Updated Duplex with Covered
New
For Sale
$299,900
603 1ST Street, Watervliet, NY 12189
Two-unit property with refreshed interiors, separate outdoor areas, and one vacant unit suited to owner occupancy.
Property Size2,060 SF
Price / SF$145.58
Days on Market7
Property Features for 603 1ST Street
General Information
Standard status
Active
Size
2,060 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1900
Buildings
1
Stories
2
Listing Agency:
Crystal Coleman Realty LLC
Listed By:
Melissa Hems
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 5
Changed: Aug 9
Last Checked: Aug 10 at 4:31AM
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 Crystal Coleman Realty LLC
Investment Insights
Based on property information with market context.
Built in 1900, this 2,060-square-foot duplex has two residential units with updated kitchens, bathrooms, flooring, lighting, windows, and interior paint. Both units include dishwashers, refrigerators, front-loading washers and dryers, pantry space, and refreshed fixtures. The first-floor unit is vacant and includes two bedrooms, a primary walk-in closet, office nook, eat-in kitchen, formal dining room, living room, covered front and rear porches, and access to a storage shed in the fenced backyard. The second-floor unit is tenant occupied and includes a front sunroom, open living and dining areas, two bedrooms, a primary walk-in closet, eat-in kitchen, full bath, and rear deck.
The property also features a front covered porch extending nearly the full width of the home and ample on-street parking. The second-floor unit has central air, while the first-floor hot-air system could support central air with the addition of a condenser.
The property also features a front covered porch extending nearly the full width of the home and ample on-street parking. The second-floor unit has central air, while the first-floor hot-air system could support central air with the addition of a condenser.
Key Highlights
- 2,060‑square‑foot duplex built in 1900
- Vacant first‑floor unit with two bedrooms and owner‑occupancy potential
- Tenant‑occupied second‑floor unit with central air; lease signed 5/1/26
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
$23,786
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
7.93%
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%
$475,720
$475.7K
Cap Rate 7%
$339,800
$339.8K
Cap Rate 9%
$264,289
$264.3K
Market Conditions
NOI Build-Up for 2,060 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
$35.8K $17.40/SF
− Vacancy
−$1.9K −$0.90/SF
EGI
$34.0K $16.50/SF
− OpEx
−$10.2K −$4.95/SF
NOI
$23.8K $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%
$475,720
Cap Rate 7%
$339,800
Cap Rate 9%
$264,289
Alternative Uses
Best Use
Multifamily LT 5
$339.8K
$297.3K – $396.4K
NOI $23,786 @ 7.0% cap · market cap 7.93%
Second Best
Apartment 5plus
$314.3K
$275.1K – $366.7K
NOI $22,004 @ 7.0% cap · market cap 7.34%
Theoretical Best
Office A
$642.8K
$562.5K – $750.0K
NOI $44,997 @ 7.0% cap · market cap 15.00%
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
249
Businesses Nearby
Explore this area
Business Placement
Demographics for 12189, NY
18,970
Population
9,887
Households
1.9
Avg Household Size
39
Median Age
27%
College-Educated
92%
High-School Grad
6.2 sq mi
ZIP Area
3,060
Density / Sq Mi
$62,763
Median Household Income
$48,555
Median Earnings
$1,084
Median Rent
$199,600
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 with refreshed interiors, separate outdoor areas, and one vacant unit suited to owner occupancy.
Where is this duplex located?
The property is located at 603 1ST Street Watervliet, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 2,060‑square‑foot duplex built in 1900; Vacant first‑floor unit with two bedrooms and owner‑occupancy potential; Tenant‑occupied second‑floor unit with central air; lease signed 5/1/26
