Remodeled Two-Flat
New
For Sale
$339,900
577 6th Ave, Watervliet, NY 12189
Two finished flats feature enclosed porches, separate utilities, and tenant-paid service accounts.
Property Size2,396 SF
Price / SF$141.86
Days on Market4
Property Features for 577 6th Ave
General Information
Standard status
Active
Size
2,396 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Gross Income
$45,000
Amenities
stackable washer/dryer
enclosed porches
fenced backyard
Building Details
Year Built
1870
Buildings
1
Tenancy
Multi
Listing Agency:
Kw Platform
(518) 669-1804
Listed By:
Michael Field · License #10491203035
(518) 669-1804
Source:
Fieldrealty
Added: Aug 28
Changed: Aug 30
Last Checked: Aug 30 at 4:05PM
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 Kw Platform
Investment Insights
Based on property information with market context.
This 2,396-square-foot duplex contains two remodeled flats, each measuring 1,200 square feet excluding the enclosed porch. Recent improvements include flooring, molding, walls, electrical systems, lighting, kitchens, bathrooms, and split heating and cooling systems. Each residence includes three bedrooms, a living area, an eat-in kitchen with pantry, a full bathroom, walk-in closets, and a closet equipped for a stackable washer and dryer.
The property includes a fenced backyard and off-street parking for one to two vehicles in tandem. Utilities are separately metered and paid by the tenants. Both units are occupied, and current certificates of occupancy are in place. The building was constructed in 1870.
The property includes a fenced backyard and off-street parking for one to two vehicles in tandem. Utilities are separately metered and paid by the tenants. Both units are occupied, and current certificates of occupancy are in place. The building was constructed in 1870.
Key Highlights
- Two‑unit duplex with 2,396 SF total building area
- Each flat offers 1,200 SF, excluding enclosed porches
- Both flats include 3 bedrooms, eat‑in kitchens, full baths, and walk‑in closets
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
$27,666
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
8.14%
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%
$553,320
$553.3K
Cap Rate 7%
$395,229
$395.2K
Cap Rate 9%
$307,400
$307.4K
Market Conditions
NOI Build-Up for 2,396 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
$41.7K $17.40/SF
− Vacancy
−$2.2K −$0.90/SF
EGI
$39.5K $16.50/SF
− OpEx
−$11.9K −$4.95/SF
NOI
$27.7K $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%
$553,320
Cap Rate 7%
$395,229
Cap Rate 9%
$307,400
Alternative Uses
Best Use
Multifamily LT 5
$395.2K
$345.8K – $461.1K
NOI $27,666 @ 7.0% cap · market cap 8.14%
Second Best
Apartment 5plus
$365.6K
$319.9K – $426.6K
NOI $25,593 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$747.7K
$654.2K – $872.3K
NOI $52,336 @ 7.0% cap · market cap 15.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
244
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 finished flats feature enclosed porches, separate utilities, and tenant-paid service accounts.
Where is this duplex located?
The property is located at 577 6th Ave Watervliet, NY.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Two‑unit duplex with 2,396 SF total building area; Each flat offers 1,200 SF, excluding enclosed porches; Both flats include 3 bedrooms, eat‑in kitchens, full baths, and walk‑in closets
