Four-Unit Apartment
915 23RD Street, Watervliet, NY 12189
For Sale
New
$425,000
The occupied property contains one-bedroom apartments, with recent updates in two units.
Property Size2,500 SF
Price / SF$170
Days on Market7
Property Features for 915 23RD Street
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Gross Income
Tenant in Place
Building Details
Year Built
Listing Agency:
Tibbitts & Co Realty
Listed By:
Trent Tibbitts
(518) 487-8902
Source:
Signatureonerealtygroup
Added: Nov 3
Changed: Nov 8
Last Checked: Nov 8 at 4:20PM
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 Tibbitts & Co Realty
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Investment Insights
Based on property information with market context.
Built in 1940, this four-unit residential property has four one-bedroom, one-bathroom apartments. The building is fully occupied, and two apartments have received recent renovations.
At 915 23rd Street in Watervliet, New York, tenants pay their own gas and electric bills; water, sewer, and garbage are covered by the landlord.
At 915 23rd Street in Watervliet, New York, tenants pay their own gas and electric bills; water, sewer, and garbage are covered by the landlord.
Key Highlights
- Four occupied apartments, each with one bedroom and one bathroom
- Two of the four units have been recently renovated
- Built in 1940
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,867
Cap Rate
6.79%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$577,340
$577.3K
Cap Rate 7%
$412,386
$412.4K
Cap Rate 9%
$320,744
$320.7K
Market Conditions
NOI Build-Up for 2,500 SF
Gross rent
$43.5K $17.40/SF
− Vacancy
−$2.3K −$0.90/SF
EGI
$41.2K $16.50/SF
− OpEx
−$12.4K −$4.95/SF
NOI
$28.9K $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%
$577,340
Cap Rate 7%
$412,386
Cap Rate 9%
$320,744
Alternative Uses
Best Use
Multifamily LT 5
$412.4K
$360.8K – $481.1K
NOI $28,867 @ 7.0% cap · market cap 6.79%
Second Best
Apartment 5plus
$381.5K
$333.8K – $445.1K
NOI $26,704 @ 7.0% cap · market cap 6.28%
Theoretical Best
Office A
$780.1K
$682.6K – $910.1K
NOI $54,608 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
365
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
$199,600
Median Home Value
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Market
Average Price Trend$/SF for Quadplexes in Albany County, NY
Properties on Market for Quadplexes in Albany County
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - The occupied property contains one-bedroom apartments, with recent updates in two units.
Where is this quadplex located?
The property is located at 915 23RD Street Watervliet, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four occupied apartments, each with one bedroom and one bathroom; Two of the four units have been recently renovated; Built in 1940
