Renovated Two-Family
New
For Sale
$399,000
16 Harris Avenue, Albany, NY 12208
MultiFamily, Albany, NY
Property Size2,258 SF
Lot Size0.15 Acres
Price / SF$176.71
Days on Market2
Property Features for 16 Harris Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 1, Bedroom 6
Parking
4
Parking features
Off Street, Garage
Patio and Porch features
Porch
Interior features
Solid Surface Counters
Basement
Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
New Scotland Ave to Harris Ave
Standard status
Active
APN
010100 75.35-3-16
Size
2,258 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
9177
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
basement laundry
Building Details
Year built
1925
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Madison Park Real Estate
(518) 281-5336
Listed By:
Shane Mahar · License #10491207239
(518) 281-5336
Added: Aug 21
Last Checked: Aug 22 at 4:06AM
MLS# 202624508
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.
This 2,258-square-foot duplex contains two residential units, each with 3 bedrooms and 1 bathroom. Both units have undergone renovation within the last 5 years, including new kitchens, new bathrooms, and refinished hardwood flooring. Separate washers and dryers are located in the basement. The property also includes a driveway, 2-car garage, porch, vinyl siding, asphalt roofing, and a combination of tile and hardwood flooring. Natural gas hot-water heat serves the building, with public water and public sewer.
Located at 16 Harris Avenue in Albany’s Helderberg neighborhood, the property is off New Scotland Avenue and walkable to Albany Med and several restaurants. The 0.15-acre parcel provides a residential setting with off-street parking and garage access.
Located at 16 Harris Avenue in Albany’s Helderberg neighborhood, the property is off New Scotland Avenue and walkable to Albany Med and several restaurants. The 0.15-acre parcel provides a residential setting with off-street parking and garage access.
Key Highlights
- Two‑unit duplex with 3 bedrooms and 1 bathroom in each unit
- Both units renovated within the last 5 years
- New kitchens, new bathrooms, and refinished hardwood flooring
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
$25,715
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
6.44%
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%
$514,300
$514.3K
Cap Rate 7%
$367,357
$367.4K
Cap Rate 9%
$285,722
$285.7K
Market Conditions
NOI Build-Up for 2,258 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
$39.3K $17.40/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$36.7K $16.27/SF
− OpEx
−$11.0K −$4.88/SF
NOI
$25.7K $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%
$514,300
Cap Rate 7%
$367,357
Cap Rate 9%
$285,722
Alternative Uses
Best Use
Multifamily LT 5
$367.4K
$321.4K – $428.6K
NOI $25,715 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$329.5K
$288.3K – $384.4K
NOI $23,065 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$595.7K
$521.3K – $695.0K
NOI $41,701 @ 7.0% cap · market cap 10.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
771
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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?
Duplex - Two residential units offer updated kitchens, baths, hardwood flooring, and separate basement laundry.
Where is this duplex located?
The property is located at 16 Harris Avenue Albany, 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: Two‑unit duplex with 3 bedrooms and 1 bathroom in each unit; Both units renovated within the last 5 years; New kitchens, new bathrooms, and refinished hardwood flooring
