Three-Unit Multifamily
For Sale
$285,000
181 Bay Street, Glens Falls, NY 12801
Separate utilities, off-street parking, and one furnished unit support practical ownership and tenant convenience.
Property Size2,106 SF
Price / SF$135.33
Days on Market9
Property Features for 181 Bay Street
General Information
Standard status
Active
Size
2,106 SF
Property subtype
Multi-family
Units
Unit Mix
2 x 2BR, 1 x 3BR
Multifamily Units
3
Additional Details
Furnished
Yes
Building Details
Year Built
1881
Listing Agency:
eXp Realty
Listed By:
Angela Cugini-Girard
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 29
Changed: Sep 5
Last Checked: Sep 6 at 10:02AM
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 eXp Realty
Investment Insights
Based on property information with market context.
Built in 1881, this multifamily property at 181 Bay St in Glens Falls contains three residential units with a two-bedroom, three-bedroom, and additional two-bedroom configuration. The first-floor residence has two bedrooms, while the second-floor unit includes three bedrooms. A separate two-bedroom unit is being sold furnished, adding flexibility to the existing setup.
Each unit has separate utilities, and the property provides off-street parking for up to five vehicles. Its Glens Falls setting places the property minutes from downtown, shopping, dining, and area amenities. The established rental history and three-unit layout provide a defined residential income property configuration for an investor or owner seeking multifamily ownership.
Each unit has separate utilities, and the property provides off-street parking for up to five vehicles. Its Glens Falls setting places the property minutes from downtown, shopping, dining, and area amenities. The established rental history and three-unit layout provide a defined residential income property configuration for an investor or owner seeking multifamily ownership.
Key Highlights
- Three‑unit multifamily property at 181 Bay St, Glens Falls, NY 12801
- Unit mix includes two 2‑bedroom units and one 3‑bedroom unit
- Separate utilities serve each unit
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
$19,249
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
6.75%
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%
$384,980
$385.0K
Cap Rate 7%
$274,986
$275.0K
Cap Rate 9%
$213,878
$213.9K
Market Conditions
NOI Build-Up for 2,106 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
$29.6K $14.04/SF
− Vacancy
−$2.1K −$0.98/SF
EGI
$27.5K $13.06/SF
− OpEx
−$8.2K −$3.92/SF
NOI
$19.2K $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%
$384,980
Cap Rate 7%
$274,986
Cap Rate 9%
$213,878
Alternative Uses
Best Use
Multifamily LT 5
$275.0K
$240.6K – $320.8K
NOI $19,249 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$250.9K
$219.5K – $292.7K
NOI $17,562 @ 7.0% cap · market cap 6.16%
Theoretical Best
Office A
$630.4K
$551.6K – $735.4K
NOI $44,125 @ 7.0% cap · market cap 15.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
494
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?
Triplex - Separate utilities, off-street parking, and one furnished unit support practical ownership and tenant convenience.
Where is this triplex located?
The property is located at 181 Bay Street Glens Falls, NY.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Three‑unit multifamily property at 181 Bay St, Glens Falls, NY 12801; Unit mix includes two 2‑bedroom units and one 3‑bedroom unit; Separate utilities serve each unit
