Duplex with Two-Car
For Sale
$248,900
Pending
1122 24th Street, Watervliet, NY 12189
Two separate residences offer flexibility for living in one unit while leasing the other or renting both.
Property Size1,696 SF
Days on Market14
Property Features for 1122 24th Street
General Information
Standard status
Pending
Size
1,696 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
wrap-around porch
Building Details
Year Built
1920
Buildings
1
Listing Agency:
The Property Shop
(518) 701-1734
Listed By:
Carol Casale · License #34784
Source:
518realty
Added: Aug 17
Changed: Aug 28
Last Checked: Aug 25 at 3:42AM
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 The Property Shop
Investment Insights
Based on property information with market context.
Built in 1920, this well-maintained duplex contains two residential units within a traditional two-family home. The property includes a wrap-around porch, a newer roof, off-street parking, a two-car garage, and a backyard. Its layout supports owner occupancy of one residence with the second leased separately, or rental use of both units.
Located in Watervliet, the property is zoned Multi Residence and carries a 1,696 property size designation. The address is 1122 24th Street, Watervliet, NY 12189.
Located in Watervliet, the property is zoned Multi Residence and carries a 1,696 property size designation. The address is 1122 24th Street, Watervliet, NY 12189.
Key Highlights
- Two‑family duplex with separate residences
- Two‑car garage and off‑street parking
- Wrap‑around porch and backyard
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
$19,583
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
7.87%
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%
$391,660
$391.7K
Cap Rate 7%
$279,757
$279.8K
Cap Rate 9%
$217,589
$217.6K
Market Conditions
NOI Build-Up for 1,696 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
$29.5K $17.40/SF
− Vacancy
−$1.5K −$0.90/SF
EGI
$28.0K $16.50/SF
− OpEx
−$8.4K −$4.95/SF
NOI
$19.6K $11.55/SF
Area
Albany County, NY
Vacancy
5.20%
Lease Rate
$17.40 /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%
$391,660
Cap Rate 7%
$279,757
Cap Rate 9%
$217,589
Alternative Uses
Best Use
Multifamily LT 5
$279.8K
$244.8K – $326.4K
NOI $19,583 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$258.8K
$226.5K – $301.9K
NOI $18,116 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$529.2K
$463.1K – $617.4K
NOI $37,046 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Explore this area
Business Placement
Demographics for 12189, NY
18,970
Population
9,887
Households
1.9
Avg Household Size
39
Median Age
27%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
3,060
Density / Sq Mi
$62,763
Median Household Income
$48,555
Median Earnings
$1,084
Median Rent
$199,600
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 - Two separate residences offer flexibility for living in one unit while leasing the other or renting both.
Where is this duplex located?
The property is located at 1122 24th Street Watervliet, NY.
What is the asking price?
The asking price for this property is $248,900.
What are key features of this property?
This property features: Two‑family duplex with separate residences; Two‑car garage and off‑street parking; Wrap‑around porch and backyard
