15-Unit Victorian Apartment
For Sale
$6,500,000
72 Union Avenue, Saratoga Springs, NY 12866
Historic brick property with landscaped grounds, multiple outdoor amenities, and substantial off-street parking.
Property Size16,562 SF
Price / SF$392.46
Days on Market33
Property Features for 72 Union Avenue
General Information
Standard status
Active
Size
16,562 SF
Total Parking Spaces
35
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
15
Taxes and HOA fees
Annual Taxes
$44,431
Amenities
wraparound porch
perennial gardens
private sitting areas
koi pond
raised garden beds
patios with pergolas
rooftop deck
carriage house
Building Details
Year Built
1930
Construction
brick Victorian
Tenancy
Multi
Listing Agency:
Coldwell Banker Prime Properties
(518) 421-2016
Listed By:
Lynda J Macdonald · License #40MA1143261
(518) 421-2016
Source:
Capmarkrealty
Added: Jul 29
Changed: Aug 29
Last Checked: Aug 30 at 1:40PM
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 Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
This historic brick Victorian mansion has been converted into 15 apartments, with original architectural character complemented by tasteful updates and spacious floor plans. All residences are occupied by long-term tenants. Property features include a wraparound porch, perennial gardens, private sitting areas, raised garden beds, patios with pergolas, a rooftop deck, a koi pond, and a carriage house.
The property is located 1 block from the Saratoga Race Course and 3 blocks from downtown Saratoga Springs. More than 35 off-street parking spaces serve the apartments, providing a notable on-site amenity in a downtown setting. Dining, shopping, entertainment, and recreation are also described as nearby.
The property is located 1 block from the Saratoga Race Course and 3 blocks from downtown Saratoga Springs. More than 35 off-street parking spaces serve the apartments, providing a notable on-site amenity in a downtown setting. Dining, shopping, entertainment, and recreation are also described as nearby.
Key Highlights
- 15 occupied apartments in a converted Old World brick Victorian mansion
- 1 block from the Saratoga Race Course and 3 blocks from downtown
- 35+ off‑street parking spaces
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
$219,908
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
3.38%
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%
$4,398,160
$4.4M
Cap Rate 7%
$3,141,543
$3.1M
Cap Rate 9%
$2,443,422
$2.4M
Market Conditions
NOI Build-Up for 16,562 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
$417.4K $25.20/SF
− Vacancy
−$17.5K −$1.06/SF
EGI
$399.8K $24.14/SF
− OpEx
−$179.9K −$10.86/SF
NOI
$219.9K $13.28/SF
Area
Saratoga County, NY
Vacancy
4.20%
Lease Rate
$25.20 /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%
$4,398,160
Cap Rate 7%
$3,141,543
Cap Rate 9%
$2,443,422
Alternative Uses
Best Use
Apartment 5plus
$3.14M
$2.75M – $3.67M
NOI $219,908 @ 7.0% cap · market cap 3.38%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.96M
$4.34M – $5.78M
NOI $347,007 @ 7.0% cap · market cap 5.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
15
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,205
Businesses Nearby
Explore this area
Business Placement
Demographics for 12866, NY
40,355
Population
20,462
Households
2
Avg Household Size
44
Median Age
55%
College-Educated
95%
High-School Grad
64.3 sq mi
ZIP Area
628
Density / Sq Mi
$98,374
Median Household Income
$53,265
Median Earnings
$1,460
Median Rent
$419,200
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?
Apartment building - Historic brick property with landscaped grounds, multiple outdoor amenities, and substantial off-street parking.
Where is this apartment building located?
The property is located at 72 Union Avenue Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 15 occupied apartments in a converted Old World brick Victorian mansion; 1 block from the Saratoga Race Course and 3 blocks from downtown; 35+ off‑street parking spaces
