Redevelopment Multifamily
For Sale
$899,900
383 Church Street, Saratoga Springs, NY 12866
MULTI_FAMILY - Other - Saratoga Springs, NY
Property Size3,323 SF
Lot Size0.58 Acres
Price / SF$270.81
Days on Market25
Property Features for 383 Church Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
2
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 1, Bathroom 3
Parking
10
Basement
Full, Unfinished
Lot features
Level, Road Frontage
High school
Saratoga Springs
Elementary school district
Saratoga Springs
Middle school district
Saratoga Springs
High school district
Saratoga Springs
Directions
Church st East past hospital to 383.
Standard status
Active
APN
411589 165.-1-46
Size
3,323 SF
Lot size
0.58 Acres
Taxes and HOA fees
Tax Annual Amount
6761
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Water source
Public
Building Details
Year built
1880
Number of units
2
Building materials
Vinyl Siding, Wood Siding
Architectural style
Other
Listing Agency:
Kelleher Realty
(518) 695-6842
Listed By:
Rachel Magnell · License #10401398070
(518) 928-0093
Added: Jul 20
Changed: Aug 7
Last Checked: Aug 13 at 1:06AM
MLS# 202622398
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.
Located at 383 Church Street, Saratoga Springs, NY, this redevelopment-ready multifamily property is offered as-is with an existing structure. The site includes 137 feet of frontage along the Church Street (Route 9N) corridor and totals approximately 0.46 acres, providing a development platform within a Multi Residence zoning designation.
The property is positioned near Saratoga Hospital and Skidmore College, and it is described as a visible gateway location just minutes from downtown Saratoga Springs and nearby major residential communities. Subject to municipal approvals, the property is described as potentially suited for commercial, mixed-use, medical, professional office, hospitality, or residential uses.
An opportunity is also noted to acquire the property in conjunction with the adjoining parcel (MLS# 202620566), subject to separate sale of each parcel, to create a larger assemblage with additional frontage and flexibility for future redevelopment.
The property is positioned near Saratoga Hospital and Skidmore College, and it is described as a visible gateway location just minutes from downtown Saratoga Springs and nearby major residential communities. Subject to municipal approvals, the property is described as potentially suited for commercial, mixed-use, medical, professional office, hospitality, or residential uses.
An opportunity is also noted to acquire the property in conjunction with the adjoining parcel (MLS# 202620566), subject to separate sale of each parcel, to create a larger assemblage with additional frontage and flexibility for future redevelopment.
Key Highlights
- 0.46‑acre site with 137 ft of frontage on Church Street (Route 9N) corridor
- Remarkably visible Church Street location, just minutes from downtown Saratoga Springs
- Year built 1880 with existing structure sold as‑is
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
$49,316
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
5.48%
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%
$986,320
$986.3K
Cap Rate 7%
$704,514
$704.5K
Cap Rate 9%
$547,956
$548.0K
Market Conditions
NOI Build-Up for 3,323 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
$73.8K $22.20/SF
− Vacancy
−$3.3K −$1.00/SF
EGI
$70.5K $21.20/SF
− OpEx
−$21.1K −$6.36/SF
NOI
$49.3K $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%
$986,320
Cap Rate 7%
$704,514
Cap Rate 9%
$547,956
Alternative Uses
Best Use
Multifamily LT 5
$704.5K
$616.5K – $821.9K
NOI $49,316 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$630.3K
$551.5K – $735.4K
NOI $44,122 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$994.6K
$870.3K – $1.16M
NOI $69,623 @ 7.0% cap · market cap 7.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
320
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
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Frequently Asked Questions
What type of property is this?
Duplex - Redevelopment-ready multifamily site with 137 feet of frontage along the Route 9N corridor, offered as-is.
Where is this duplex located?
The property is located at 383 Church Street Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 0.46‑acre site with 137 ft of frontage on Church Street (Route 9N) corridor; Remarkably visible Church Street location, just minutes from downtown Saratoga Springs; Year built 1880 with existing structure sold as‑is
