Two-Unit Duplex with
For Sale
$248,900
Pending
1122 24th Street, Watervliet, NY 12189
MultiFamily, Watervliet, NY
Property Size1,696 SF
Lot Size0.11 Acres
Days on Market28
Property Features for 1122 24th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 1
Parking
4
Parking features
Driveway, Garage
Basement
Exterior Entry, Full, Interior Entry, Unfinished
Elementary school district
Watervliet
Middle school district
Watervliet
High school district
Watervliet
Directions
Boght Rd to left on 25th St, then right on Railroad Ave to right on 24th St
Standard status
Pending
APN
011800 32.49-2-3
Size
1,696 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
3350
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Amenities
wrap-around porch
Building Details
Year built
1920
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
The Property Shop · EXIT Realty
(518) 396-5850
Listed By:
Carol Casale · License #10401371410
(518) 701-1734
Added: Aug 15
Changed: Aug 26
Last Checked: Sep 11 at 12:06PM
MLS# 202624110
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,696-square-foot duplex, built in 1920, contains two residential units within a vinyl-sided structure. The property includes a wrap-around porch, a recently installed roof, driveway parking, and a two-car garage. Its layout supports owner occupancy in one unit with the other leased, or rental use across both units, as stated in the property information.
The parcel covers 0.11 acres and is located in Watervliet, NY. Public water and public sewer serve the property, while hot-water heating is provided. Zoning is Multi Residence. The offering includes one-, two-, and three-bedroom rooms along with two bathrooms, providing a practical configuration for residential income use.
The parcel covers 0.11 acres and is located in Watervliet, NY. Public water and public sewer serve the property, while hot-water heating is provided. Zoning is Multi Residence. The offering includes one-, two-, and three-bedroom rooms along with two bathrooms, providing a practical configuration for residential income use.
Key Highlights
- Two‑unit duplex with 1,696 square feet of property size
- 0.11‑acre lot with a two‑car garage and driveway parking
- Built in 1920 with vinyl siding and a new roof
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,583
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.87%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$391,660
$391.7K
Cap Rate 7%
$279,757
$279.8K
Cap Rate 9%
$217,589
$217.6K
Market Conditions
NOI Build-Up for 1,696 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$29.5K $17.40/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$28.0K $16.50/SF
− OpEx
−$8.4K −$4.95/SF
NOI
$19.6K $11.55/SF
Area
Albany County, NY
Vacancy
5.20%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$391,660
Cap Rate 7%
$279,757
Cap Rate 9%
$217,589
Alternative Uses
Best Use
Multifamily LT 5
$279.8K
$244.8K – $326.4K
NOI $19,583 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$258.8K
$226.5K – $301.9K
NOI $18,116 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$529.2K
$463.1K – $617.4K
NOI $37,046 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 12189, NY
18,970
Population
9,887
Households
1.9
Avg Household Size
39
Median Age
27%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
3,060
Density / Sq Mi
$62,763
Median Household Income
$48,555
Median Earnings
$1,084
Median Rent
$199,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex offering separate living spaces, a wrap-around porch, driveway parking, and a two-car garage.
Where is this duplex located?
The property is located at 1122 24th Street Watervliet, NY.
What is the asking price?
The asking price for this property is $248,900.
What are key features of this property?
This property features: Two‑unit duplex with 1,696 square feet of property size; 0.11‑acre lot with a two‑car garage and driveway parking; Built in 1920 with vinyl siding and a new roof
