16.11.2023 Views

Chestnut Ridge Road [Investment] Portfolio Marketing Flyer

Black Diamond Realty is pleased to present this multifamily investment portfolio consisting of two homes on 1.78 (+/-) acres of land. This opportunity is ideal for multifamily development. The two parcels of land are located directly next to each other at the corner of Northwestern Ave and Chestnut Ridge Road. Take advantage of this prime opportunity/location.

Black Diamond Realty is pleased to present this multifamily investment portfolio consisting of two homes on 1.78 (+/-) acres of land. This
opportunity is ideal for multifamily development. The two parcels of land are located directly next to each other at the corner of Northwestern Ave and Chestnut Ridge Road. Take advantage of this prime opportunity/location.

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MARKETING FLYER<br />

977 NORTHWESTERN AVE<br />

948 CHESTNUT RIDGE ROAD<br />

INVESTMENT PORTFOLIO<br />

MORGANTOWN, WV 26505<br />

MULTIFAMILY / DEVELOPMENT OPPORTUNITY


I-68, EXIT 7<br />

CHEAT ROAD<br />

MORGANTOWN MUNICIPAL AIRPORT<br />

100 HART FIELD ROAD<br />

SUNCREST TOWNE CENTRE<br />

SUNCREST TOWNE CENTRE DRIVE<br />

MON HEALTH MEDICAL CENTER<br />

1200 JD ANDERSON DRIVE<br />

INVESTMENT PORTFOLIO<br />

SUBJECT PROPERTY<br />

RUBY MEMORIAL HOSPITAL<br />

1 MEDICAL CENTER DRIVE<br />

ENCOMPASS HEALTH<br />

REHABILITATION HOSPITAL<br />

INVESTMENT PORTFOLIO<br />

MORGANTOWN, WV 26505


TABLE OF CONTENTS<br />

<strong>Investment</strong> Overview<br />

Introduction of the property including building specifications, utilities,<br />

legal description, zoning, parking/access and parcel map.<br />

Floor Plans<br />

Overview of each home including descriptions, and photos.<br />

Location Overview / Demand Drivers<br />

Major local employers and a detailed description/aerial photo of the<br />

property and its proximity to surrounding businesses and locations.<br />

Demographics/ Key Facts<br />

Demographics and key facts pertaining to the property within a<br />

three, five and ten mile radius.<br />

Aerial Photos<br />

Aerial photos of the property from different heights and angles.<br />

02<br />

06<br />

14<br />

20<br />

22


INVESTMENT OVERVIEW<br />

NORTHWESTERN AVE / CHESTNUT RIDGE ROAD<br />

MORGANTOWN, WV 26505<br />

SALE PRICE / $1,875,000<br />

ZONING / R4 - HIGH DENSITY RESIDENTIAL<br />

948 CHESTNUT RIDGE ROAD<br />

GROSS LOT SIZE / 1.78 ACRES<br />

CITY LIMITS / OUTSIDE<br />

Black Diamond Realty is pleased to present this multifamily investment<br />

portfolio consisting of two homes on 1.78 (+/-) acres of land. This<br />

opportunity is ideal for multifamily development. The two parcels<br />

of land are located directly next to each other at the corner of<br />

Northwestern Ave and <strong>Chestnut</strong> <strong>Ridge</strong> <strong>Road</strong>. Take advantage<br />

of this prime opportunity/location.<br />

The subject property is conveniently located near many amenities and under<br />

20 minutes away from both I-68 and I-79. The site is positioned within walking<br />

distance of the Mon Health Medical Center, WVU’s Health Sciences Center<br />

campus, Ruby Memorial Hospital, the WVU stadium, the PRT, restaurants,<br />

shopping, and more.<br />

977 NORTHWESTERN AVE<br />

02<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


SCAN TO<br />

VIEW VIDEO<br />

BLACK DIAMOND REALTY 03


BUILDING SPECIFICATIONS<br />

Built in the 1950's, the subject property is comprised of two detached single<br />

family homes and a garage building known as 948 <strong>Chestnut</strong> <strong>Ridge</strong> <strong>Road</strong> and<br />

977 Northwestern Ave. 948 <strong>Chestnut</strong> <strong>Ridge</strong> <strong>Road</strong> is approximately 2,700 (+/-)<br />

square feet. 977 Northwestern Ave is approximately 3,760 (+/-) square feet.<br />

Both of the homes feature multiple bedrooms for multifamily living capabilities.<br />

