Duplex Property with Two
New
For Sale
$375,000
131-137 Lovers Leap Road, Little Falls, NY 13365
MultiFamily, Little Falls, NY
Property Size2,068 SF
Lot Size1.60 Acres
Price / SF$181.33
Days on Market1
Property Features for 131-137 Lovers Leap Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bathroom 3, Bathroom 1, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 2, Bedroom 1
Parking
8
Parking features
Garage, Driveway
Patio and Porch features
Porch, Patio
Interior features
Paddle Fan, Walk-In Closet(s), Built-in Features, Ceramic Tile Bath, Chair Rail, Crown Molding
Exterior features
Garden
Basement
Full
Lot features
Landscaped
Elementary school district
Little Falls
Middle school district
Little Falls
High school district
Little Falls
Directions
Route 169 to Fincks Basin Rd, left on Lovers Leap Road. Drive about 700 feet to 131 Lovers Leap Road.
Standard status
Active
APN
212200 122.1-1-47
Size
2,068 SF
Lot size
1.60 Acres
Taxes and HOA fees
Tax Annual Amount
3313
Utilities
Sewer type
Septic Tank
Heating system
Oil
Water source
Spring
Amenities
in-ground pool
Building Details
Year built
1939
Number of units
2
Flooring type
Hardwood, Carpet, Tile - Ceramic, Wood
Building materials
Vinyl Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 281-6808
Listed By:
Scott P Varley · License #30VA0727304
(518) 281-6808
Added: Aug 21
Last Checked: Aug 21 at 7:06PM
MLS# 202624518
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 duplex property includes two separate homes totaling 2,068 square feet on a country-setting parcel in Little Falls. The first residence includes three, possibly four, bedrooms, two full bathrooms, first-floor laundry, a dry cellar, five porches, and updated appliances. A 12x12 insulated building with electric service is also included. Improvements include a 6-year-old roof, new septic system, furnace, and oil tank.
The second home offers three bedrooms, two updated full bathrooms, a large living room, and an eat-in kitchen with a reverse osmosis water system and water softener. It also includes a detached two-car garage, newer oil tank, and septic system. An in-ground pool with newer mechanics sits on the property. Each residence has its own well and septic system, and the property is located near schools, restaurants, grocery stores, gas stations, and the New York State Thruway.
The second home offers three bedrooms, two updated full bathrooms, a large living room, and an eat-in kitchen with a reverse osmosis water system and water softener. It also includes a detached two-car garage, newer oil tank, and septic system. An in-ground pool with newer mechanics sits on the property. Each residence has its own well and septic system, and the property is located near schools, restaurants, grocery stores, gas stations, and the New York State Thruway.
Key Highlights
- Two residences totaling 2,068 square feet
- Each home has its own well and septic system
- Second residence includes 3 bedrooms and 2 updated full bathrooms
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
$15,052
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
4.01%
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%
$301,040
$301.0K
Cap Rate 7%
$215,029
$215.0K
Cap Rate 9%
$167,244
$167.2K
Market Conditions
NOI Build-Up for 2,068 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
$29.8K $14.40/SF
− Vacancy
−$2.4K −$1.17/SF
EGI
$27.4K $13.23/SF
− OpEx
−$12.3K −$5.96/SF
NOI
$15.1K $7.28/SF
Area
Herkimer County, NY
Vacancy
8.10%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
45.00%
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%
$301,040
Cap Rate 7%
$215,029
Cap Rate 9%
$167,244
Alternative Uses
Best Use
Apartment 5plus
$215.0K
$188.2K – $250.9K
NOI $15,052 @ 7.0% cap · market cap 4.01%
Second Best
Multifamily LT 5
$211.1K
$184.7K – $246.2K
NOI $14,774 @ 7.0% cap · market cap 3.94%
Theoretical Best
Office A
$615.5K
$538.6K – $718.1K
NOI $43,088 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Explore this area
Business Placement
Demographics for 13365, NY
8,448
Population
4,066
Households
2.1
Avg Household Size
44
Median Age
19%
College-Educated
91%
High-School Grad
123.6 sq mi
ZIP Area
68
Density / Sq Mi
$60,458
Median Household Income
$44,317
Median Earnings
$800
Median Rent
$121,000
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 residences offer separate wells and septic systems, garages, porches, and an in-ground pool.
Where is this duplex located?
The property is located at 131-137 Lovers Leap Road Little Falls, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two residences totaling 2,068 square feet; Each home has its own well and septic system; Second residence includes 3 bedrooms and 2 updated full bathrooms
