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    2 Madison Ave Saratoga Springs, NY 12866

    Sponsored
    For Sale
    Under Contract
    $1,400,000

    MULTI_FAMILY - Other - Saratoga Springs, NY

    Property size:
    3,309 SF
    Lot size:
    0.13 Acres
    Days on Market:
    11
    Last Refresh:
    Jan 29 at 1:06 pm

    Property Features for 2 Madison Ave

    General Information

    Special listing conditions
    Standard
    Property type
    Residential Multi Family
    Property subtype
    Other
    TransactionType
    Standard
    Standard status
    Active Under Contract
    Window features
    Bay Window(s), Wood Frames
    Rooms
    Bedroom 1, Bedroom 4, Bathroom 1, Dining Room, Bathroom 4, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 2, Bedroom 5
    Bedrooms
    5
    Bathrooms
    4
    APN
    411501 166.69-2-1
    Parking
    4
    Parking features
    Driveway, Garage, Off Street
    Patio and Porch features
    Patio, Porch
    Interior features
    Solid Surface Counters, Paddle Fan, Central Vacuum, Ceramic Tile Bath
    Exterior features
    Garden
    Fireplace
    1
    Basement
    Finished, Sump Pump, Walk-Out Access, Apartment, Full, Exterior Entry
    Size
    3,309 SF
    Lot size
    0.13 Acres

    Utilities

    Utilities
    Cable Available
    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Hot Water(Heating), Baseboard
    Cooling system
    Window Unit(s), Central Air, Attic Fan
    Water source
    Public

    Building Details

    Year built
    1873
    Number of units
    2
    Flooring type
    Hardwood, Laminate, Tile - Ceramic
    Building materials
    Stone, Fiber Cement
    Roof type
    Rubber, Asphalt, Slate
    Architectural style
    Other

    We can help!

    Listing Contact
    Liz Schultheiss
    Liz Schultheiss

    Howard Hanna Real Estate Services (518) 348-7100

    Listing agent Liz Schultheiss (518) 796-6997 License #30SC0742915

    Listing date Jan 19, 2026

    MLS# 202529200 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Saratoga Springs Multifamily Property

    This beautifully restored 1873 Second Empire home is located in the coveted Historic East Side, steps from the Saratoga Race Course, Fasig-Tipton Auction House, and Oklahoma Training Track. The residence features 3 bedrooms, 2.5 baths, and period details. The formal living and dining rooms have 11ft ceilings, a gas fireplace, pocket and French doors, and 2 sitting porches. The lower level offers a 2 bedroom garden apartment, suitable for guests, rental income, or multigenerational living. The property includes landscaped grounds with a garden and patio, along with a 1 car garage and a private driveway for up to 4 vehicles. The property size is 3309 square feet and the lot size is 0.13 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Realty agency Law Firm Restaurant Dental Office Spa & Massage Hair Salon Nail Salon Building Supply Gym & Fitness Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Saratoga Springs
    County
    Saratoga
    State
    New York
    Longitude
    -73.775927
    Latitude
    43.077867

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    FAQs

    What type of property is this?
    Duplex - Restored 1873 Second Empire home with rental income potential.
    Where is this duplex located?
    The property is located at 2 Madison Ave Saratoga Springs, NY.
    What is the asking price?
    The asking price for this property is $1,400,000.
    What are key features of this property?
    This property features: - Prime location on the Historic East Side, near Saratoga Race Course, Fasig-Tipton, and Oklahoma Training Track.; - Beautifully restored 1873 Second Empire home with period details and **11ft ceilings**.; - Lower level 2-bedroom garden apartment for guests, rental income, or multigenerational living.
    (518) 796-6997
    Request Owner's contact information
    2 Madison Ave Saratoga Springs, NY 12866
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    Saratoga Springs, NY 12866
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2 Madison Ave Saratoga Springs, NY 12866
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    We can help!
    Listing Contact
    Liz Schultheiss
    Liz Schultheiss
    Real Estate License ID: 30SC0742915
    (518) 796-6997
    Learn more
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