Well-Maintained Duplex With
New
For Sale
$248,900
1122 24th Street, Watervliet, NY 12189
MULTI_FAMILY - Watervliet, NY
Property Size1,696 SF
Lot Size0.11 Acres
Price / SF$146.76
Days on Market2
Property Features for 1122 24th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bathroom 1, Bedroom 1, Bedroom 2
Parking
4
Parking features
Garage, Driveway
Basement
Exterior Entry, Interior Entry, Unfinished, Full
Elementary school district
Watervliet
Middle school district
Watervliet
High school district
Watervliet
Directions
Boght Rd to left on 25th St, then right on Railroad Ave to right on 24th St
Standard status
Active
APN
011800 32.49-2-3
Size
1,696 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
3350
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Amenities
wrap-around porch
Building Details
Year built
1920
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
The Property Shop · EXIT Realty
(518) 396-5850
Listed By:
Carol Casale · License #10401371410
(518) 701-1734
Added: Aug 15
Last Checked: Aug 16 at 6:06AM
MLS# 202624110
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 two-family residence at 1122 24th Street in Watervliet offers 1,696 square feet of living area across two units. Built in 1920, the property has vinyl siding, hot water heating, a newer roof, and a wrap-around porch. The layout includes three bedrooms and two bathrooms, with a driveway and a two-car garage providing off-street parking.
The property occupies 0.11 acres and includes a backyard. Public water and public sewer serve the residence. Zoned Multi Residence, the duplex supports an owner-occupancy arrangement with one unit used as a residence and the other leased, or use as a two-unit rental property, subject to applicable requirements.
The property occupies 0.11 acres and includes a backyard. Public water and public sewer serve the residence. Zoned Multi Residence, the duplex supports an owner-occupancy arrangement with one unit used as a residence and the other leased, or use as a two-unit rental property, subject to applicable requirements.
Key Highlights
- Two‑family property with 1,696 square feet of living area
- 0.11‑acre lot in Watervliet, NY
- Two‑car garage, driveway, and off‑street parking
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-family property with a wrap-around porch, public utilities, and separate off-street parking and garage access.
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 property with 1,696 square feet of living area; 0.11‑acre lot in Watervliet, NY; Two‑car garage, driveway, and off‑street parking
