Two-Unit Duplex with Central
For Sale
$274,900
187 South Street, Glens Falls, NY 12801
Separate residences include one-bedroom and three-bedroom layouts with one full bath in each unit.
Property Size2,478 SF
Price / SF$110.94
Days on Market160
Property Features for 187 South Street
General Information
Standard status
Active
Size
2,478 SF
Total Parking Spaces
4
Property subtype
Multi Family / Duplex
Units
Unit Mix
1 x 1BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$5,118
Amenities
Rubber
Central Air, Window Unit(s), Yes
Forced Air, Yes
Full, Interior Entry
Vinyl Siding
Building Details
Year Built
1965
Buildings
1
Listing Agency:
eXp Realty
(518) 232-1460
Listed By:
Angela Cugini-Girard · License #40CU0937069
(518) 232-1460
Source:
Compass
Added: Mar 24
Changed: Aug 29
Last Checked: Aug 29 at 1:29PM
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 eXp Realty
Investment Insights
Based on property information with market context.
Located at 187 South Street, this 2,478-square-foot duplex contains two residential units within a 1965-built property. The first apartment has 1 bedroom and 1 full bath, while the second includes 3 bedrooms and 1 full bath. Building features include vinyl siding, forced-air heat, and central air with window units also identified.
The property is on a city street in Glens Falls, near downtown, shopping, dining, and other local amenities. Its two-unit configuration provides distinct living spaces within one building, with a compact one-bedroom layout complemented by a larger three-bedroom residence.
The property is on a city street in Glens Falls, near downtown, shopping, dining, and other local amenities. Its two-unit configuration provides distinct living spaces within one building, with a compact one-bedroom layout complemented by a larger three-bedroom residence.
Key Highlights
- 2,478 square feet in a two‑unit duplex
- Unit 1: 1 bedroom and 1 full bath
- Unit 2: 3 bedrooms and 1 full bath
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
$22,649
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
8.24%
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%
$452,980
$453.0K
Cap Rate 7%
$323,557
$323.6K
Cap Rate 9%
$251,656
$251.7K
Market Conditions
NOI Build-Up for 2,478 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
$34.8K $14.04/SF
− Vacancy
−$2.4K −$0.98/SF
EGI
$32.4K $13.06/SF
− OpEx
−$9.7K −$3.92/SF
NOI
$22.6K $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%
$452,980
Cap Rate 7%
$323,557
Cap Rate 9%
$251,656
Alternative Uses
Best Use
Multifamily LT 5
$323.6K
$283.1K – $377.5K
NOI $22,649 @ 7.0% cap · market cap 8.24%
Second Best
Apartment 5plus
$295.2K
$258.3K – $344.4K
NOI $20,664 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$741.7K
$649.0K – $865.3K
NOI $51,919 @ 7.0% cap · market cap 18.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,002
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 - Separate residences include one-bedroom and three-bedroom layouts with one full bath in each unit.
Where is this duplex located?
The property is located at 187 South Street Glens Falls, 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: 2,478 square feet in a two‑unit duplex; Unit 1: 1 bedroom and 1 full bath; Unit 2: 3 bedrooms and 1 full bath
