Duplex With Carriage
For Sale
$420,000
40 Voorheesville Avenue, Voorheesville, NY 12186
Two self-contained floors are complemented by a workshop carriage house, generous parking, and wraparound porch access.
Property Size2,112 SF
Price / SF$198.86
Days on Market38
Property Features for 40 Voorheesville Avenue
General Information
Standard status
Active
Size
2,112 SF
Total Parking Spaces
8
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$3,884
Amenities
standby generator
large yard
carriage house
workshop
loft
garage
shed
parking area
front porch
side porch
walk-up attic
walk-out basement
Building Details
Year Built
1920
Listing Agency:
IRE Home Services
(518) 477-3293
Listed By:
Adam D Shelmerdine
(518) 477-3293
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 29 at 6:19AM
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 IRE Home Services
Investment Insights
Based on property information with market context.
Built in 1920, this 2,112-square-foot duplex offers two separately configured residential levels. Each floor includes two bedrooms, one bathroom, a living room, bonus room, and kitchen, with a mix of hardwood, carpeting, vinyl plank, and replacement windows. The second level also features a new refrigerator. A full walk-up attic and full walk-out basement provide additional utility.
Exterior improvements include a newer roof, a newer Kohler standby generator, and 2025 painting on the house and barn/garage. The property also includes a historic carriage house with workshop, loft, two garage bays with electric openers, a small shed, a large parking area, and landscaped yard space with perennials. Front and side porches provide outdoor areas, with the side porch offering first-floor access.
The duplex sits across from the Pretty Alright Breakfast Club Diner and next to the New Blackbirds Tavern in Voorheesville.
Exterior improvements include a newer roof, a newer Kohler standby generator, and 2025 painting on the house and barn/garage. The property also includes a historic carriage house with workshop, loft, two garage bays with electric openers, a small shed, a large parking area, and landscaped yard space with perennials. Front and side porches provide outdoor areas, with the side porch offering first-floor access.
The duplex sits across from the Pretty Alright Breakfast Club Diner and next to the New Blackbirds Tavern in Voorheesville.
Key Highlights
- 2,112‑square‑foot duplex built in 1920
- Two floors, each with 2 bedrooms, 1 bathroom, living room, bonus room, and kitchen
- Historic carriage house includes workshop, loft, and 2 garage bays
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
$24,387
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
5.81%
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%
$487,740
$487.7K
Cap Rate 7%
$348,386
$348.4K
Cap Rate 9%
$270,967
$271.0K
Market Conditions
NOI Build-Up for 2,112 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
$36.7K $17.40/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$34.8K $16.50/SF
− OpEx
−$10.5K −$4.95/SF
NOI
$24.4K $11.55/SF
Area
Albany County, NY
Vacancy
5.20%
Lease Rate
$17.40 /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%
$487,740
Cap Rate 7%
$348,386
Cap Rate 9%
$270,967
Alternative Uses
Best Use
Multifamily LT 5
$348.4K
$304.8K – $406.5K
NOI $24,387 @ 7.0% cap · market cap 5.81%
Second Best
Apartment 5plus
$322.3K
$282.0K – $376.0K
NOI $22,559 @ 7.0% cap · market cap 5.37%
Theoretical Best
Office A
$659.0K
$576.7K – $768.9K
NOI $46,133 @ 7.0% cap · market cap 10.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
174
Businesses Nearby
Explore this area
Business Placement
Demographics for 12186, NY
6,485
Population
2,718
Households
2.4
Avg Household Size
46
Median Age
52%
College-Educated
96%
High-School Grad
33.1 sq mi
ZIP Area
196
Density / Sq Mi
$116,053
Median Household Income
$49,267
Median Earnings
$1,132
Median Rent
$338,200
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?
Duplex - Two self-contained floors are complemented by a workshop carriage house, generous parking, and wraparound porch access.
Where is this duplex located?
The property is located at 40 Voorheesville Avenue Voorheesville, NY.
What is the asking price?
The asking price for this property is $420,000.
What are key features of this property?
This property features: 2,112‑square‑foot duplex built in 1920; Two floors, each with 2 bedrooms, 1 bathroom, living room, bonus room, and kitchen; Historic carriage house includes workshop, loft, and 2 garage bays
