85 Bay St · Glens Falls, NY 12801

$1,298,000

11 bd · 9.5 ba · 10,507 sqft · MultiFamily · 32 Days on market

Built 1900 Fair condition 0.90 ac lot

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +27.3/30.0
• DSCR +9.5/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

This 5-property assemblage is made up of One 5 unit, One 3 Unit, One single family house, one vacant access lot and One commercial building. The total acreage is @1 acre. All apartments are rented. Rent roll and property financials are available on request. This site holds redevelopment potential with the demolition of the Feigenbaum's cleaners building. Possible Restore New York grant monies. Interior photos to follow. Detail apartment breakdown on offering memorandum.

Key facts

• 0.9 acre lot
• Garage
• Built 1900

Property features AI

Finance

• Other: Living area total reported (interior area figure provided but omitted per instructions)
• Financial info: Multi-family building with 10 residential units; Tenants pay trash collection, hot water, internet, cable TV/DSL, electricity and gas
• HOA & community: No HOA information provided

Exterior

• Parking: Attached garage (1 garage space); Paved driveway; Total parking for about 20 vehicles
• Security: No specific security features provided
• Utilities: Public water; Public sewer; Single phase electric with 100A and 150A service; Cable available and connected; underground utilities
• Home design: Multi-family property; Irregular, level lot with road frontage; Lot approximately 0.9 acre
• Construction: Built with brick, vinyl siding and asbestos materials; Stone foundation; Slate and asphalt composition roof
• Exterior features: Wrap-around porch plus front, rear and side porches; Privacy fencing in back yard; Additional garage structures

Interior

• Kitchen: No kitchen appliance details provided
• Bedrooms: Ten total units: eight units with 1 bedroom and one unit with 2 bedrooms (unit mix includes multiple 1-bedroom units and one 2-bedroom unit)
• Flooring: Vinyl; Carpet; Hardwood
• Bathrooms: Nine full bathrooms and one half bathroom (total 10 bathrooms); Full and half baths located on first and second levels
• Heating & cooling: Has heating; Electric heating; Forced air; Hot water heating; Natural gas
• Interior features: Built-in features; Double pane windows; Full basement with interior entry; Living room fireplace
• Laundry & utility: Tenants responsible for hot water; other tenant utilities vary

What this means for you Summary

Snapshot

• This is a 11-bed/9.5-bath multifamily listed at $1.30M. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.30M).
• Recommended offer: $1.26M (3.0% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 4.8% in Glens Falls — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#60 in NY, #894 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+.
• Glens Falls City School District (urban): math 44% / reading 53% proficiency, ranked #416 of 590 in NY (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Jackson Heights School (math 42% / reading 57%, grade D, #1,085 of 2,108 statewide, top 56%, 251 students, 65% FRL); Glens Falls Senior High School (math 98% / reading 64%, grade A, #485 of 1,100 statewide, top 45%, 601 students, 41% FRL) — zoned schools average 53% FRL vs 35% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 65% at this address vs 48% district-wide (+17 pts) — the actual schools serving this property are materially stronger than the Glens Falls City School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 56 active listings in the ZIP; 180 units permitted in Warren County in 2024 (40 in 5+ unit buildings).
• At $16,106/mo this rent would consume 286% of the median local household income ($68k/yr) (locally 866% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $39k of value loss. Plan a longer hold.
• Warren County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $363k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($1.26M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,259,060 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.24% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $28,977
• Equity at exit: $193,536

10-year hold

• IRR: 11.7%
• Equity multiple: 1.92×
• Total profit: $334,056
• Equity at exit: $112,227

Cash invested: $363,440 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 12801

• Home prices YoY: -13.7%
• Active inventory: 56
• Price-to-rent: 74.7×

Monthly cashflow live

• Estimated rent: $16,106 medium
• Mortgage (P&I): −$6,807
• Tax est. 1.5%: −$1,622 /mo · $19,470/yr
• Insurance: −$541
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,382
• Net cashflow: $3,754

Break-even live

Break-even rent $11,355

Max offer price $1,298,000

Occupancy floor 72%

Sensitivity live

Price	-10% $4,651	-5% $4,202	+0% $3,754	+5% $3,305	+10% $2,857
Rent	-10% $2,481	-5% $3,117	+0% $3,754	+5% $4,390	+10% $5,026
Rate	-1.0pp $4,407	-0.5pp $4,084	base $3,754	+0.5pp $3,417	+1.0pp $3,075

