Renovated Four-Unit
For Sale
$595,000
437 Glen St, Glens Falls, NY 12801
Four apartments feature matching two-bedroom layouts, with renovated lower-level units and established tenants upstairs.
Property Size2,626 SF
Price / SF$226.58
Days on Market13
Property Features for 437 Glen St
General Information
Standard status
Active
Size
2,626 SF
Total Parking Spaces
2
Property subtype
Residential Income
Occupancy
50%
Site & Location
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$6,384
Amenities
washer/dryer hookup
Listing Agency:
Hunt ERA
(518) 796-2211
Listed By:
Tammy J Sutphin
(518) 796-2211
Source:
Exprealty
Added: Jul 29
Changed: Aug 8
Last Checked: Aug 9 at 10:54AM
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 Hunt ERA
Investment Insights
Based on property information with market context.
This four-unit property contains four matching two-bedroom apartments. Both first-floor units have been renovated and are vacant, while one upper-level apartment has received extensive updates. The two second-floor units are occupied, with one tenant on a month-to-month arrangement and the other holding a one-year lease.
Property improvements include a renovated two-car garage, a new washer and dryer hookup in the foyer, and a seal-coated driveway. Separate electric panels create the ability to assign electric service by unit. The property is located on Glen Street in downtown Glens Falls, with access to the bus route and walkability to downtown destinations.
Property improvements include a renovated two-car garage, a new washer and dryer hookup in the foyer, and a seal-coated driveway. Separate electric panels create the ability to assign electric service by unit. The property is located on Glen Street in downtown Glens Falls, with access to the bus route and walkability to downtown destinations.
Key Highlights
- Four‑unit property with identical two‑bedroom apartment layouts
- Both first‑floor apartments are vacant; two second‑floor units are occupied
- First‑floor units renovated; one second‑floor apartment extensively updated
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
$24,002
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
4.03%
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%
$480,040
$480.0K
Cap Rate 7%
$342,886
$342.9K
Cap Rate 9%
$266,689
$266.7K
Market Conditions
NOI Build-Up for 2,626 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
$36.9K $14.04/SF
− Vacancy
−$2.6K −$0.98/SF
EGI
$34.3K $13.06/SF
− OpEx
−$10.3K −$3.92/SF
NOI
$24.0K $9.14/SF
Area
Warren County, NY
Vacancy
7.00%
Lease Rate
$14.04 /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%
$480,040
Cap Rate 7%
$342,886
Cap Rate 9%
$266,689
Alternative Uses
Best Use
Multifamily LT 5
$342.9K
$300.0K – $400.0K
NOI $24,002 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$312.8K
$273.7K – $365.0K
NOI $21,898 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$786.0K
$687.8K – $917.0K
NOI $55,020 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
50%
Occupancy
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,842
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?
Quadplex - Four apartments feature matching two-bedroom layouts, with renovated lower-level units and established tenants upstairs.
Where is this quadplex located?
The property is located at 437 Glen St Glens Falls, NY.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: Four‑unit property with identical two‑bedroom apartment layouts; Both first‑floor apartments are vacant; two second‑floor units are occupied; First‑floor units renovated; one second‑floor apartment extensively updated
