Two-Unit Duplex with Off-Street
For Sale
$225,000
21 Union St, Glens Falls, NY 12801
Two apartments feature wood flooring, separate kitchens, and available off-street parking near downtown Glens Falls.
Property Size1,360 SF
Price / SF$165.44
Days on Market14
Property Features for 21 Union St
General Information
Standard status
Active
Size
1,360 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 1BR, 1 x 3BR
Multifamily Units
2
Building Details
Year Built
1920
Listing Agency:
Exp Realty
Listed By:
Michael Field · License #10491203035
(518) 669-1804
Source:
Fieldrealty
Added: Sep 22
Changed: Oct 4
Last Checked: Oct 4 at 9:25AM
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 1920, this duplex contains two residential apartments with distinct layouts. The one-bedroom unit includes a living room, kitchen, and in-unit laundry, while the three-bedroom apartment offers a living room and kitchen. Wood flooring extends through both residences, and off-street parking is available.
The property is located at 21 Union St in Glens Falls, within walking distance of downtown. Local shops, restaurants, and other amenities are accessible from the property, adding convenience for residents. The two-unit configuration provides separate living spaces within a single residential income property.
The property is located at 21 Union St in Glens Falls, within walking distance of downtown. Local shops, restaurants, and other amenities are accessible from the property, adding convenience for residents. The two-unit configuration provides separate living spaces within a single residential income property.
Key Highlights
- Two‑unit duplex at 21 Union St, Glens Falls, NY 12801
- One‑bedroom apartment with living room, kitchen, and in‑unit laundry
- Three‑bedroom apartment with living room and kitchen
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
$12,430
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
5.52%
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%
$248,600
$248.6K
Cap Rate 7%
$177,571
$177.6K
Cap Rate 9%
$138,111
$138.1K
Market Conditions
NOI Build-Up for 1,360 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
$19.1K $14.04/SF
− Vacancy
−$1.3K −$0.98/SF
EGI
$17.8K $13.06/SF
− OpEx
−$5.3K −$3.92/SF
NOI
$12.4K $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%
$248,600
Cap Rate 7%
$177,571
Cap Rate 9%
$138,111
Alternative Uses
Best Use
Multifamily LT 5
$177.6K
$155.4K – $207.2K
NOI $12,430 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$162.0K
$141.8K – $189.0K
NOI $11,341 @ 7.0% cap · market cap 5.04%
Theoretical Best
Office A
$407.1K
$356.2K – $474.9K
NOI $28,495 @ 7.0% cap · market cap 12.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,936
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments feature wood flooring, separate kitchens, and available off-street parking near downtown Glens Falls.
Where is this duplex located?
The property is located at 21 Union St Glens Falls, NY.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑unit duplex at 21 Union St, Glens Falls, NY 12801; One‑bedroom apartment with living room, kitchen, and in‑unit laundry; Three‑bedroom apartment with living room and kitchen
