3-Unit
New
For Sale
$275,000
640 3rd Ave, Watervliet, NY 12189
The apartments offer a mix of two- and one-bedroom layouts, each with one bathroom.
Property Size1,895 SF
Price / SF$145.12
Days on Market6
Property Features for 640 3rd Ave
General Information
Standard status
Active
Size
1,895 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Year Built
1880
Listing Agency:
Julie & Co Realty LLC
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Oct 24
Changed: Oct 28
Last Checked: Oct 28 at 8:25AM
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 Julie & Co Realty LLC
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 1,895-square-foot triplex, built in 1880, contains three separate apartments. Two units have two bedrooms and one bathroom each; the third has one bedroom and one bathroom. Updates include new flooring and paint in Apartment 1 in 2023, and flooring and paint in Apartment 3 in 2026. Apartment 2 received flooring, paint, and appliance updates in 2026.
The property has off-street parking in a lot behind the building and is next to a laundromat. Restaurants and public transportation are nearby, with access to I-787. Building improvements include a roof replacement in 2021, chimney liner work and rebuilding in 2020, a basement Bilco door in 2021, replacement hot water heaters in Apartments 1 and 2 in 2022, an upper deck replacement in 2022, and new front steps in 2022. A hot water heater was also replaced in 2025.
The property has off-street parking in a lot behind the building and is next to a laundromat. Restaurants and public transportation are nearby, with access to I-787. Building improvements include a roof replacement in 2021, chimney liner work and rebuilding in 2020, a basement Bilco door in 2021, replacement hot water heaters in Apartments 1 and 2 in 2022, an upper deck replacement in 2022, and new front steps in 2022. A hot water heater was also replaced in 2025.
Key Highlights
- Three apartments: two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit
- 1,895 SF building constructed in 1880
- Off‑street parking in the lot behind the building
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,881
Cap Rate
7.96%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$437,620
$437.6K
Cap Rate 7%
$312,586
$312.6K
Cap Rate 9%
$243,122
$243.1K
Market Conditions
NOI Build-Up for 1,895 SF
Gross rent
$33.0K $17.40/SF
− Vacancy
−$1.7K −$0.90/SF
EGI
$31.3K $16.50/SF
− OpEx
−$9.4K −$4.95/SF
NOI
$21.9K $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 Rate 5%
$437,620
Cap Rate 7%
$312,586
Cap Rate 9%
$243,122
Alternative Uses
Best Use
Multifamily LT 5
$312.6K
$273.5K – $364.7K
NOI $21,881 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$289.2K
$253.0K – $337.4K
NOI $20,241 @ 7.0% cap · market cap 7.36%
Theoretical Best
Office A
$591.3K
$517.4K – $689.9K
NOI $41,393 @ 7.0% cap · market cap 15.05%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
297
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - The apartments offer a mix of two- and one-bedroom layouts, each with one bathroom.
Where is this triplex located?
The property is located at 640 3rd Ave Watervliet, NY.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Three apartments: two 2‑bedroom/1‑bath units and one 1‑bedroom/1‑bath unit; 1,895 SF building constructed in 1880; Off‑street parking in the lot behind the building
