10-Unit Apartment
New
For Sale
$825,000
37-40 Lawrence St, Glens Falls, NY 12801
All apartments are leased, with one- and two-bedroom layouts in two-story buildings.
Property Size7,443 SF
Lot Size0.42 Acres
Price / SF$110.84
Days on Market2
Property Features for 37-40 Lawrence St
General Information
Standard status
Active
Size
7,443 SF
Lot size
0.42 Acres
Property subtype
Multi-Family
Zoning
GC1
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 2BR/1BA, 7 x 1BR/1BA
Multifamily Units
10
Building Details
Year Built
1950
Stories
2
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Brian Walters
(518) 526-1800
Source:
Albanyprimeproperties
Added: Sep 24
Last Checked: Sep 24 at 9:12AM
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 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 = 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
$62,068
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
7.52%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
