Historic Triplex with Private
For Sale
$749,000
Pending
98 Walworth St, Saratoga Springs, NY 12866
Three-unit property with separate utilities and a renovated front apartment.
Property Size2,640 SF
Days on Market60
Property Features for 98 Walworth St
General Information
Standard status
Pending
Size
2,640 SF
Property subtype
Residential Income
Additional Details
Gross Income
$44,000
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,495
Amenities
wrap-around porch
private garden
Building Details
Tenancy
Multi
Listing Agency:
Owner Entry.com
(617) 542-9300
Listed By:
David L White · License #SBR005629
(617) 542-9300
Source:
Exprealty
Added: Jun 22
Changed: Aug 17
Last Checked: Aug 19 at 10:35AM
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 Owner Entry.com
Investment Insights
Based on property information with market context.
This 2,640-square-foot historic triplex contains three residential units and combines updated building elements with period character. The property features vinyl siding, replacement windows, a wrap-around porch, and a private garden. The front unit was fully renovated, with a rebuilt porch and a Rinnai boiler installed in 2025. Separate utilities serve the units.
Located at 98 Walworth St in Saratoga Springs, the property is five blocks from downtown and within walking distance of Broadway, restaurants, entertainment, the Track, and Congress Park. Its setting places residents near the city’s primary dining, cultural, and recreational destinations while retaining private outdoor space at the property.
Located at 98 Walworth St in Saratoga Springs, the property is five blocks from downtown and within walking distance of Broadway, restaurants, entertainment, the Track, and Congress Park. Its setting places residents near the city’s primary dining, cultural, and recreational destinations while retaining private outdoor space at the property.
Key Highlights
- Three‑unit historic property totaling 2,640 square feet
- Five blocks from downtown Saratoga Springs
- Fully renovated front unit with rebuilt porch
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
$39,179
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
5.23%
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%
$783,580
$783.6K
Cap Rate 7%
$559,700
$559.7K
Cap Rate 9%
$435,322
$435.3K
Market Conditions
NOI Build-Up for 2,640 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
$58.6K $22.20/SF
− Vacancy
−$2.6K −$1.00/SF
EGI
$56.0K $21.20/SF
− OpEx
−$16.8K −$6.36/SF
NOI
$39.2K $14.84/SF
Area
Saratoga County, NY
Vacancy
4.50%
Lease Rate
$22.20 /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%
$783,580
Cap Rate 7%
$559,700
Cap Rate 9%
$435,322
Alternative Uses
Best Use
Multifamily LT 5
$559.7K
$489.7K – $653.0K
NOI $39,179 @ 7.0% cap · market cap 5.23%
Second Best
Apartment 5plus
$500.8K
$438.2K – $584.2K
NOI $35,054 @ 7.0% cap · market cap 4.68%
Theoretical Best
Office A
$790.2K
$691.4K – $921.9K
NOI $55,313 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,661
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?
Triplex - Three-unit property with separate utilities and a renovated front apartment.
Where is this triplex located?
The property is located at 98 Walworth St Saratoga Springs, NY.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Three‑unit historic property totaling 2,640 square feet; Five blocks from downtown Saratoga Springs; Fully renovated front unit with rebuilt porch
