MARKETING FLYER 125 PARK STREET 129 PARK STREET / 301 & 305 COBUN AVENUE PARK STREET / COBUN AVENUE STUDENT HOUSING INVESTMENT MORGANTOWN, WV 26505 MYLAN PUSKAR STADIUM WEST VIRGINIA UNIVERSITY FOOTBALL STADIUM EVANSDALE CAMPUS WEST VIRGINIA UNIVERSITY MAIN CAMPUS DOWNTOWN MORGANTOWN PARK STREET / COBUN AVENUE MORGANTOWN, WV 26505 TABLE OF CONTENTS Investment Overview Introduction of the property including building specifications, utilities, legal description, zoning and parcel map. 02 125 Park Street Floor Plan/Photos Floor plan, interior and exterior photos of 125 Park Street. 06 129 Park Street Floor Plan/Photos Floor plan, interior and exterior photos of 129 Park Street. 08 301 Cobun Avenue Floor Plan/Photos Floor plan, interior and exterior photos of 301 Cobun Avenue 10 SUBJECT ASSETS 305 Cobun Avenue Floor Plan/Photos PARK STREET / COBUN AVENUE Floor plan, interior and exterior photos of 305 Cobun Avenue 12 Location Overview Major local employers and a detailed description/aerial photo of the property and its proximity to surrounding businesses and locations. 14 Demand Drivers West Virginia University and the surrounding location. 16 Aerial Photos Aerial photos of the property from different heights and angles. 18 INVESTMENT OVERVIEW PARK STREET / COBUN AVENUE MORGANTOWN, WV 26505 • 125 Park Street • 301/ 301 1/2 Cobun Avenue Three, 3-Bed, 1-Bath Units One, 3-Bed, 1-Bath Unit One, 2-Bed, 2-Bath Unit One, 1-Bed, 1-Bath Unit (Second and third floor of corner house) • 129 Park Street One, 3-Bed, 1-Bath Unit • 305A/B Cobun Avenue (First floor of corner house) Two, 1-Bed, 1-Bath Units SALE PRICE / $990,000 CAP RATE / 8.25% TOTAL NUMBER OF BEDS / 21 GROSS BUILDING SIZE / 9,748 SQ FT GROSS LOT SIZE / 0.23 ACRES CITY LIMITS / INSIDE Black Diamond Realty is pleased to present the Park Street / Cobun Avenue Student Housing Portfolio in Morgantown. The subject properties are located near the corner of Park Street and Cobun Avenue in the South Park area of Morgantown. These assets are within close proximity to complementary amenities, including shopping and restaurants in the downtown Morgantown and Sabraton submarkets, as well as WVU’s Downtown Campus. PARK STREET / COBUN AVENUE • STUDENT HOUSING INVESTMENT • MORGANTOWN, WV HEALTH SCIENCES CAMPUS MILAN PUSKAR STADIUM EVANSDALE CAMPUS WVU COLLEGE OF LAW WVU MAIN CAMPUS WESTOVER DOWNTOWN MORGANTOWN PARK STREET / COBUN AVENUE MORGANTOWN HIGH SCHOOL Morgantown, WV - WVU Main Campus, Downtown, Evansdale Campus, Health Sciences Campus, College of Law, Milan Puskar Stadium and Westover. LOCATION The subject property is located within the city limits of Morgantown offering 305 COBUN AVENUE convenient access to West Virginia University’s campuses. The property is Built in 1920 and remodeled in recent years, a detached two-story structure within walking distance of the Downtown Campus, downtown business area is located behind the main corner building and can be accessed via Cobun of Morgantown and a short bus ride or PRT ride to the fast growing Evansdale Avenue. This structure has a total of 1,200 square feet and offers two, 1-bed- and Health Sciences Campuses. The site is situated 2.4 miles to I-79, Exit 152 room/1-bathroom units which are addressed 305A and 305B Cobun Avenue. and 3.9 miles to I-68, Exit 1. This structure is brick exterior with a shingle roof and new rubber roof. SITE DESCRIPTION UTILITIES The property is comprised of one, multi-level apartment building and one All public utilities are available to the site. Electric is provided by Mon Power. detached multi-level residential house with another multi-level detached unit Natural gas is provided by Dominion Energy West Virginia. Water and sewer off the back. Both buildings are situated on two rectangular shaped tracts of are provided by the Morgantown Utility Board (MUB). Internet, cable and land totaling 0.23 acre. All structures are accessible from Park Street or Cobun trash are available via multiple providers. There is only one master meter for all Avenue. See the parcel map and list of apartments on Page 5. major utilities for 129 Park Street, 301 Cobun Avenue, and 305 Cobun Avenue. BUILDING SPECIFICATIONS INGRESS / EGRESS / PARKING All structures can be accessed via Park Street and Cobun Avenue. There are 125 PARK STREET The two-story, multi-unit apartment building, totaling 4,224 (+/-) square feet, two, 6-vehicle, off-street parking lots available at this portfolio of properties. was constructed in 1983. It has been maintained since 2015 by current own- Six parking spaces are available immediately in front of 125 Park Street. ership. The building is wood frame construction with vinyl siding and a new Another six, off-street parking spaces are also