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    890 Luther Rd East Greenbush, NY 12061

    View on Map
    Sponsored
    Pending
    $399,700

    MULTI_FAMILY - East Greenbush, NY

    Property size:
    2,808 SF
    Lot size:
    14.01 Acres
    Days on Market:
    40
    Last Refresh:
    Mar 28 at 6:06 am

    Property Features for 890 Luther Rd

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Standard status
    Pending
    Rooms
    Bathroom 3, Bedroom 1, Bedroom 2, Laundry Room, Bathroom 2, Dining Room, Bedroom 4, Bedroom 3, Bathroom 1
    Bedrooms
    4
    Bathrooms
    3
    APN
    156.-3-46.11
    Parking
    10
    Parking features
    Open
    Patio and Porch features
    Deck
    Interior features
    High Speed Internet
    Fireplace
    1
    Basement
    Full, Walk-Out Access
    Size
    2,808 SF
    Lot size
    14.01 Acres

    Utilities

    Sewer type
    Septic Tank
    Heating system
    Oil, Steam
    Water source
    Well

    Building Details

    Year built
    1850
    Number of units
    2
    Flooring type
    Laminate, Vinyl, Hardwood
    Building materials
    Stone, Vinyl Siding
    Roof type
    Asphalt
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Karen R Westman

    Berkshire Hathaway HomeServices Blake, REALTORS

    Listing agent Karen R Westman License #30WE1064299

    Listing date Feb 16, 2026

    MLS# 202610450 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

    East Greenbush 14-Acre Colonial Property

    Located on Luther Road in East Greenbush, NY, this property features 14 acres of rolling land. The site is near Columbia High School and is zoned R, requiring 2 acres per lot for building. The property includes an 1850 Colonial-style house, configured as a legal two-family residence with a total size of 2808 square feet. The first floor of the house includes two bedrooms, with the potential for a third, a large kitchen, and a combined dining and living room area, supplemented by a pellet stove for additional heating. The upstairs apartment requires appliances. The property is being sold in its current "as is" condition and has one electrical panel and heat source.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Auto Repair Shop Hair Salon Nail Salon Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    East Greenbush
    County
    Rensselaer
    State
    New York
    Longitude
    -73.682254
    Latitude
    42.62199

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    FAQs

    What type of property is this?
    Residential land & home lot - 14 acres with legal two-family colonial, sold as-is.
    Where is this residential land & home lot located?
    The property is located at 890 Luther Rd East Greenbush, NY.
    What is the asking price?
    The asking price for this property is $399,700.
    What are key features of this property?
    This property features: - 14 acres of land with R-2 zoning (2 acre per lot to build); - Legal 2-family 1850 Colonial; - Close proximity to Columbia High School
    (518) 687-2222
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    890 Luther Rd East Greenbush, NY 12061
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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
    890 Luther Rd East Greenbush, NY 12061
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    We can help!
    Listing Contact
    Karen R Westman
    Real Estate License ID: 30WE1064299
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