Mixed-Use Downtown
For Sale
$1,590,000
65 Bay Street, Glens Falls, NY 12801
Five unique buildings combine commercial space and residential apartments in downtown Glens Falls.
Property Size10,488 SF
Price / SF$151.60
Days on Market424
Property Features for 65 Bay Street
General Information
Standard status
Active
Size
10,488 SF
Total Parking Spaces
16
Property subtype
Multi Family / Multi Family
Taxes and HOA fees
Annual Taxes
$8,133
Amenities
Shingle, Composition
Hot Water, Natural Gas, Yes
Exterior Entry, Full
200+ Amp Service
Tile, Wood
Solid Surface Counters
Block
Vinyl Siding
Barn(s)
Porch, Front Porch
Building Details
Year Built
1950
Listing Agency:
DeMarsh Real Estate
Listed By:
Tina M Arcuri-Demarsh · License #10371200079
(518) 222-1281
Source:
Compass
Added: Jul 9, 2025
Changed: Aug 26
Last Checked: Aug 14 at 7:32AM
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 DeMarsh Real Estate
Investment Insights
Based on property information with market context.
A five-building mixed-use portfolio at 65 Bay Street offers a combination of commercial space and residential apartments. The property includes residential units along with commercial areas, providing multiple income-producing components within one downtown grouping.
The buildings are described as within walking distance to downtown Glens Falls, an area noted for growth. The listing also states the property has a great rental history and income.
At the time of listing, the offering is back on market due to the buyer’s financing not being approved, with pending releases.
The buildings are described as within walking distance to downtown Glens Falls, an area noted for growth. The listing also states the property has a great rental history and income.
At the time of listing, the offering is back on market due to the buyer’s financing not being approved, with pending releases.
Key Highlights
- Five unique buildings with a mix of commercial space and residential apartments in downtown Glens Falls
- Solid rental history and income, according to listing remarks
- 1950 build with vinyl siding and block foundation
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
$87,460
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
5.50%
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%
$1,749,200
$1.7M
Cap Rate 7%
$1,249,429
$1.2M
Cap Rate 9%
$971,778
$971.8K
Market Conditions
NOI Build-Up for 10,488 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
$167.4K $15.96/SF
− Vacancy
−$8.4K −$0.80/SF
EGI
$159.0K $15.16/SF
− OpEx
−$71.6K −$6.82/SF
NOI
$87.5K $8.34/SF
Area
Warren County, NY
Vacancy
5.00%
Lease Rate
$15.96 /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%
$1,749,200
Cap Rate 7%
$1,249,429
Cap Rate 9%
$971,778
Alternative Uses
Best Use
Apartment 5plus
$1.25M
$1.09M – $1.46M
NOI $87,460 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.14M
$2.75M – $3.66M
NOI $219,745 @ 7.0% cap · market cap 13.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,199
Businesses Nearby
Explore this area
Business Placement
Demographics for 12801, NY
14,850
Population
7,287
Households
2
Avg Household Size
40
Median Age
33%
College-Educated
90%
High-School Grad
3.8 sq mi
ZIP Area
3,908
Density / Sq Mi
$70,019
Median Household Income
$46,700
Median Earnings
$1,050
Median Rent
$196,000
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?
Multifamily property - Five unique buildings combine commercial space and residential apartments in downtown Glens Falls.
Where is this multifamily property located?
The property is located at 65 Bay Street Glens Falls, NY.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Five unique buildings with a mix of commercial space and residential apartments in downtown Glens Falls; Solid rental history and income, according to listing remarks; 1950 build with vinyl siding and block foundation
