Renovated Church Investment
33-35 3rd Street Waterford, NY 12188
33-35 3rd Street, Waterford, NY, 12188
$1,100,000
For Sale
$1,100,000
Renovated church converted into a five-unit residential income property in Waterford, New York.
Property Size5,600 SF
Price / SF$196.43
Days on Market105
Property Features for 33-35 3rd Street
General Information
- Standard status
- Active
- Size
- 5,600 SF
- Property subtype
- Multi Family / Multi Family
Building Details
- Year Built
- 100
Listing agency
Capital Region Homes
(518) 369-7744
Listed by
Kathleen A Angiolini · License #10491206157
(518) 369-7744
Source
Compass
Added: Apr 8 Updated: Jul 20 at 8:55PM Checked: Jul 21 at 5:57AM
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 Capital Region Homes
Investment Insights
Based on property information with market context.
This renovated church has been converted into a five-unit residential income property. The owners described the project as a hands-on, multi-year craft effort, with renovation work completed over more than three years. A church architect’s design is specifically noted in the property remarks, reflecting a build focused on thoughtful interior adaptation for multifamily use.
The property is located at 33-35 3rd Street in Waterford, NY 12188. The remarks indicate the building is within walking distance to town amenities and is also close to Latham, Saratoga, and the Northway.
As presented, the asset’s current configuration supports five separate units within the renovated church structure, positioned for investors or operators seeking a small, turn-key multifamily format rooted in a distinctive existing building.
The property is located at 33-35 3rd Street in Waterford, NY 12188. The remarks indicate the building is within walking distance to town amenities and is also close to Latham, Saratoga, and the Northway.
As presented, the asset’s current configuration supports five separate units within the renovated church structure, positioned for investors or operators seeking a small, turn-key multifamily format rooted in a distinctive existing building.
Key Highlights
- Renovated church converted into a five‑unit residential income property in Waterford, New York
- Heating includes forced air and natural gas
- Brick construction with block, concrete perimeter, stone foundation details
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $141.1k | $25.20 |
| − Vacancy | −$5.9k | −$1.06 |
| EGI | $135.2k | $24.14 |
| − OpEx | −$60.8k | −$10.86 |
| NOI | $74.4k | $13.28 |
5,600 SF · lease $25.20/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.06M
$929.5K – $1.24M
NOI $74,356 @ 7.0% cap · market cap 6.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,331 @ 7.0% cap · market cap 10.67%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Renovated church converted into a five-unit residential income property in Waterford, New York.
Where is this apartment building located?
The property is located at 33-35 3rd Street Waterford, NY.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Renovated church converted into a five‑unit residential income property in Waterford, New York; Heating includes forced air and natural gas; Brick construction with block, concrete perimeter, stone foundation details