977 Northwestern Ave also features an outdoor in-ground pool with a large<br />

deck. This opportunity is ideal for multifamily development however the existing<br />

structures can be utilized as is.<br />

UTILITIES<br />

All public utilities are available to the site.<br />

UTILITY<br />

Electric<br />

Natural Gas<br />

Water<br />

Sewer<br />

Trash<br />

Cable/Internet<br />

PROVIDER<br />

Mon Power<br />

Hope Gas<br />

Morgantown Utility Board (MUB)<br />

Morgantown Utility Board (MUB)<br />

Republic<br />

Multiple Providers<br />

PARCEL MAP<br />

INGRESS / EGRESS<br />

The subject site is located at the corner of Northwestern Ave and <strong>Chestnut</strong><br />

<strong>Ridge</strong> <strong>Road</strong>, Morgantown, West Virginia. The subject property has frontage on<br />

and access from both Northwestern Ave and <strong>Chestnut</strong> <strong>Ridge</strong> <strong>Road</strong>.<br />

LEGAL DESCRIPTION / ZONING<br />

Located outside of city limits, the site is located within the West Run Planning<br />

District and is zoned R4-High Density Residential. This property is situated<br />

within the Morgan District (8) of Monongalia County. The site is comprised of<br />

two (2) irregular shaped parcels of land totaling 1.78 (+/-) acres. The property<br />

is identified as Morgan District, Tax Map 4D, Parcels 6 and 15. This can be<br />

referenced in Deed Book 1346, Page 324 and Page 537.<br />

04<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


948 CHESTNUT RIDGE ROAD<br />

MORGANTOWN, WV 26505<br />

6 BEDS / 2.5 BATHS<br />

2,700 (+/-) SQ FT<br />

MAIN LEVEL<br />

BASEMENT<br />

06<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


Exterior Front of the Property<br />

Exterior Back of the Property<br />

Overhead View of Property<br />

Aerial Side of the Building<br />

BLACK DIAMOND REALTY<br />

07


Kitchen<br />

Living Room<br />

Bedroom<br />

Bathroom<br />

08<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


Dining Area<br />

Bedroom<br />

Hallway<br />

Laundry Room<br />

BLACK DIAMOND REALTY 09


977 NORTHWESTERN AVE<br />

MORGANTOWN, WV 26505<br />

5 BEDS / 3.5 BATHS<br />

3,760 (+/-) SQ FT<br />

MAIN LEVEL<br />

BASEMENT<br />

10<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


Exterior Front of the Property<br />

Exterior Back of the Property<br />

Overhead View of Property<br />

Aerial Front of the Building<br />

BLACK DIAMOND REALTY<br />

11


Kitchen<br />

Foyer<br />

Bedroom<br />

Bathroom<br />

12<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


Bedroom<br />

Dining Area<br />

Living Room<br />

Laundry Room<br />

BLACK DIAMOND REALTY<br />

13


LOCATION OVERVIEW<br />

MONONGALIA COUNTY<br />

Monongalia County lies in north central West Virginia with Morgantown<br />

as the county seat and home of West Virginia University. The Morgantown<br />

MSA regularly ranks a variety of lists pointing to the area’s accomplishments<br />

in terms of growth, business development, workforce cultivation and more.<br />

Morgantown’s prominence in both of the recession-resistant sectors of<br />

higher education and health care employment is one reason for the stability<br />

in the area. The WVU Bureau of Business and Economic Research calls for<br />

“continued healthy growth” well into the future.<br />

Monongalia County has a total population of 107,119 and a median<br />

household income of $60,206. Total number of businesses is 3,895.<br />

The City of Morgantown has a total population of 30,260 and a median<br />

household income of $39,368. Total number of businesses is 1,444.<br />

Data/maps provided by Esri, Esri and Bureau of Labor Statistics, Esri and Data Axle, 2023.<br />

DRIVE TIME<br />

Distance to nearby cities: Fairmont, WV - 20 miles, Uniontown, PA - 28<br />

miles, Bridgeport, WV - 35 miles, Washington, PA - 47 miles, Pittsburgh,<br />

PA - 70 miles, Wheeling, WV - 86 miles, Charleston, WV - 156 miles.<br />

Monongalia County, WV<br />

Morgantown City Limits<br />

Subject Location<br />

14<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


The aerial above was taken facing southeast.<br />

Several of the most popular surrounding locations<br />

have been highlighted. Referenced with a yellow<br />

star, 948 <strong>Chestnut</strong> <strong>Ridge</strong> <strong>Road</strong> and<br />

