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    Historic Duplex With Waterfront Views Title is generated by Realmo AI

    2 1/2 1st Street, Waterford, NY 12188

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    For Sale
    $398,000

    MULTI_FAMILY - Waterford, NY

    Property size:
    3,084 SF
    Lot size:
    0.07 Acres
    Price / SF:
    $129/SF
    Added:
    Jun 6, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 6 at 7:06 pm

    Property Features for 2 1/2 1st Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Bedrooms
    6
    Bathrooms
    3
    Rooms
    Bedroom 5, Bathroom 2, Bedroom 3, Bathroom 4, Bedroom 2, Bedroom 6, Bathroom 1, Bedroom 1, Bedroom 4, Bathroom 3
    Parking
    5
    Parking features
    Garage
    Interior features
    Paddle Fan, Built-in Features
    Fencing
    Privacy, Chain Link, Gate
    Basement
    Unfinished
    Standard status
    Active
    APN
    415489 295.12-1-26
    Size
    3,084 SF
    Lot size
    0.07 Acres

    Taxes and HOA fees

    Tax Annual Amount
    3781

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Hot Water(Heating), Natural Gas
    Water source
    Public

    Building Details

    Year built
    1879
    Number of units
    2
    Flooring type
    Hardwood, Laminate, Tile - Ceramic
    Building materials
    Vinyl Siding
    Roof type
    Asphalt

    We can help!

    Listing Contact
    Joyce Brown
    Joyce Brown

    Listing agent Joyce Brown License #40BR1150323

    Listing office Howard Hanna Capital Inc 1547 Route 9, Clifton Park, NY

    Listing date Jun 6, 2026

    MLS# 202619009 Listing URL

    Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Spacious duplex built circa 1879 with 3+ bedrooms per unit and multiple bathrooms across the 2 units
    • Over 3,000 sq ft of living space with historic interior features such as original box beam ceilings and French doors
    • Water views from both floors, including bump‑out bay windows capturing scenic views
    • Each unit has its own laundry hookups; both units previously rented for $1,800/month each (potential gross annual income $43,200)
    • Corner lot with outdoor space, plus privacy fencing and a combination of chain link and gated fencing
    • Utilities include public water and public sewer; HVAC includes forced air with natural gas and hot water heating; asphalt roof and vinyl siding

    Overview

    This circa-1880 duplex offers two generous residences in a character-rich setting. Each unit features three bedrooms and 1.5 bathrooms, along with its own laundry hookups. Interior details include original box beam ceilings, elegant French doors, and bump-out bay windows that capture scenic water views from both floors.

    Set on a corner lot, the property includes outdoor space for everyday use. It is located just moments from downtown Waterford, with easy access to the Park, Library, Shops, Restaurants, and the Erie Canal.

    For buyers looking for rental income alongside the option to live in one unit, this layout supports separate household use while keeping maintenance and operations under one roof. The property’s established two-unit configuration, combined with its historic charm and water-view elements, makes it a strong fit for an owner-occupant or investor prepared to add some TLC and tailor the finishes to their needs.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Waterford
    County
    Saratoga
    State
    New York
    Longitude
    -73.677981
    Latitude
    42.786816

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    FAQs

    What type of property is this?
    Duplex - Two 3-bedroom units with in-unit laundry hookups and historic interior details provide flexible owner-occupant or rental options.
    Where is this duplex located?
    The property is located at 2 1/2 1st Street Waterford, NY.
    What is the asking price?
    The asking price for this property is $398,000.
    What are key features of this property?
    This property features: Spacious duplex built circa 1879 with 3+ bedrooms per unit and multiple bathrooms across the 2 units; Over 3,000 sq ft of living space with historic interior features such as original box beam ceilings and French doors; Water views from both floors, including bump‑out bay windows capturing scenic views
    (518) 596-5835
    We can help!
    Listing Contact
    Joyce Brown
    Joyce Brown
    Real Estate License ID: 40BR1150323
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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