latitude DEC | 38.2224 |
| Property: | Longitude DEC | -80.0940 |
| Address (rural address may be approximated) | address* | 819 3rd Avenue , Marlinton , WV 24954 |