977 Northwestern Avenue is located within the<br />

heart of Morgantown and the Suncrest area.<br />

Along Route 705, there is a daily traffic count<br />

of 34,176 vehicles (Esri, 2023).<br />

Sabraton<br />

Pierpont Centre<br />

Morgantown Airport<br />

Suncrest Towne Centre: Kroger, First<br />

United Bank, Roosters, Buffalo Wild<br />

Wings, McDonalds, PetValu, WVU Urgent<br />

Care, Primanti Brothers, Kroger Fuel<br />

Suncrest Village<br />

Mon Health Wedgewood<br />

Mon Health Medical Center<br />

White Birch Towers<br />

Holiday Inn/Atria’s<br />

CVS<br />

Walgreens<br />

Sheetz<br />

North Elementary School<br />

Office Depot<br />

Dunkin’ Donuts<br />

Euro-Suites<br />

Encompass Health Rehabilitation<br />

Hospital of Morgantown<br />

Health Sciences Campus<br />

Ruby Memorial Hospital<br />

Milan Puskar Stadium<br />

Medical Center PRT<br />

Marquis Center<br />

Suncrest Center<br />

Applebee’s<br />

WVU Police Department<br />

Alumni Center<br />

University Park<br />

Burrough’s Place<br />

Suncrest Area<br />

Suncrest Middle School<br />

Kroger<br />

Student Recreation Center<br />

Evansdale Towers<br />

WVU Residence Hall<br />

Downtown WVU<br />

BLACK DIAMOND REALTY 15


DEMAND DRIVERS<br />

WVU Main Campus - Morgantown, WV<br />

West Virginia University is a family of distinctive campuses united by a single mission. From the groundbreaking<br />

research of the flagship in Morgantown to the liberal arts hub of WVU Potomac State in Keyser to the<br />

technology-intensive programs at WVU Tech in Beckley — they are leveraging their talents and resources<br />

to create a better future for West Virginia and the world. WVU is ranked as a Research University (Highest<br />

2<br />

Research Activity) – R1 – in the 2015 Carnegie Classification of Institutions of Higher Education.<br />

The WVU Morgantown campuses are located in a town named “No. 1 Small City in America” by BizJournals.<br />

com for its exceptional quality of life. Morgantown, population 30,855, was also rated the ninth best college<br />

town in America by Business Insider and is within easy traveling distance of Washington, D.C., to the east,<br />

Pittsburgh, Pa., to the north, and Cleveland and Columbus, Ohio, to the northwest. Other rankings: Kiplinger.com<br />

included Morgantown in their 10 great places to live list; one of “Best Sports Cities” by Sporting News; 5th<br />

“Best Small Metro” by Forbes; 12th overall “Hottest Small City” by Inc.; one of “50 Smartest Places to<br />

2<br />

Live” by Kiplinger’s; and the second-ranking “Best College Town for Jobs” by Forbes.<br />

Students at the Morgantown campus come from 115 nations, all 50 U.S. states (plus D.C.) and all 55 West<br />

Virginia counties; 11,472 are West Virginia residents. In fall 2022, WVU’s Morgantown campuses enrolled<br />

nearly 28,000 students. 2<br />

WVU Medicine, the affiliated academic medical system of West Virginia University, unites the clinical and<br />

research faculty of the West Virginia University Health Sciences Center with the hospitals, clinics, and health<br />

professionals of the West Virginia University Health System. Together, they are a national leader in patient<br />

safety and quality, they are unified and driven by a passion to provide the most advanced healthcare possible<br />

to the people of West Virginia and the world.<br />

3<br />

WVU Football - Milan Puskar Stadium<br />

WVU Medicine - Ruby Memorial Hospital<br />

SOURCES<br />

2 - https://www.wvu.edu/<br />

3 - https://wvumedicine.org/about/<br />

16 INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


SHOPPING<br />

RESTAURANTS<br />

• Morgantown has a wide variety of big box retailers plus locally owned<br />

merchants. Find men, women and children’s clothing/accessory stores,<br />

housewares, hard goods, soft goods and more at local malls and shopping<br />

centers including the University Town Centre, Gateway, Suncrest Towne<br />

Centre, Pierpont Centre, Morgantown Mall, and Wesmon Plaza.<br />

• Choose from numerous supermarket options in Morgantown including<br />

Sam’s Club, Walmart Supercenter, Kroger, Aldi, Giant Eagle and local<br />

organic markets.<br />

• Throughout Morgantown, upscale and casual dining options coexist with<br />

neighborhood bistros, family-owned eateries, national chains and spirited<br />

pubs and tastes from around the world.<br />

• Top restaurants in Morgantown voted by locals include: Black Bear, Mario’s<br />

