Duplex with Separate
For Sale
$435,000
400 Delaware Avenue, Bethlehem, NY 12054
Two-unit property near shops, restaurants, the library, and the Four Corners.
Property Size2,628 SF
Price / SF$165.53
Days on Market38
Property Features for 400 Delaware Avenue
General Information
Standard status
Active
Size
2,628 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,542
Building Details
Year Built
1872
Buildings
1
Listing Agency:
Four Seasons Sothebys International Realty
(518) 928-4856
Listed By:
Jennifer C Bergeron · License #10491203035
(518) 928-4856
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 30 at 1:42PM
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 Four Seasons Sothebys International Realty
Investment Insights
Based on property information with market context.
Built in 1872, this 2,628-square-foot duplex contains two separate apartments. The first-floor residence includes three bedrooms, two full bathrooms, and direct entry to a full basement for storage and additional space. Upstairs, the second unit offers two bedrooms, one full bathroom, and access to a walk-up attic that provides additional storage. Separate utilities serve each apartment, supporting straightforward management and flexible occupancy arrangements.
The property is located at 400 Delaware Ave in Delmar, near the Four Corners, library, shops, restaurants, and other town amenities. Its two-unit layout can accommodate an owner-occupant with a second residence, rental use, or multigenerational living, as supported by the existing configuration.
The property is located at 400 Delaware Ave in Delmar, near the Four Corners, library, shops, restaurants, and other town amenities. Its two-unit layout can accommodate an owner-occupant with a second residence, rental use, or multigenerational living, as supported by the existing configuration.
Key Highlights
- 2,628‑square‑foot duplex built in 1872
- First‑floor unit with 3 bedrooms, 2 full bathrooms, and full basement access
- Second‑floor unit includes 2 bedrooms, 1 full bathroom, and a walk‑up attic
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
$30,345
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
6.98%
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%
$606,900
$606.9K
Cap Rate 7%
$433,500
$433.5K
Cap Rate 9%
$337,167
$337.2K
Market Conditions
NOI Build-Up for 2,628 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
$45.7K $17.40/SF
− Vacancy
−$2.4K −$0.90/SF
EGI
$43.3K $16.50/SF
− OpEx
−$13.0K −$4.95/SF
NOI
$30.3K $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%
$606,900
Cap Rate 7%
$433,500
Cap Rate 9%
$337,167
Alternative Uses
Best Use
Multifamily LT 5
$433.5K
$379.3K – $505.8K
NOI $30,345 @ 7.0% cap · market cap 6.98%
Second Best
Apartment 5plus
$401.0K
$350.9K – $467.9K
NOI $28,071 @ 7.0% cap · market cap 6.45%
Theoretical Best
Office A
$820.1K
$717.6K – $956.7K
NOI $57,404 @ 7.0% cap · market cap 13.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
450
Businesses Nearby
Explore this area
Business Placement
Demographics for 12054, NY
17,282
Population
7,221
Households
2.4
Avg Household Size
46
Median Age
68%
College-Educated
98%
High-School Grad
15.5 sq mi
ZIP Area
1,115
Density / Sq Mi
$128,684
Median Household Income
$69,853
Median Earnings
$1,658
Median Rent
$334,800
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-unit property near shops, restaurants, the library, and the Four Corners.
Where is this duplex located?
The property is located at 400 Delaware Avenue Bethlehem, NY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: 2,628‑square‑foot duplex built in 1872; First‑floor unit with 3 bedrooms, 2 full bathrooms, and full basement access; Second‑floor unit includes 2 bedrooms, 1 full bathroom, and a walk‑up attic
