Updated Brick
For Sale
$224,900
Pending
132 4th Avenue, Albany, NY 12202
MULTI_FAMILY - Other - Albany, NY
Property Size1,540 SF
Lot Size0.03 Acres
Days on Market50
Property Features for 132 4th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 8, Bathroom 1, Bedroom 7, Bedroom 3, Bedroom 5, Bedroom 2, Bedroom 4
Interior features
High Speed Internet, Built-in Features, Ceramic Tile Bath
Basement
Full, Unfinished
Lot features
Cleared
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Off S. Pearl St. turn onto Morton Av. Make a left onto Elizabeth Street then left onto 4th Avenue.
Standard status
Pending
APN
010100 76.64-3-10
Size
1,540 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
3369
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Heat Pump (Heating), Electric (Heating)
Cooling system
Ductless
Water source
Public
Amenities
ductless mini splits
Building Details
Year built
1892
Number of units
2
Building materials
Brick
Roof type
Flat
Architectural style
Other
Listing Agency:
Clancy Real Estate
(518) 861-7016
Listed By:
Kevin Clancy · License #37CL1081409
(518) 461-9937
Added: Jul 22
Changed: Aug 5
Last Checked: Sep 9 at 11:06PM
MLS# 202622352
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
132 4th Avenue is a fully updated brick two-family in Albany, NY, offering two spacious units with four bedrooms each. Both apartments feature updated kitchens and bathrooms, modern finishes throughout, and ductless mini splits for heating and cooling. With 8 total bedrooms across the property, the layout supports comfortable living in each unit.
The first-floor unit is currently rented. The second-floor unit is vacant, providing flexibility for immediate occupancy or rental use. The home’s exterior is brick, and the interior updates are already in place, positioning the property for straightforward income or owner-occupant use.
The first-floor unit is currently rented. The second-floor unit is vacant, providing flexibility for immediate occupancy or rental use. The home’s exterior is brick, and the interior updates are already in place, positioning the property for straightforward income or owner-occupant use.
Key Highlights
- Fully updated brick two‑family built in 1892 with a total of 8 bedrooms across both units
- First‑floor unit is currently rented at $1,880 per month
- Second‑floor unit is vacant and ready for immediate occupancy or estimated market rent of approx. $1,880 per month
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
$17,538
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
7.80%
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%
$350,760
$350.8K
Cap Rate 7%
$250,543
$250.5K
Cap Rate 9%
$194,867
$194.9K
Market Conditions
NOI Build-Up for 1,540 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
$26.8K $17.40/SF
− Vacancy
−$1.7K −$1.13/SF
EGI
$25.1K $16.27/SF
− OpEx
−$7.5K −$4.88/SF
NOI
$17.5K $11.39/SF
Area
Albany, NY
Vacancy
6.50%
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%
$350,760
Cap Rate 7%
$250,543
Cap Rate 9%
$194,867
Alternative Uses
Best Use
Multifamily LT 5
$250.5K
$219.2K – $292.3K
NOI $17,538 @ 7.0% cap · market cap 7.80%
Second Best
Apartment 5plus
$224.7K
$196.6K – $262.2K
NOI $15,731 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$406.3K
$355.5K – $474.0K
NOI $28,441 @ 7.0% cap · market cap 12.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully updated two-unit brick residence with ductless mini splits and four bedrooms per unit.
Where is this duplex located?
The property is located at 132 4th Avenue Albany, NY.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Fully updated brick two‑family built in 1892 with a total of 8 bedrooms across both units; First‑floor unit is currently rented at $1,880 per month; Second‑floor unit is vacant and ready for immediate occupancy or estimated market rent of approx. $1,880 per month
