Updated Two-Family
New
For Sale
$298,000
612 Twenty Third Street, Watervliet, NY 12189
MultiFamily, Watervliet, NY
Property Size2,538 SF
Lot Size0.06 Acres
Price / SF$117.42
Days on Market4
Property Features for 612 Twenty Third Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bathroom 2, Bedroom 6, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 3
Parking
1
Patio and Porch features
Porch
Interior features
High Speed Internet
Fencing
Fenced
Basement
Full
Lot features
Level, Corner Lot
Elementary school district
Watervliet
Middle school district
Watervliet
High school district
Watervliet
Directions
787 to Watervliet exit, straight on yo 23rd. House on left between 6th and 7th
Standard status
Active
APN
011800 32.50-4-8
Size
2,538 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
4799
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Baseboard
Water source
Public
Amenities
detached garage
basement laundry hookups
Building Details
Year built
1880
Number of units
2
Flooring type
Carpet, Vinyl, Tile
Building materials
Aluminum Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
Capital Tech Real Estate Group LLC
(518) 810-6093
Listed By:
Lisa A Walsh · License #10491202654
(518) 810-6093
Added: Aug 21
Changed: Aug 24
Last Checked: Aug 24 at 4:06PM
MLS# 202624510
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit residential income property at 612 Twenty Third Street includes 2,538 square feet on a 0.06-acre lot. Built in 1880, the building has aluminum siding, a rubber roof, public water and sewer, natural-gas hot-water baseboard heat, and a porch. Each unit has separate utilities. The first-floor apartment is occupied by a tenant who has remained for 17 years, while the upper unit is vacant and has been refreshed with a remodeled kitchen, updated bathroom, new appliances, and fresh paint.
Both units’ appliances are included. Additional features include a detached garage, basement laundry hookups, fenced grounds, vinyl, carpet, and tile flooring, plus cable availability and high-speed internet access. The property is located in Watervliet, Albany County, NY 12189.
Both units’ appliances are included. Additional features include a detached garage, basement laundry hookups, fenced grounds, vinyl, carpet, and tile flooring, plus cable availability and high-speed internet access. The property is located in Watervliet, Albany County, NY 12189.
Key Highlights
- Two‑family duplex with 2,538 square feet on a 0.06‑acre lot
- First‑floor tenant has occupied the unit for 17 years
- Vacant upper unit with remodeled kitchen, updated bathroom, new appliances, and fresh paint
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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
469
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate utilities, a detached garage, and a long-term first-floor tenant support the property’s practical layout.
Where is this duplex located?
The property is located at 612 Twenty Third Street 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: Two‑family duplex with 2,538 square feet on a 0.06‑acre lot; First‑floor tenant has occupied the unit for 17 years; Vacant upper unit with remodeled kitchen, updated bathroom, new appliances, and fresh paint
