Two-Unit Duplex with Wood
New
For Sale
$225,000
21 Union Street, Glens Falls, NY 12801
MultiFamily, Glens Falls, NY
Property Size1,360 SF
Lot Size0.04 Acres
Price / SF$165.44
Days on Market2
Property Features for 21 Union Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 1, Bedroom 4
Parking
2
Interior features
Solid Surface Counters, Ceramic Tile Bath
Fencing
Privacy
Basement
Unfinished, Full
High school
Glens Falls
Elementary school district
Glens Falls
Middle school district
Glens Falls
High school district
Glens Falls
Directions
From Broad St, L on South St. Continue onto Bay St. L on Union St. House on L.
Standard status
Active
APN
520500 302.20-12-5
Size
1,360 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
2834
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air, Baseboard, Natural Gas
Water source
Public
Amenities
in-unit laundry
wood floors
off-street parking
Building Details
Year built
1920
Number of units
2
Flooring type
Wood, Tile - Ceramic
Building materials
Vinyl Siding
Roof type
Slate
Architectural style
Other
Listing Agency:
Romeo Team Realty
(518) 978-0916
Listed By:
Victoria Romeo · License #10491206585
(518) 788-8865
Added: Sep 21
Last Checked: Sep 22 at 1:06PM
MLS# 202626554
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.
Investment Insights
Based on property information with market context.
This 1,360-square-foot duplex contains two apartments with a one-bedroom and a three-bedroom layout. The smaller residence includes a living room, kitchen, and in-unit laundry, while the larger unit provides three bedrooms, a living room, and a kitchen. Wood flooring extends through both apartments, with ceramic tile also included. The property has vinyl siding, a slate roof, privacy fencing, public water, and public sewer.
Constructed in 1920, the property is located at 21 Union Street in Glens Falls. Downtown Glens Falls is within walking distance, placing local shops, restaurants, and other amenities nearby. Off-street parking is available, and the two-unit configuration supports either owner occupancy or continued rental use.
Constructed in 1920, the property is located at 21 Union Street in Glens Falls. Downtown Glens Falls is within walking distance, placing local shops, restaurants, and other amenities nearby. Off-street parking is available, and the two-unit configuration supports either owner occupancy or continued rental use.
Key Highlights
- Two‑unit duplex totaling 1,360 Square Feet
- Unit mix includes one‑bedroom and three‑bedroom apartments
- One‑bedroom unit includes in‑unit laundry
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two apartments offer distinct living areas, in-unit laundry in one unit, and available off-street parking.
Where is this duplex located?
The property is located at 21 Union Street 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 totaling 1,360 Square Feet; Unit mix includes one‑bedroom and three‑bedroom apartments; One‑bedroom unit includes in‑unit laundry
