Updated Two-Family
For Sale
$249,900
31 Charles St, Waterford, NY 12188
Two residential units provide separate living arrangements with individually metered heat and electric service.
Property Size1,336 SF
Price / SF$187.05
Days on Market17
Property Features for 31 Charles St
General Information
Standard status
Active
Size
1,336 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1870
Listing Agency:
Howard Hanna Capital Inc
(518) 669-1804
Listed By:
Michael Field · License #10491203035
(518) 669-1804
Source:
Fieldrealty
Added: Aug 13
Changed: Aug 28
Last Checked: Aug 28 at 5:52AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This two-family residential property contains 1,336 square feet across two apartments. The lower-level residence includes two bedrooms and one full bathroom, while the upper apartment has one bedroom and one bathroom along with documented updates. Each unit has its own heat and electric service, supporting separate utility management.
The property also includes off-street parking, a detached heated one-car garage, and a full basement for storage. Constructed in 1870, the building is located in Waterford with access to local amenities, major roadways, and nearby communities.
The property also includes off-street parking, a detached heated one-car garage, and a full basement for storage. Constructed in 1870, the building is located in Waterford with access to local amenities, major roadways, and nearby communities.
Key Highlights
- Two‑family property with 1,336 square feet of residential space
- First‑floor unit has 2 bedrooms and 1 full bath
- Updated second‑floor apartment includes 1 bedroom and 1 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
$19,827
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
7.93%
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%
$396,540
$396.5K
Cap Rate 7%
$283,243
$283.2K
Cap Rate 9%
$220,300
$220.3K
Market Conditions
NOI Build-Up for 1,336 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
$29.7K $22.20/SF
− Vacancy
−$1.3K −$1.00/SF
EGI
$28.3K $21.20/SF
− OpEx
−$8.5K −$6.36/SF
NOI
$19.8K $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%
$396,540
Cap Rate 7%
$283,243
Cap Rate 9%
$220,300
Alternative Uses
Best Use
Multifamily LT 5
$283.2K
$247.8K – $330.5K
NOI $19,827 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$253.4K
$221.7K – $295.7K
NOI $17,739 @ 7.0% cap · market cap 7.10%
Theoretical Best
Office A
$399.9K
$349.9K – $466.5K
NOI $27,992 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
145
Businesses Nearby
Explore this area
Business Placement
Demographics for 12188, NY
11,035
Population
5,197
Households
2.1
Avg Household Size
43
Median Age
32%
College-Educated
94%
High-School Grad
13.0 sq mi
ZIP Area
849
Density / Sq Mi
$87,212
Median Household Income
$46,738
Median Earnings
$1,097
Median Rent
$278,100
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 residential units provide separate living arrangements with individually metered heat and electric service.
Where is this duplex located?
The property is located at 31 Charles St Waterford, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: Two‑family property with 1,336 square feet of residential space; First‑floor unit has 2 bedrooms and 1 full bath; Updated second‑floor apartment includes 1 bedroom and 1 bath
