Two-Unit
For Sale
$230,000
Pending
8 Elbow St, Greenwich, NY 12834
Well-maintained duplex with separate residential units and off-street parking.
Property Size1,470 SF
Days on Market135
Property Features for 8 Elbow St
General Information
Standard status
Pending
Size
1,470 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,545
Building Details
Buildings
1
Listing Agency:
eXp Realty
(518) 321-4565
Listed By:
Christopher J McMahon
(518) 321-4565
Source:
Exprealty
Added: Apr 18
Changed: Aug 30
Last Checked: Aug 30 at 12:27AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 1,470-square-foot duplex includes two residential apartments: a first-floor two-bedroom, one-bath unit and an upper-level three-bedroom, one-bath unit. Both apartments feature hardwood and tile flooring, comfortable living areas, and practical interior flow. The property is maintained in good condition and includes off-street parking.
Each apartment has 100 amp electrical service. Residents pay their own electricity, propane, and water utilities, providing a clearly defined utility arrangement for the property. Located at 8 Elbow St in Greenwich, New York, the building offers a two-unit configuration suitable for continued rental use or owner occupancy in one apartment.
Each apartment has 100 amp electrical service. Residents pay their own electricity, propane, and water utilities, providing a clearly defined utility arrangement for the property. Located at 8 Elbow St in Greenwich, New York, the building offers a two-unit configuration suitable for continued rental use or owner occupancy in one apartment.
Key Highlights
- 1,470‑square‑foot duplex with two separate apartments
- First‑floor unit includes 2 bedrooms and 1 bath
- Upper‑level unit includes 3 bedrooms and 1 bath
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
$17,020
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
7.40%
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%
$340,400
$340.4K
Cap Rate 7%
$243,143
$243.1K
Cap Rate 9%
$189,111
$189.1K
Market Conditions
NOI Build-Up for 1,470 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
$25.6K $17.40/SF
− Vacancy
−$1.3K −$0.86/SF
EGI
$24.3K $16.54/SF
− OpEx
−$7.3K −$4.96/SF
NOI
$17.0K $11.58/SF
Area
Washington County, NY
Vacancy
4.94%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$340,400
Cap Rate 7%
$243,143
Cap Rate 9%
$189,111
Alternative Uses
Best Use
Multifamily LT 5
$243.1K
$212.8K – $283.7K
NOI $17,020 @ 7.0% cap · market cap 7.40%
Second Best
Apartment 5plus
$216.8K
$189.7K – $252.9K
NOI $15,176 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$364.7K
$319.1K – $425.5K
NOI $25,529 @ 7.0% cap · market cap 11.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
244
Businesses Nearby
Explore this area
Business Placement
Demographics for 12834, NY
6,396
Population
2,996
Households
2.1
Avg Household Size
47
Median Age
29%
College-Educated
95%
High-School Grad
84.6 sq mi
ZIP Area
76
Density / Sq Mi
$82,931
Median Household Income
$49,513
Median Earnings
$1,154
Median Rent
$234,900
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 - Well-maintained duplex with separate residential units and off-street parking.
Where is this duplex located?
The property is located at 8 Elbow St Greenwich, NY.
What is the asking price?
The asking price for this property is $230,000.
What are key features of this property?
This property features: 1,470‑square‑foot duplex with two separate apartments; First‑floor unit includes 2 bedrooms and 1 bath; Upper‑level unit includes 3 bedrooms and 1 bath
