Two-Unit Home with Double
For Sale
$274,900
1627 9th Ave, Watervliet, NY 12189
Two residential units offer separate utilities, updated finishes in one unit, and flexible owner-occupant or investment use.
Property Size2,052 SF
Price / SF$133.97
Days on Market18
Property Features for 1627 9th Ave
General Information
Standard status
Active
Size
2,052 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
enclosed front porch
large side yard
Building Details
Year Built
1910
Buildings
1
Listing Agency:
Berkshire Hathaway Home Services Blake
(518) 526-1800
Listed By:
Brian Walters · License #10491203035
(518) 526-1800
Source:
Albanyprimeproperties
Added: Aug 13
Changed: Aug 29
Last Checked: Aug 26 at 12:29PM
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 Berkshire Hathaway Home Services Blake
Investment Insights
Based on property information with market context.
This duplex contains 2,052 square feet with six bedrooms and two full bathrooms across two residential units. Each unit includes an eat-in kitchen, living room, dining room, and three bedrooms. Original woodwork adds period character, while the second-floor unit has been recently remodeled and is vacant. That unit also includes an enclosed front porch.
The property sits on a double lot with a substantial side yard and outdoor space. Building systems include hot-air heating, separate utilities, a recently resealed roof, and a rebuilt chimney. Its Watervliet setting places the home near parks, schools, shopping, restaurants, and public transportation, with access to Troy and Albany. Built in 1910, the duplex can accommodate an owner-occupant seeking a separate residential unit or an investor adding a two-unit property.
The property sits on a double lot with a substantial side yard and outdoor space. Building systems include hot-air heating, separate utilities, a recently resealed roof, and a rebuilt chimney. Its Watervliet setting places the home near parks, schools, shopping, restaurants, and public transportation, with access to Troy and Albany. Built in 1910, the duplex can accommodate an owner-occupant seeking a separate residential unit or an investor adding a two-unit property.
Key Highlights
- Duplex with 2,052 square feet, six bedrooms, and two full bathrooms
- Each unit offers an eat‑in kitchen, living room, dining room, and 3 bedrooms
- Recently remodeled second‑floor unit is vacant and includes an enclosed front porch
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
$23,694
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
8.62%
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%
$473,880
$473.9K
Cap Rate 7%
$338,486
$338.5K
Cap Rate 9%
$263,267
$263.3K
Market Conditions
NOI Build-Up for 2,052 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
$35.7K $17.40/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$33.8K $16.50/SF
− OpEx
−$10.2K −$4.95/SF
NOI
$23.7K $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%
$473,880
Cap Rate 7%
$338,486
Cap Rate 9%
$263,267
Alternative Uses
Best Use
Multifamily LT 5
$338.5K
$296.2K – $394.9K
NOI $23,694 @ 7.0% cap · market cap 8.62%
Second Best
Apartment 5plus
$313.1K
$274.0K – $365.3K
NOI $21,918 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$640.3K
$560.3K – $747.0K
NOI $44,822 @ 7.0% cap · market cap 16.30%
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
418
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 residential units offer separate utilities, updated finishes in one unit, and flexible owner-occupant or investment use.
Where is this duplex located?
The property is located at 1627 9th Ave Watervliet, NY.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Duplex with 2,052 square feet, six bedrooms, and two full bathrooms; Each unit offers an eat‑in kitchen, living room, dining room, and 3 bedrooms; Recently remodeled second‑floor unit is vacant and includes an enclosed front porch
