Duplex with Private
New
For Sale
$279,900
381 Milton Avenue, Ballston Spa, NY 12020
Residential Income, Ballston Spa, NY
Property Size1,848 SF
Lot Size0.24 Acres
Price / SF$151.46
Days on Market5
Property Features for 381 Milton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 4, Bedroom 2, Bathroom 1
Parking features
Driveway
Patio and Porch features
Porch
View
City
High school district
000000
Directions
From the South take Route 50 to Milton Ave and stay left onto Milton Ave From the North take Route 50 along Ballston Ave to the intersection of South St and turn onto MIlton Ave (behind the Dunkin)
Standard status
Active
APN
414201 203.72-1-11
Size
1,848 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
5204
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
laundry hookups
private backyard
spacious shed
Building Details
Year built
1878
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Miranda Real Estate Group Inc
(518) 348-2060
Listed By:
Lisa Vitiello
(518) 466-9083
Added: Oct 1
Changed: Oct 3
Last Checked: Oct 5 at 2:06AM
MLS# 12011128
Copyright © 2026 My State MLS. 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 two-family property contains 1,848 square feet across two apartments on a 0.24-acre lot. The first-floor unit is vacant and includes laundry hookups; the second-floor apartment is rented month to month. Each unit has separate utilities. Interior updates include newer flooring, fresh paint, updated bathrooms, and newer appliances. The roof and deck are about 8 years old, and a shed provides additional storage space.
The property has a backyard and a second street entrance at the rear on Klondike St. Shops, restaurants, parks, and other Village of Ballston Spa destinations are within a short walk. The property is in Ballston Spa, Saratoga County, New York.
The property has a backyard and a second street entrance at the rear on Klondike St. Shops, restaurants, parks, and other Village of Ballston Spa destinations are within a short walk. The property is in Ballston Spa, Saratoga County, New York.
Key Highlights
- Two apartments in 1,848 square feet
- 0.24‑acre lot with a backyard and shed
- Separate utilities for each apartment
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
$24,538
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
8.77%
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%
$490,760
$490.8K
Cap Rate 7%
$350,543
$350.5K
Cap Rate 9%
$272,644
$272.6K
Market Conditions
NOI Build-Up for 1,848 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
$46.6K $25.20/SF
− Vacancy
−$2.0K −$1.06/SF
EGI
$44.6K $24.14/SF
− OpEx
−$20.1K −$10.86/SF
NOI
$24.5K $13.28/SF
Area
Saratoga County, NY
Vacancy
4.20%
Lease Rate
$25.20 /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%
$490,760
Cap Rate 7%
$350,543
Cap Rate 9%
$272,644
Alternative Uses
Best Use
Multifamily LT 5
$391.8K
$342.8K – $457.1K
NOI $27,426 @ 7.0% cap · market cap 9.80%
Second Best
Apartment 5plus
$350.5K
$306.7K – $409.0K
NOI $24,538 @ 7.0% cap · market cap 8.77%
Theoretical Best
Office A
$553.1K
$484.0K – $645.3K
NOI $38,719 @ 7.0% cap · market cap 13.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
494
Businesses Nearby
Explore this area
Business Placement
Demographics for 12020, NY
34,667
Population
15,787
Households
2.2
Avg Household Size
42
Median Age
43%
College-Educated
94%
High-School Grad
75.6 sq mi
ZIP Area
459
Density / Sq Mi
$101,727
Median Household Income
$59,730
Median Earnings
$1,562
Median Rent
$299,600
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Separate utilities serve both apartments, and the first-floor residence has laundry hookups.
Where is this duplex located?
The property is located at 381 Milton Avenue Ballston Spa, NY.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two apartments in 1,848 square feet; 0.24‑acre lot with a backyard and shed; Separate utilities for each apartment
