Duplex with Separate Utility
For Sale
$299,000
17 Garfield St, Glens Falls, NY 12801
Flexible two-unit property near downtown amenities, outdoor recreation, schools, shopping, and commuter routes.
Property Size1,948 SF
Price / SF$153.49
Days on Market43
Property Features for 17 Garfield St
General Information
Standard status
Active
Size
1,948 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1920
Listing Agency:
Realty One Group Key
(518) 861-7016
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 29 at 8:56AM
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 Realty One Group Key
Investment Insights
Based on property information with market context.
Built in 1920, this duplex contains 1,948 square feet with five bedrooms arranged as three upstairs and two downstairs, plus a sixth bonus room. The layout provides separate living areas within a generous multi-family floor plan, while separately metered utilities support clearer management of each unit’s usage.
The property is located minutes from Downtown Glens Falls, with restaurants, shopping, schools, parks, and entertainment nearby. Lake George, the Adirondacks, and year-round recreational destinations are also within close reach, while I-87 provides commuter access.
The property is located minutes from Downtown Glens Falls, with restaurants, shopping, schools, parks, and entertainment nearby. Lake George, the Adirondacks, and year-round recreational destinations are also within close reach, while I-87 provides commuter access.
Key Highlights
- Duplex with 1,948 square feet of living area
- Five bedrooms: 3 upstairs and 2 downstairs
- Sixth bonus room adds flexible interior space
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
$17,805
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
5.95%
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%
$356,100
$356.1K
Cap Rate 7%
$254,357
$254.4K
Cap Rate 9%
$197,833
$197.8K
Market Conditions
NOI Build-Up for 1,948 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
$27.3K $14.04/SF
− Vacancy
−$1.9K −$0.98/SF
EGI
$25.4K $13.06/SF
− OpEx
−$7.6K −$3.92/SF
NOI
$17.8K $9.14/SF
Area
Warren County, NY
Vacancy
7.00%
Lease Rate
$14.04 /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%
$356,100
Cap Rate 7%
$254,357
Cap Rate 9%
$197,833
Alternative Uses
Best Use
Multifamily LT 5
$254.4K
$222.6K – $296.8K
NOI $17,805 @ 7.0% cap · market cap 5.95%
Second Best
Apartment 5plus
$232.1K
$203.1K – $270.8K
NOI $16,245 @ 7.0% cap · market cap 5.43%
Theoretical Best
Office A
$583.1K
$510.2K – $680.2K
NOI $40,814 @ 7.0% cap · market cap 13.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,182
Businesses Nearby
Explore this area
Business Placement
Demographics for 12801, NY
14,850
Population
7,287
Households
2
Avg Household Size
40
Median Age
33%
College-Educated
90%
High-School Grad
3.8 sq mi
ZIP Area
3,908
Density / Sq Mi
$70,019
Median Household Income
$46,700
Median Earnings
$1,050
Median Rent
$196,000
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 - Flexible two-unit property near downtown amenities, outdoor recreation, schools, shopping, and commuter routes.
Where is this duplex located?
The property is located at 17 Garfield St Glens Falls, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Duplex with 1,948 square feet of living area; Five bedrooms: 3 upstairs and 2 downstairs; Sixth bonus room adds flexible interior space
