Updated Duplex with Detached
For Sale
$298,000
612 Twenty Third St, Watervliet, NY 12189
Two-family property with separate utilities, renovated upper-level finishes, and a long-term first-floor tenant.
Property Size2,538 SF
Price / SF$117.42
Days on Market10
Property Features for 612 Twenty Third St
General Information
Standard status
Active
Size
2,538 SF
Property subtype
Multi-Family
Building Details
Year Built
1880
Listing Agency:
Country Boy Realty
(518) 861-7016
Listed By:
Clancy Real Estate, Inc · License #30WA0832219
(518) 861-7016
Source:
Clancyrealestate
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 31 at 3:24PM
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 Country Boy Realty
Investment Insights
Based on property information with market context.
This two-family residence offers 2,538 square feet across two units, with separate utilities serving each apartment. The property was built in 1880 and includes a detached garage, basement laundry hookups, and appliances for both units. A new roof and newer energy-efficient windows are among the major improvements.
The first-floor apartment is occupied by a tenant who has been in place for 17 years and wishes to remain. The upper apartment is vacant and has been refreshed with a remodeled kitchen, updated bathroom, new appliances, and fresh paint, providing a ready-to-occupy residential unit.
The first-floor apartment is occupied by a tenant who has been in place for 17 years and wishes to remain. The upper apartment is vacant and has been refreshed with a remodeled kitchen, updated bathroom, new appliances, and fresh paint, providing a ready-to-occupy residential unit.
Key Highlights
- 2,538‑square‑foot two‑family property built in 1880
- Separate utilities for each unit
- First‑floor tenant has 17 years of occupancy and wishes to stay
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
$27,109
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
9.10%
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%
$542,180
$542.2K
Cap Rate 7%
$387,271
$387.3K
Cap Rate 9%
$301,211
$301.2K
Market Conditions
NOI Build-Up for 2,538 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
$51.8K $20.40/SF
− Vacancy
−$2.5K −$0.98/SF
EGI
$49.3K $19.42/SF
− OpEx
−$22.2K −$8.74/SF
NOI
$27.1K $10.68/SF
Area
Albany County, NY
Vacancy
4.80%
Lease Rate
$20.40 /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%
$542,180
Cap Rate 7%
$387,271
Cap Rate 9%
$301,211
Alternative Uses
Best Use
Multifamily LT 5
$418.6K
$366.3K – $488.4K
NOI $29,305 @ 7.0% cap · market cap 9.83%
Second Best
Apartment 5plus
$387.3K
$338.9K – $451.8K
NOI $27,109 @ 7.0% cap · market cap 9.10%
Theoretical Best
Office A
$792.0K
$693.0K – $924.0K
NOI $55,438 @ 7.0% cap · market cap 18.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
140
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-family property with separate utilities, renovated upper-level finishes, and a long-term first-floor tenant.
Where is this duplex located?
The property is located at 612 Twenty Third St Watervliet, NY.
What is the asking price?
The asking price for this property is $298,000.
What are key features of this property?
This property features: 2,538‑square‑foot two‑family property built in 1880; Separate utilities for each unit; First‑floor tenant has 17 years of occupancy and wishes to stay
