Furnished Duplex with Updated
For Sale
$799,000
Pending
121 Lincoln Avenue, Saratoga Springs, NY 12866
MultiFamily, Saratoga Springs, NY
Property Size2,255 SF
Lot Size0.17 Acres
Days on Market23
Property Features for 121 Lincoln Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 4, Bedroom 2, Bathroom 2, Bathroom 3, Laundry Room, Bedroom 3, Bedroom 6, Bedroom 1, Bedroom 5, Bathroom 1
Parking
3
Parking features
Off Street
Window features
Wood Frames, Bay Window(s)
Patio and Porch features
Porch
Interior features
Built-in Features
Fencing
Perimeter
Basement
Unfinished, Full
Lot features
Landscaped, Cleared
High school
Saratoga Springs
Elementary school district
Saratoga Springs
Middle school district
Saratoga Springs
High school district
Saratoga Springs
Directions
From I-87, take Exit 13N and head north on Route 9/Broadway toward Saratoga Springs. Turn right onto Lincoln Avenue. Continue past Five Points Market & Deli; the property will be on the left.
Standard status
Pending
APN
411501 166.77-1-37
Size
2,255 SF
Lot size
0.17 Acres
Taxes and HOA fees
Tax Annual Amount
6441
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1920
Number of units
2
Flooring type
Laminate, Tile, Hardwood
Building materials
Vinyl Siding, Wood Siding
Roof type
Metal
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Mary Cummings · License #10401363940
(518) 925-2473
Added: Aug 13
Changed: Aug 26
Last Checked: Sep 4 at 8:06PM
MLS# 202623934
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 2,255-square-foot duplex, built in 1920, is offered fully furnished and includes built-in features, three bathrooms, multiple bedrooms, laundry space, and a porch. Interior finishes include hardwood, tile, and laminate flooring, while forced-air natural gas heating and central air provide the primary mechanical systems. Recent work includes a new HVAC system in Unit 2, updated PEX plumbing, refreshed landscaping, a new washing machine, and updated furnishings and décor.
The property is zoned Multi Residence and sits on a 0.17-acre parcel with off-street parking, perimeter fencing, public water, and public sewer. It is within walking distance of downtown and the Saratoga Race Course, with dining, shopping, entertainment, and year-round attractions nearby. The property has established short-term rental income and may also support long-term rental use, subject to applicable requirements.
The property is zoned Multi Residence and sits on a 0.17-acre parcel with off-street parking, perimeter fencing, public water, and public sewer. It is within walking distance of downtown and the Saratoga Race Course, with dining, shopping, entertainment, and year-round attractions nearby. The property has established short-term rental income and may also support long-term rental use, subject to applicable requirements.
Key Highlights
- 2,255‑square‑foot duplex on a 0.17‑acre parcel
- Fully furnished property with established short‑term rental income
- New HVAC system in Unit 2 and updated PEX plumbing
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
$33,466
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
4.19%
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%
$669,320
$669.3K
Cap Rate 7%
$478,086
$478.1K
Cap Rate 9%
$371,844
$371.8K
Market Conditions
NOI Build-Up for 2,255 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
$50.1K $22.20/SF
− Vacancy
−$2.3K −$1.00/SF
EGI
$47.8K $21.20/SF
− OpEx
−$14.3K −$6.36/SF
NOI
$33.5K $14.84/SF
Area
Saratoga County, NY
Vacancy
4.50%
Lease Rate
$22.20 /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%
$669,320
Cap Rate 7%
$478,086
Cap Rate 9%
$371,844
Alternative Uses
Best Use
Multifamily LT 5
$478.1K
$418.3K – $557.8K
NOI $33,466 @ 7.0% cap · market cap 4.19%
Second Best
Apartment 5plus
$427.7K
$374.3K – $499.0K
NOI $29,942 @ 7.0% cap · market cap 3.75%
Theoretical Best
Office A
$675.0K
$590.6K – $787.5K
NOI $47,247 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,533
Businesses Nearby
Explore this area
Business Placement
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with public utilities, off-street parking, and a porch on a 0.17-acre parcel.
Where is this duplex located?
The property is located at 121 Lincoln Avenue Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 2,255‑square‑foot duplex on a 0.17‑acre parcel; Fully furnished property with established short‑term rental income; New HVAC system in Unit 2 and updated PEX plumbing
