Renovated 5-Unit Apartment
For Sale
$1,425,000
58 Lincoln Avenue, Saratoga Springs, NY 12866
Updated multifamily property with varied unit layouts, in-unit laundry, off-street parking, and full occupancy near downtown Saratoga Springs.
Property Size3,549 SF
Price / SF$401.52
Days on Market206
Property Features for 58 Lincoln Avenue
General Information
Standard status
Active
Size
3,549 SF
Total Parking Spaces
5
Property subtype
Multi Family / Multi Family
Occupancy
100%
Net Operating Income
$91,571
Financials
Gross Income
$117,000
Average Monthly Rent
$1,950
Additional Details
Multifamily Units
5
Taxes and HOA fees
Annual Taxes
$8,216
Amenities
in-unit laundry
off-street parking
Asphalt
AC Pump, Central Air, Yes
Ductless, Forced Air, Yes
Unfinished
Ceramic Tile, Hardwood
Yes
Vinyl Siding
Perimeter
Garden
Building Details
Year Built
1900
Listing Agency:
eXp Realty
(518) 810-2895
Listed By:
Brian Green · License #10301223399
(518) 810-2895
Source:
Compass
Added: Feb 6
Changed: Aug 30
Last Checked: Aug 30 at 8:13AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 5-unit apartment building at 58 Lincoln Avenue contains 3,549 square feet and was constructed in 1900. The property was substantially renovated during the past 2 years, including the roof, siding, parking area, landscaping, HVAC systems, electrical and plumbing components, lighting, flooring, kitchens, and bathrooms. Units include a combination of studios and two-bedroom layouts with one to two bathrooms, in-unit laundry, and off-street parking. Central air, ductless systems, and forced-air heating are also present.
The property is in Saratoga Springs near Broadway, SPAC, and the Saratoga Race Track. It is currently 100% occupied, with updated interiors featuring quartz countertops, stainless appliances, cabinetry, ceramic tile, hardwood floors, and refreshed fixtures. The building offers a recently improved physical plant and a range of apartment configurations within a five-unit asset.
The property is in Saratoga Springs near Broadway, SPAC, and the Saratoga Race Track. It is currently 100% occupied, with updated interiors featuring quartz countertops, stainless appliances, cabinetry, ceramic tile, hardwood floors, and refreshed fixtures. The building offers a recently improved physical plant and a range of apartment configurations within a five-unit asset.
Key Highlights
- 5‑unit apartment building with 3,549 square feet
- Renovated during the past 2 years with new roof, siding, HVAC, electrical, plumbing, and lighting
- Unit mix includes studios and 2‑bedroom apartments with 1‑2 bathrooms
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
$47,123
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
3.31%
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%
$942,460
$942.5K
Cap Rate 7%
$673,186
$673.2K
Cap Rate 9%
$523,589
$523.6K
Market Conditions
NOI Build-Up for 3,549 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
$89.4K $25.20/SF
− Vacancy
−$3.8K −$1.06/SF
EGI
$85.7K $24.14/SF
− OpEx
−$38.6K −$10.86/SF
NOI
$47.1K $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%
$942,460
Cap Rate 7%
$673,186
Cap Rate 9%
$523,589
Alternative Uses
Best Use
Apartment 5plus
$673.2K
$589.0K – $785.4K
NOI $47,123 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.06M
$929.5K – $1.24M
NOI $74,359 @ 7.0% cap · market cap 5.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,758
Businesses Nearby
Explore this area
Business Placement
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
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?
Apartment building - Updated multifamily property with varied unit layouts, in-unit laundry, off-street parking, and full occupancy near downtown Saratoga Springs.
Where is this apartment building located?
The property is located at 58 Lincoln Avenue Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 5‑unit apartment building with 3,549 square feet; Renovated during the past 2 years with new roof, siding, HVAC, electrical, plumbing, and lighting; Unit mix includes studios and 2‑bedroom apartments with 1‑2 bathrooms