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$11,584
1× unit	3	1	$1,729
▸ 2× units	0	0	$2,792
Total (11 units)			$16,106

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $324,500
• Closing costs: $38,940
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $1,298,000 Active 32 DOM
2. 2026-06-18
   days on market $1,298,000 Active 31 DOM
3. 2026-06-17
   days on market $1,298,000 Active 30 DOM
4. 2026-06-16
   days on market $1,298,000 Active 29 DOM
5. 2026-06-15
   days on market $1,298,000 Active 28 DOM
6. 2026-06-14
   days on market $1,298,000 Active 26 DOM
7. 2026-06-12
   days on market $1,298,000 Active 25 DOM
8. 2026-06-09
   days on market $1,298,000 Active 22 DOM
9. 2026-06-08
   days on market $1,298,000 Active 21 DOM
10. 2026-06-07
    days on market $1,298,000 Active 20 DOM
11. 2026-06-04
    days on market $1,298,000 Active 16 DOM
12. 2026-06-02
    days on market $1,298,000 Active 15 DOM
13. 2026-06-01
    days on market $1,298,000 Active 14 DOM
14. 2026-05-31
    days on market $1,298,000 Active 13 DOM
15. 2026-05-31
    days on market $1,298,000 Active 12 DOM
16. 2026-05-18
    listed $1,298,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $193,272
• − Mortgage interest: −$72,708
• − Property taxes: −$19,470
• − Insurance: −$6,490
• − Repairs & maintenance: −$15,462
• − Management: −$15,462
• − Depreciation: −$37,760
• Taxable income: $25,920
• Est. tax owed @ 24.0%: −$6,221
• After-tax cash flow: $38,822/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 11 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs and maintenance, including painting, roof replacement, and window repair. These updates will significantly improve its resale and rental value.

Repairs flagged

• Moderate Brick and siding — Weathered and in need of repainting
• Moderate Roof — Aged and may need replacement
• Moderate Windows — Worn and may need replacement or repair

Value-add opportunities

• Both Painting and repainting — Enhances curb appeal and interior aesthetics
• Both Roof replacement — Improves structural integrity and appearance
• Both Window replacement — Enhances energy efficiency and appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
Brick and siding · Weathered and in need of repainting	Moderate	$3,000–15,000
Roof · Aged and may need replacement	Moderate	$3,000–15,000
Windows · Worn and may need replacement or repair	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both Painting and repainting — Enhances curb appeal and interior aesthetics ↑
• Both Roof replacement — Improves structural integrity and appearance ↑
• Both Window replacement — Enhances energy efficiency and appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Glens Falls City School District
• NCES district ID: 3612240
• Math proficiency: 44% ▼ -8.00%
• Reading proficiency: 53% ▲ 6.00%
• Median HH income: $48,216
• Composite: 41.34/100
• National rank: #3499
• State rank: #416 of 590 in NY

Livability — Glens Falls

• Score: 83/100
• State rank: #60
• US rank: #894

Category grades

Amenities A+ Commute C Cost of living B Crime A+ Employment C Housing A+ Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Glens Falls, NY
• County: Warren County · 14,628 people
• City population: 14,628
• Metro: Glens Falls, NY
• Population (ZIP): 14,628
• Household income: $67,577
• Rent vs Own: 47.6% rent · 52.4% own
• Severe rent burden: 866.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 62,372 people
• By 2030: 60,491 · -3.0%
• By 2040: 55,616 · -10.8%
• By 2050: 50,437 · -19.1%
• By 2075: 40,843 · -34.5%
• By 2100: 31,159 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 3% Black 2%
• Common ancestry: Lithuanian 9% Romanian 5% Slovak 5%
• Foreign-born: 3% · Canada, Dominican Republic
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Warren

• 2024 margin: Toss-up / Even · D 47.9% · R 52.1%
• 2008→2024 swing: -6.9pp toward R · 2008: 2.6pp · 2024: -4.2pp
• All cycles: 2024: R+4.2 2020: R+0.2 2016: R+10.6 2012: D+2.1 2008: D+2.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.28%
• Current HPI: 330.581
• Rent YoY: —
• Metro: Glens Falls, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

1 event — show timeline

• 2026-05-18 Listed $1,298,000 Global MLS