1389 University Ave
Morgantown, WV 26505

Newmark is proud to present this value add, mixed use multifamily and retail property located in heart of Morgantown, West Virginia. The subject property is highly visible due to its location along the heavily traveled University Avenue and convenient, as it is steps from numerous amenities including restaurants, retail shops, the Caperton Trail, and the campus of West Virginia University. This asset offers upside to the potential Buyer, which can be realized by increasing rents, reducing operating expenses through energy savings measures, further separating utilities, and leasing the underutilized retail spaces.
The building makeup consists of twenty-six (26) residential apartments, which have a strong rental history, one large retail space, which is currently occupied by the Owner, and two underutilized retail spaces located along
University Avenue. Renovated in 2003 & 2004 and again in 2018 & 2019, each residential unit includes central heat & air, 24/7 surveillance monitoring, secure entrances, intercom & remote-control entry, all-electric appliances, large lobby area, with carpet, tile, and vinyl flooring throughout. All mechanicals have been inspected and approved by City officials.
Current ownership is achieving gross annual income of $315,000. Additional revenue via may be realized by implementing a ratio utility billing system, parking fees, month-to-month leasing fees, penalty & late fees, laundry income, and releasing the supermarket space to a market NNN rent. The property is currently self-managed. A six percent (6%) management fee was used in the financial proforma.