Fish Bowl, Iron Horse, Table 9, Sargasso. Other popular establishments<br />

include Stefano’s, Kegler’s, The Wine Bar, Crab Shack Cariba and<br />

Mountaineer Tap House.<br />

TRANSPORTATION<br />

ENTERTAINMENT<br />

• Mountain Line is the town’s bus service, and is free for faculty, staff and<br />

students with a valid WVU ID. The cost for non-WVU users is 75 cents per ride.<br />

The Mountain Line offers WVU specific routes, city/county routes and routes<br />

to Pittsburgh.<br />

• Morgantown offers access to a variety of taxi services and Uber and Lyft<br />

drivers as an alternate means of transportation.<br />

• Located only seven minutes from WVU Main campus, Morgantown<br />

Municipal Airport (MGW) currently offers daily flights to Baltimore-<br />

Washington International (BWI) in Maryland and Pittsburgh International<br />

Airport in Pennsylvania accessing nearly 1,000 connecting flights to<br />

domestic and international destinations.<br />

• Morgantown offers a variety of events and entertainment opportunities year<br />

round including WVU football games, WVU basketball games, baseball<br />

games at the new WV Black Bears ball park, live concerts and more.<br />

• A significant nightlife presence is concentrated in downtown Morgantown.<br />

Multiple bars offer evening happy hour drink and dinner specials, as well as<br />

nightly live music, karaoke, trivia and more.<br />

• Other entertainment options include a bowling alley, Regal movie theatre,<br />

golf courses, walking and biking nature trails, fishing and boating on Cheat<br />

Lake and more.<br />

BLACK DIAMOND REALTY<br />

17


MAJOR LOCAL EMPLOYERS<br />

• Fall enrollment for WVU in 2021 remained steady at 28,267 students<br />

2<br />

and full-time and part-time faculty and staff just over 6,214.<br />

• Among its 13 colleges, WVU’s Morgantown campus offers more than 355<br />

majors and hundreds of distance education and online classes.<br />

2<br />

• WVU has produced 25 Rhodes scholars, 23 Truman scholars, 59 Fulbright<br />

3<br />

scholars, 45 Goldwater scholars, and 26 Boren scholars.<br />

• Mylan is a global pharmaceutical company committed to setting new<br />

standards in healthcare and providing 7 billion people access to high<br />

quality medicine. 4<br />

• Mylan has 40+ manufacturing facilities.<br />

• Mylan has a global workforce of 35,000 employees with 1,500 (+/-) calling<br />

4<br />

Morgantown home.<br />

4<br />

• J.W. Ruby Memorial Hospital, the largest facility in the WVU Hospitals family,<br />

provides the most advanced level of care available to the citizens of West<br />

Virginia and bordering states. 5<br />

• Home to WVU Medicine Children’s, Jon Michael Moore Level 1 Trauma Center,<br />

several clinical programs, and the West Virginia University health schools. 6<br />

