Updated Duplex with Separate
For Sale
$329,000
32 Prospect Street, Glens Falls, NY 12801
MultiFamily, Glens Falls, NY
Property Size2,242 SF
Lot Size0.24 Acres
Price / SF$146.74
Days on Market51
Property Features for 32 Prospect Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 3, Bedroom 7, Bathroom 2, Bathroom 1, Bedroom 5, Bedroom 6, Bedroom 4
Parking
6
Parking features
Driveway
Basement
Unfinished, Full, Interior Entry
High school
Glens Falls
Elementary school district
Glens Falls
Middle school district
Glens Falls
High school district
Glens Falls
Directions
I-87 to Main St to Broad St to Hudson Ave to Warren St to Prospect St
Standard status
Active
APN
520500 303.17-14-3
Size
2,242 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
6067
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Amenities
private entrances
separate driveways
storage sheds
large backyard
Building Details
Year built
1900
Number of units
2
Flooring type
Vinyl
Building materials
Vinyl Siding
Roof type
Asphalt, Slate
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Thaddeus Jones · License #10301220962
(518) 681-1836
Added: Jul 25
Changed: Sep 12
Last Checked: Sep 13 at 6:06PM
MLS# 202622648
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 2,242-square-foot duplex, built in 1900, includes six bedrooms and two full bathrooms across two residential units. Improvements completed within the past 2 years include refreshed kitchens and bathrooms, LVP flooring, and newer vinyl siding. Each unit has a private entrance and separate utilities, while the property also includes two storage sheds and a large backyard.
The first-floor unit is vacant, and the second-floor unit is tenant occupied. Each residence has its own driveway, providing dedicated off-street parking. Public water and sewer serve the property, with forced-air natural gas heating. The roof includes asphalt and slate materials. The property is located in Glens Falls near downtown, shopping, dining, schools, and parks.
The first-floor unit is vacant, and the second-floor unit is tenant occupied. Each residence has its own driveway, providing dedicated off-street parking. Public water and sewer serve the property, with forced-air natural gas heating. The roof includes asphalt and slate materials. The property is located in Glens Falls near downtown, shopping, dining, schools, and parks.
Key Highlights
- 2,242‑square‑foot duplex with 6 bedrooms and 2 full bathrooms
- Two‑unit layout with one vacant first‑floor residence and a tenant‑occupied second‑floor residence
- Updated kitchens, bathrooms, and LVP flooring completed within the past 2 years
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
$20,492
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
6.23%
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%
$409,840
$409.8K
Cap Rate 7%
$292,743
$292.7K
Cap Rate 9%
$227,689
$227.7K
Market Conditions
NOI Build-Up for 2,242 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
$31.5K $14.04/SF
− Vacancy
−$2.2K −$0.98/SF
EGI
$29.3K $13.06/SF
− OpEx
−$8.8K −$3.92/SF
NOI
$20.5K $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%
$409,840
Cap Rate 7%
$292,743
Cap Rate 9%
$227,689
Alternative Uses
Best Use
Multifamily LT 5
$292.7K
$256.2K – $341.5K
NOI $20,492 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$267.1K
$233.7K – $311.6K
NOI $18,696 @ 7.0% cap · market cap 5.68%
Theoretical Best
Office A
$671.1K
$587.2K – $782.9K
NOI $46,974 @ 7.0% cap · market cap 14.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
50%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,403
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-unit property with private access, separate driveways, and a tenant-occupied upper residence.
Where is this duplex located?
The property is located at 32 Prospect Street Glens Falls, NY.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 2,242‑square‑foot duplex with 6 bedrooms and 2 full bathrooms; Two‑unit layout with one vacant first‑floor residence and a tenant‑occupied second‑floor residence; Updated kitchens, bathrooms, and LVP flooring completed within the past 2 years
