Rented Triplex With Off-Street
For Sale
$399,000
85 Bay Street, Glens Falls, NY 12801
Three occupied apartments provide an established residential income property with private parking and varied interior spaces.
Property Size3,516 SF
Price / SF$113.48
Days on Market17
Property Features for 85 Bay Street
General Information
Standard status
Active
Size
3,516 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Levack Real Estate Inc
Listed By:
R. Mark Levack
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Sep 10
Changed: Sep 24
Last Checked: Sep 24 at 10:19AM
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 Levack Real Estate Inc
Investment Insights
Based on property information with market context.
This triplex contains three apartments and 3,516 square feet of property area, with all units currently rented. The first-floor residence offers more than 1,700 square feet, three bedrooms, a large dining room with hardwood flooring, a spacious living room, and a retro-style kitchen. A side entry leads to a laundry and mudroom, adding practical utility to the layout. The property was built in 1900 and includes private off-street parking.
Located at 85 Bay Street in Glens Falls, the property is three blocks from City Park and provides convenient access to downtown. The existing three-unit configuration, occupied apartments, and substantial first-floor residence define the property's current residential income profile.
Located at 85 Bay Street in Glens Falls, the property is three blocks from City Park and provides convenient access to downtown. The existing three-unit configuration, occupied apartments, and substantial first-floor residence define the property's current residential income profile.
Key Highlights
- Three‑apartment triplex with all units currently rented
- 3,516 square feet of property area
- First‑floor apartment exceeds 1,700 square feet and includes 3 bedrooms
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
$32,136
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
8.05%
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%
$642,720
$642.7K
Cap Rate 7%
$459,086
$459.1K
Cap Rate 9%
$357,067
$357.1K
Market Conditions
NOI Build-Up for 3,516 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
$49.4K $14.04/SF
− Vacancy
−$3.5K −$0.98/SF
EGI
$45.9K $13.06/SF
− OpEx
−$13.8K −$3.92/SF
NOI
$32.1K $9.14/SF
Area
Warren County, NY
Vacancy
7.00%
Lease Rate
$14.04 /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%
$642,720
Cap Rate 7%
$459,086
Cap Rate 9%
$357,067
Alternative Uses
Best Use
Multifamily LT 5
$459.1K
$401.7K – $535.6K
NOI $32,136 @ 7.0% cap · market cap 8.05%
Second Best
Apartment 5plus
$418.9K
$366.5K – $488.7K
NOI $29,320 @ 7.0% cap · market cap 7.35%
Theoretical Best
Office A
$1.05M
$920.8K – $1.23M
NOI $73,667 @ 7.0% cap · market cap 18.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,936
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Three occupied apartments provide an established residential income property with private parking and varied interior spaces.
Where is this triplex located?
The property is located at 85 Bay Street Glens Falls, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three‑apartment triplex with all units currently rented; 3,516 square feet of property area; First‑floor apartment exceeds 1,700 square feet and includes 3 bedrooms
