Investment Property with Income
For Sale
$689,000
110 Broad Street, Gloversville, NY 12078
Multifamily property with 8 units and additional development opportunity.
Property Size3,992 SF
Price / SF$172.60
Days on Market98
Property Features for 110 Broad Street
General Information
Standard status
Active
Size
3,992 SF
Property subtype
Multi Family / Multi Family
Building Details
Year Built
1935
Listing Agency:
Schermerhorn Realty Group LLC
(518) 812-7178
Listed By:
Sarah Newton · License #10401366893
(518) 812-7178
Source:
Compass
Added: Apr 27
Changed: Jul 10
Last Checked: Aug 2 at 12:35PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Schermerhorn Realty Group LLC
Investment Insights
Based on property information with market context.
This property presents an opportunity to start or expand an investment portfolio. It features a total of 8 units, with 6 units having been remodeled. One unit is down to the studs, and the eighth unit is currently occupied by a long-term tenant of over a decade. The property includes an additional parcel with a building suitable for redevelopment or demolition, allowing for new construction. The current gross income is $71,244, with an anticipated increase to $83,184 upon renting an additional unit. Tenants are responsible for their own utilities. A 6-bay garage offers potential for additional income.
Key Highlights
- High Income Potential: Currently grossing $71,244 with an immediate increase to $83,184 expected this week.
- Multiple Units: Features 8 units, offering diversified income streams.
- 6 of the 8 units have been remodeled, reducing immediate renovation costs.
Financial Insights For Mixed Use
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $86.2k | $21.60 |
| − Vacancy | −$8.6k | −$2.16 |
| EGI | $77.6k | $19.44 |
| − OpEx | −$29.1k | −$7.29 |
| NOI | $48.5k | $12.15 |
3,992 SF · lease $21.60/SF/yr · vacancy 10.00% · expense 37.50%
Alternative Uses
Best Use
Apartment 5plus
$2.55M
$2.23M – $2.97M
NOI $178,386 @ 7.0% cap · market cap 25.89%
Second Best
Mixed Use
$692.9K
$606.3K – $808.4K
NOI $48,503 @ 7.0% cap · market cap 7.04%
Theoretical Best
Multifamily LT 5
$2.76M
$2.41M – $3.22M
NOI $193,182 @ 7.0% cap · market cap 28.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
699
Businesses Nearby
Explore this area
Business Placement
Demographics for 12078, NY
23,009
Population
11,668
Households
2
Avg Household Size
44
Median Age
18%
College-Educated
87%
High-School Grad
110.8 sq mi
ZIP Area
208
Density / Sq Mi
$54,565
Median Household Income
$36,769
Median Earnings
$908
Median Rent
$122,400
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?
Apartment building - Multifamily property with 8 units and additional development opportunity.
Where is this apartment building located?
The property is located at 110 Broad Street Gloversville, NY.
What is the asking price?
The asking price for this property is $689,000.
What are key features of this property?
This property features: High Income Potential: Currently grossing $71,244 with an immediate increase to $83,184 expected this week.; Multiple Units: Features 8 units, offering diversified income streams.; 6 of the 8 units have been remodeled, reducing immediate renovation costs.