• Rated "Best Regional Hospitals" by U.S. News & World Report in 2018-19.<br />

7<br />

• Mon Health Medical Center is a 189-bed general, acute care hospital in<br />

Morgantown, WV. It is the flagship member of Mon Health, an integrated<br />

healthcare delivery system offering a full range of services.<br />

2 - hhttps://www.wvu.edu/about-wvu/wvu-facts<br />

3 - https://www.forbes.com/colleges/west-virginia-university/<br />

5 - https://wvumedicine.org/about/hospitals-and-institutes/<br />

6 - https://wvumedicine.org/ruby-memorial-hospital/<br />

7 - https://wvumedicine.org/ruby-memorial-hospital/about-us/<br />

4 - https://www.mylan.com/en/about-mylan<br />

8 - https://www.mongeneral.com/main/about-mon-health-medical-center<br />

18 INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


GATEWAY<br />

CHAPLIN HILL<br />

BUSINESS PARK<br />

I-79, EXIT 154<br />

WESTRIDGE<br />

UNIVERSITY<br />

TOWN CENTRE<br />

I-79, EXIT 153<br />

MORGANTOWN<br />

MALL<br />

COLISEUM<br />

I-79, EXIT 152<br />

SUNCREST<br />

EVANSDALE<br />

CAMPUS<br />

WESTOVER<br />

RUBY<br />

MEMORIAL<br />

HOSPITAL<br />

STADIUM<br />

WVU MAIN<br />

CAMPUS<br />

DOWNTOWN<br />

CHESTNUT RIDGE ROAD / NORTHWESTERN AVE<br />

1 MILE<br />

MORGANTOWN<br />

MUNICIPAL<br />

AIRPORT<br />

SABRATON<br />

3 MILES<br />

PIERPONT<br />

CENTRE<br />

I-68, EXIT 7<br />

I-68, EXIT 4<br />

APPROXIMATE<br />

LOCATION OF<br />

NEW EXIT<br />

PHASE I<br />

MORGANTOW<br />

INDUSTRIAL PARK<br />

PHASE II<br />

5 MILES<br />

I-68, EXIT 1<br />

I-79 / I-68 INTERCHANGE


DEMOGRAPHICS / KEY FACTS<br />

3 MILE RADIUS<br />

59,391 2,704 79,285 $236,511 $36,415 $49,417 0.14% 25.9<br />

Total<br />

Population<br />

Businesses<br />

Daytime<br />

Population<br />

Median Home<br />

Value<br />

Per Capita<br />

Income<br />

Median<br />

Household<br />

Income<br />

2020-2023<br />

Pop Growth<br />

Rate<br />

Median Age<br />

KEY SPENDING FACTS<br />

$2,851<br />

$2,500<br />

$2,000<br />

$1,500<br />

$1,679<br />

$1,821<br />

$1,000<br />

$500<br />

$631<br />

$667<br />

$0<br />

Travel Transportation Apparel Entertainment Furniture<br />

20<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


These infographics contain data provided by Esri, Esri and Bureau of Labor Statistics Esri and Data Axle.<br />

The vintage of the data is 2023, 2028. Spending facts are average annual dollar per household.<br />

5 MILE RADIUS 10 MILE RADIUS<br />

78,834 3,440 97,741 $246,830 108,242 3,952 119,723 $250,103<br />

Total<br />

Population<br />

Businesses<br />

Daytime<br />

Population<br />

Median Home<br />

Value<br />

Total<br />

Population<br />

Businesses<br />

Daytime<br />

Population<br />

Median Home<br />

Value<br />

$39,061 $54,016 0.22% 28.6 $41,353 $59,125 0.30% 32.2<br />

Per Capita<br />

Income<br />

Median<br />

Household<br />

Income<br />

2020-2023<br />

Pop Growth<br />

Rate<br />

Median Age<br />

Per Capita<br />

Income<br />

Median<br />

Household<br />

Income<br />

2020-2023<br />

Pop Growth<br />

Rate<br />

Median Age<br />

KEY SPENDING FACTS<br />

KEY SPENDING FACTS<br />

$3,139<br />

$3,000 $3,000<br />

$2,000 $1,851<br />

$1,951<br />

$2,000<br />

$2,005<br />

$2,059<br />

$3,462<br />

8<br />

$1,000 $688 $723 $1,000<br />

$729<br />

$777<br />

$0 $0<br />

Travel Transportation Apparel Entertainment Furniture<br />

Travel<br />

Transportation<br />

Apparel<br />

Entertainment<br />

Furniture<br />

BLACK DIAMOND REALTY 21


WVU COLISEUM<br />

EVANSDALE<br />

WEST VIRGINIA UNIVERSITY<br />

RUBY MEMORIAL HOSPITAL<br />

977 NORTHWESTERN AVE<br />

948 CHESTNUT RIDGE ROAD<br />

Aerial View Facing West<br />

22<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


Aerial View Facing East<br />

Aerial View Facing South<br />

BLACK DIAMOND REALTY<br />

23


CHESTNUT RIDGE ROAD<br />

NORTHWESTERN AVE<br />

Overhead Aerial View<br />

24<br />

INVESTMENT PORTFOLIO • MULTIFAMILY / DEVELOPMENT OPPORTUNITY • MORGANTOWN, WV


948 CHESTNUT RIDGE ROAD<br />

977 NORTHWESTERN AVE<br />

Aerial View Facing North<br />

BLACK DIAMOND REALTY<br />

25


CONTACT<br />

BLACK DIAMOND REALTY LLC<br />

1399 Stewartstown <strong>Road</strong>, Suite 150<br />

Morgantown, WV 26505<br />

P. 304.413.4350 | F. 304.599.3285<br />

BlackDiamondRealty.net<br />

PRIMARY CONTACT<br />

David Lorenze, CCIM Principal<br />

M. 304.685.3092<br />

dlorenze@blackdiamondrealty.net<br />

SECONDARY CONTACT<br />

Anna Carrier, Associate<br />

M. 304.216.6926<br />

acarrier@blackdiamondrealty.net

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