Side-by-Side Duplex with
For Sale
$399,500
21 Hickory Circle, Gansevoort, NY 12831
Two distinct residences offer flexible occupancy options with separate driveways and substantial outdoor space.
Property Size1,536 SF
Lot Size1.35 Acres
Price / SF$260.09
Days on Market191
Property Features for 21 Hickory Circle
General Information
Standard status
Active
Size
1,536 SF
Total Parking Spaces
10
Lot size
1.35 Acres
Property subtype
Multi Family / Duplex
Units
Unit Mix
1 x 4BR/2BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,661
Amenities
Metal
None, No
Natural Gas, Yes
Apartment, Full, Walk-Out Access
200+ Amp Service
Vinyl, Carpet, Laminate
Storm Door(s)
Block
Yes
Vinyl Siding
In Basement, Upper Level
Workshop, Shed(s)
Rear Porch, Front Porch
Building Details
Year Built
1991
Buildings
1
Listing Agency:
Coldwell Banker Prime Properties
(518) 810-5262
Listed By:
Andrea LeFevre · License #10401359450
(518) 810-5262
Source:
Compass
Added: Feb 20
Changed: Aug 29
Last Checked: Aug 29 at 7:08PM
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 Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
Built in 1991, this 1,536-square-foot side-by-side duplex includes two separate residential units. The left residence contains 4 bedrooms and 2 full baths, while the right residence provides 3 bedrooms and 1 full bath. Each side has its own driveway, creating a practical arrangement for separate occupancy or extended living. The property sits on 1.35 acres and includes front and rear porches, vinyl siding, a workshop, and sheds. Natural gas service and 200+ amp electrical service are also present.
The duplex is located just off Route 50 within the South Glens Falls School District. Its setting places the property near shopping, dining, and commuting routes while providing outdoor space uncommon for a multifamily property.
The duplex is located just off Route 50 within the South Glens Falls School District. Its setting places the property near shopping, dining, and commuting routes while providing outdoor space uncommon for a multifamily property.
Key Highlights
- Side‑by‑side duplex with 1,536 square feet of building area
- 1.35‑acre lot with two separate driveways
- Left unit includes 4 bedrooms and 2 full baths
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
$22,795
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
5.71%
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%
$455,900
$455.9K
Cap Rate 7%
$325,643
$325.6K
Cap Rate 9%
$253,278
$253.3K
Market Conditions
NOI Build-Up for 1,536 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
$34.1K $22.20/SF
− Vacancy
−$1.5K −$1.00/SF
EGI
$32.6K $21.20/SF
− OpEx
−$9.8K −$6.36/SF
NOI
$22.8K $14.84/SF
Area
Saratoga County, NY
Vacancy
4.50%
Lease Rate
$22.20 /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%
$455,900
Cap Rate 7%
$325,643
Cap Rate 9%
$253,278
Alternative Uses
Best Use
Multifamily LT 5
$325.6K
$284.9K – $379.9K
NOI $22,795 @ 7.0% cap · market cap 5.71%
Second Best
Apartment 5plus
$291.4K
$254.9K – $339.9K
NOI $20,395 @ 7.0% cap · market cap 5.11%
Theoretical Best
Office A
$459.7K
$402.3K – $536.4K
NOI $32,182 @ 7.0% cap · market cap 8.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4
Businesses Nearby
Explore this area
Business Placement
Demographics for 12831, NY
17,483
Population
7,228
Households
2.4
Avg Household Size
43
Median Age
44%
College-Educated
94%
High-School Grad
65.2 sq mi
ZIP Area
268
Density / Sq Mi
$100,833
Median Household Income
$59,278
Median Earnings
$1,361
Median Rent
$308,700
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 distinct residences offer flexible occupancy options with separate driveways and substantial outdoor space.
Where is this duplex located?
The property is located at 21 Hickory Circle Gansevoort, NY.
What is the asking price?
The asking price for this property is $399,500.
What are key features of this property?
This property features: Side‑by‑side duplex with 1,536 square feet of building area; 1.35‑acre lot with two separate driveways; Left unit includes 4 bedrooms and 2 full baths
