Two-Family Colonial with Buildable
For Sale
$399,700
Pending
890 Luther Road, East Greenbush, NY 12061
MULTI_FAMILY - East Greenbush, NY
Property Size2,808 SF
Lot Size14.01 Acres
Days on Market216
Property Features for 890 Luther Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 1, Bathroom 1, Bedroom 3, Laundry Room, Bathroom 3, Dining Room
Parking
10
Parking features
Open
Patio and Porch features
Deck
Interior features
High Speed Internet
Fireplace
1
Basement
Full, Walk-Out Access
Lot features
Meadow, Road Frontage, Rolling Slope, Views, Cleared
High school
Columbia
Elementary school district
East Greenbush
Middle school district
East Greenbush
High school district
East Greenbush
Directions
Route 4 to Luther Road -
Standard status
Pending
APN
156.-3-46.11
Size
2,808 SF
Lot size
14.01 Acres
Taxes and HOA fees
Tax Annual Amount
10227
Utilities
Sewer type
Septic Tank
Heating system
Steam, Oil
Water source
Well
Building Details
Year built
1850
Number of units
2
Flooring type
Hardwood, Vinyl, Laminate
Building materials
Stone, Vinyl Siding
Roof type
Asphalt
Additional Structures
Storage
Listing Agency:
Berkshire Hathaway Home Services Blake · Berkshire Hathaway HomeServices
(518) 758-1300
Listed By:
Karen R Westman · License #30WE1064299
(518) 366-7788
Added: Jan 12
Changed: Jul 24
Last Checked: Aug 16 at 4:06PM
MLS# 202610450
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 1850 Colonial is a legal 2-family residence offered as-is. The first floor features two bedrooms (with the possibility of a third), along with a large kitchen, dining area, and living room space, plus a pellet stove for additional warmth. The upstairs apartment is in place but needs appliances. The property includes one electrical panel and one heat source for the home.
Set on desirable Luther Road in East Greenbush, the property totals 14.01 rolling acres. Zoning is R-2, with the ability to build one additional lot per 2 acres. The home is located close to Columbia High School.
An agent must accompany all showings. The seller will not make improvements beyond what is currently in place.
Set on desirable Luther Road in East Greenbush, the property totals 14.01 rolling acres. Zoning is R-2, with the ability to build one additional lot per 2 acres. The home is located close to Columbia High School.
An agent must accompany all showings. The seller will not make improvements beyond what is currently in place.
Key Highlights
- 1850 Colonial built in 1850, listed as a legal 2‑family home, sold as‑is
- 14‑acre rolling property on Luther Road, with R zoning allowing 2 acres per lot to build
- First‑floor unit offers 2 bedrooms (could be 3) plus large kitchen, dining, and living room areas
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
$36,778
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
9.20%
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%
$735,560
$735.6K
Cap Rate 7%
$525,400
$525.4K
Cap Rate 9%
$408,644
$408.6K
Market Conditions
NOI Build-Up for 2,808 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
$55.6K $19.80/SF
− Vacancy
−$3.1K −$1.09/SF
EGI
$52.5K $18.71/SF
− OpEx
−$15.8K −$5.61/SF
NOI
$36.8K $13.10/SF
Area
Rensselaer County, NY
Vacancy
5.50%
Lease Rate
$19.80 /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%
$735,560
Cap Rate 7%
$525,400
Cap Rate 9%
$408,644
Alternative Uses
Best Use
Multifamily LT 5
$525.4K
$459.7K – $613.0K
NOI $36,778 @ 7.0% cap · market cap 9.20%
Second Best
Apartment 5plus
$486.9K
$426.1K – $568.1K
NOI $34,084 @ 7.0% cap · market cap 8.53%
Theoretical Best
Office A
$702.0K
$614.2K – $819.0K
NOI $49,137 @ 7.0% cap · market cap 12.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
24
Businesses Nearby
Explore this area
Business Placement
Demographics for 12061, NY
9,404
Population
4,144
Households
2.3
Avg Household Size
44
Median Age
54%
College-Educated
95%
High-School Grad
20.1 sq mi
ZIP Area
468
Density / Sq Mi
$117,083
Median Household Income
$71,176
Median Earnings
$1,741
Median Rent
$311,300
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 - Legal two-family Colonial on Luther Road, offered as-is, with first-floor living amenities and R-2 zoning for additional lots.
Where is this duplex located?
The property is located at 890 Luther Road 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: 1850 Colonial built in 1850, listed as a legal 2‑family home, sold as‑is; 14‑acre rolling property on Luther Road, with R zoning allowing 2 acres per lot to build; First‑floor unit offers 2 bedrooms (could be 3) plus large kitchen, dining, and living room areas
