10-Unit Apartment
37-40 Lawrence St, Glens Falls, NY 12801
For Sale
$825,000
Pending
All apartments are leased, with one- and two-bedroom layouts in two-story buildings.
Property Size7,443 SF
Lot Size0.42 Acres
Days on Market52
Property Features for 37-40 Lawrence St
General Information
Standard status
Size
Lot size
Property subtype
Zoning
Occupancy
Site & Location
Road Access
Utilities to Site
Units
Unit Mix
Multifamily Units
Building Details
Year Built
Stories
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Brian Walters · License NY 30WA0832219
(518) 526-1800
Source:
Albanyprimeproperties
Added: Sep 24
Changed: Nov 12
Last Checked: Nov 12 at 7:08AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 7,443-square-foot apartment portfolio comprises 10 units across two-story buildings at four Lawrence Street addresses. The mix includes seven one-bedroom apartments and three two-bedroom apartments, each with one bathroom. The buildings date to 1950, and all units are leased. Public water and sewer serve the property, with electric and natural gas heat. A garage building on the 38-40 Lawrence Street parcel provides storage or future-use space.
The offering combines two adjoining tax parcels totaling approximately 0.42 acres at the Lawrence and Cherry Streets corner, about half a mile from downtown Glens Falls. The 0.34-acre parcel at 38-40 Lawrence includes the garage. Zoning is GC1 General Commercial. The property is currently tax-exempt under nonprofit ownership; a taxable purchaser would be responsible for city, county, and school taxes. Virtual tours are available for nine apartments. The portfolio is offered as-is in a single transaction.
The offering combines two adjoining tax parcels totaling approximately 0.42 acres at the Lawrence and Cherry Streets corner, about half a mile from downtown Glens Falls. The 0.34-acre parcel at 38-40 Lawrence includes the garage. Zoning is GC1 General Commercial. The property is currently tax-exempt under nonprofit ownership; a taxable purchaser would be responsible for city, county, and school taxes. Virtual tours are available for nine apartments. The portfolio is offered as-is in a single transaction.
Key Highlights
- 10 apartments: seven one‑bedroom units and three two‑bedroom units, each with one bathroom
- 7,443 square feet across two‑story buildings; built in 1950
- All 10 apartments are leased
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$62,068
Cap Rate
7.52%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,241,360
$1.2M
Cap Rate 7%
$886,686
$886.7K
Cap Rate 9%
$689,644
$689.6K
Market Conditions
NOI Build-Up for 7,443 SF
Gross rent
$118.8K $15.96/SF
− Vacancy
−$5.9K −$0.80/SF
EGI
$112.9K $15.16/SF
− OpEx
−$50.8K −$6.82/SF
NOI
$62.1K $8.34/SF
Area
Warren County, NY
Vacancy
5.00%
Lease Rate
$15.96 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,241,360
Cap Rate 7%
$886,686
Cap Rate 9%
$689,644
Alternative Uses
Best Use
Apartment 5plus
$886.7K
$775.9K – $1.03M
NOI $62,068 @ 7.0% cap · market cap 7.52%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.23M
$1.95M – $2.60M
NOI $155,946 @ 7.0% cap · market cap 18.90%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
10
Residential units
100%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,843
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
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - All apartments are leased, with one- and two-bedroom layouts in two-story buildings.
Where is this apartment building located?
The property is located at 37-40 Lawrence St Glens Falls, NY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: 10 apartments: seven one‑bedroom units and three two‑bedroom units, each with one bathroom; 7,443 square feet across two‑story buildings; built in 1950; All 10 apartments are leased