available in front and adjacent roof. All apartments have AC window units and electric baseboard heat. This to 305 Cobun Avenue. City of Morgantown, on-street blue line passes can building has a new metal roof. There are four total apartments and 11 total also be purchased for a relatively nominal yearly fee. bedrooms. Three apartments are 3-bedroom/1-bathroom and one apartment is 2-bedroom/1-bathroom. Washer and dryer units are in the basement of 129 LEGAL DESCRIPTION / ZONING Park Street / 305 Cobun Avenue, along with storage space. Parking is available Located within Monongalia County, this property is situated within the City of directly in front of this building. Morgantown’s Second Ward District. The sale includes two parcels that are further identified in Monongalia County tax records as Second Ward, Map 29, 129 PARK STREET / 301 COBUN AVENUE Situated at the corner of Park Street and Cobun Avenue, the three-story, Parcels 360 and 361. The deed is recorded in Deed Book 1539 on Page 172. multi-unit house was constructed in 1920 and totals 5,104 (+/-) square feet. 125 Park Street, 129 Park Street and 301 Cobun Avenue (two structures) fall The building is separated into three units, one per floor. The first floor unit is within Morgantown’s B-4 zoning district. 305 Cobun Avenue and the adjacent a 3-bedroom/1-bathroom unit and is addressed 129 Park Street. The entrance parking lots fall within Morgantown’s R-1A zoning district. to this unit faces Park Street. The second floor unit is a 3-bedroom/1-bath- room unit with a new large balcony/deck and is addressed 301 Cobun Avenue. The third floor unit is a 2-bedroom/1-bathroom unit and is addressed 301 1/2 Cobun Avenue. The entrance to 301 and 301 1/2 is located at the back of the house along Cobun Avenue. This structure is brick exterior with a shingle roof. PARK STREET / COBUN AVENUE • STUDENT HOUSING INVESTMENT • MORGANTOWN, WV PROPERTY PARCEL MAP ADDRESS BEDS BATHS PARKING ADDRESS BEDS BATHS PARKING 125A Park Street 3 1 Gravel Lot Parking 301 Cobun Avenue 3 1 Gravel Lot Parking 125B Park Street 3 1 Gravel Lot Parking 301 1/2 Cobun Avenue 1 1 Gravel Lot Parking 125C Park Street 3 1 Gravel Lot Parking 305A Cobun Avenue 1 1 Gravel Lot Parking 125D Park Street 2 2 Gravel Lot Parking 305B Cobun Avenue 1 1 Gravel Lot Parking 129 Park Street 3 1 Gravel Lot Parking 125 PARK STREET FOUR UNITS, TWO LEVELS, APARTMENT BUILDING The apartment building at 125 Park Street offers four total units, three 3-bed- at the front of the building. All kitchens include a refrigerator, stove/oven and room, 1-bathroom units (A, B and C) and one 2-bedroom, 2-bathroom unit (D). dishwasher. All units have a small exterior deck. Finishes to the apartments Units A and D are located on the lower level of the building with entrances on include: drywall walls and ceilings, a combination of new vinyl and carpet either side of the building. Units B and C offer entrances via internal staircase flooring and a variety of lighting fixtures. DECK DECK DECK DECK LOWER LEVEL UPPER LEVEL BEDROOM BEDROOM LIVING BEDROOM BEDROOM LIVING LIVING LIVING ROOM ROOM ROOM ROOM LAUNDRY ROOM BEDROOM BEDROOM BEDROOM BEDROOM BEDROOM BEDROOM BEDROOM MAIN ENTRANCE TO B / C UNIT A UNIT B UNIT C UNIT D 06 PARK STREET / COBUN AVENUE • STUDENT HOUSING INVESTMENT • MORGANTOWN, WV Front of Building Unit B - Living Room Unit B - Kitchen Unit B - Bedroom 07 129 PARK STREET ONE, FIRST FLOOR UNIT, CORNER HOUSE The apartment at 129 Park Street is located on the first floor of the brick refrigerator, stove/oven and dishwasher. At the main entrance there is a large house at the corner of Park Street and Cobun Avenue. The unit offers a covered patio. Finishes to the apartment includes: drywall walls and ceilings, main entrance along Park Street, a large living room, kitchen, three sizable a combination of vinyl and carpet flooring and a variety of lighting fixtures. bedrooms with closets and one full bathroom. The kitchen includes a LOWER LEVEL BATHROOM BEDROOM BEDROOM BEDROOM LIVING ROOM 08 PARK STREET / COBUN AVENUE • STUDENT HOUSING INVESTMENT • MORGANTOWN, WV Exterior Main Entrance Kitchen Bedroom Living Room 09 301 & 301 1/2 COBUN AVENUE TWO UNITS, SECOND AND THIRD FLOOR, CORNER HOUSE 301 and 301 1/2 Cobun Avenue consists of the second and third floors of the The third floor unit (301 1/2) can also be accessed via internal staircase at brick building at the corner of Park Street and Cobun Avenue. The second the back of the house. This apartment offers a large living room, kitchen, floor unit (301) is comprised of the entire second floor and can be accessed at one bedroom with closets and one full bathroom. The kitchen includes a the back of the house via internal staircase.