Updated Two-Family
For Sale
$315,000
Pending
22 Morris Street, Albany, NY 12208
MULTI_FAMILY - Other - Albany, NY
Property Size2,524 SF
Lot Size0.06 Acres
Days on Market95
Property Features for 22 Morris Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 3, Bedroom 6, Bathroom 2, Bedroom 4, Bedroom 5, Bedroom 1, Bathroom 1
Parking features
Off Street
Basement
Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
I-90 to 787 toward Albany, exit Madison Ave, Left on Lark, Right on Morris
Standard status
Pending
APN
010100 76.31-1-71
Size
2,524 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
6814
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Cooling system
Window Unit(s)
Building Details
Year built
1912
Number of units
2
Flooring type
Hardwood, Tile
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Slate
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Basak Kurd · License #10401386191
(518) 360-5090
Added: Jun 3
Changed: Jul 24
Last Checked: Sep 5 at 5:06PM
MLS# 202618790
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 updated two-family duplex offers two separate 3-bedroom, 1-bath units. The home includes several recent improvements, including a new heating system installed two years ago, renovated flooring and windows completed seven years ago, fresh interior paint, and brand-new kitchen appliances such as a refrigerator and stove. The first-floor unit is currently occupied by a month-to-month tenant, while the second-floor unit is vacant and ready for immediate occupancy or rental. Separate water and electrical systems are already in place, which can support flexibility if an expansion is pursued.
Located at 22 Morris Street in Albany, NY 12208, the property is described as walkable to Albany Medical Center, Albany College of Pharmacy, and Albany Law School. The central convenience of these nearby institutions may appeal to tenants seeking an accessible day-to-day commute.
For owner-occupants or investors, the layout provides straightforward two-unit income with the option to add value through an attic conversion that could create a third unit. With the second unit currently available and multiple updates already completed, this property may fit buyers looking to reduce near-term work while maintaining future flexibility.
Located at 22 Morris Street in Albany, NY 12208, the property is described as walkable to Albany Medical Center, Albany College of Pharmacy, and Albany Law School. The central convenience of these nearby institutions may appeal to tenants seeking an accessible day-to-day commute.
For owner-occupants or investors, the layout provides straightforward two-unit income with the option to add value through an attic conversion that could create a third unit. With the second unit currently available and multiple updates already completed, this property may fit buyers looking to reduce near-term work while maintaining future flexibility.
Key Highlights
- Updated two‑family home with 3 bedrooms and 1 full bathroom per unit
- Newer systems and finishes: heating system 2 years old; flooring and windows 7 years old
- Roof is slate; exterior features aluminum and vinyl siding
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
$28,744
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
9.13%
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%
$574,880
$574.9K
Cap Rate 7%
$410,629
$410.6K
Cap Rate 9%
$319,378
$319.4K
Market Conditions
NOI Build-Up for 2,524 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
$43.9K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$41.1K $16.27/SF
− OpEx
−$12.3K −$4.88/SF
NOI
$28.7K $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%
$574,880
Cap Rate 7%
$410,629
Cap Rate 9%
$319,378
Alternative Uses
Best Use
Multifamily LT 5
$410.6K
$359.3K – $479.1K
NOI $28,744 @ 7.0% cap · market cap 9.13%
Second Best
Apartment 5plus
$368.3K
$322.3K – $429.7K
NOI $25,782 @ 7.0% cap · market cap 8.18%
Theoretical Best
Office A
$665.9K
$582.7K – $776.9K
NOI $46,613 @ 7.0% cap · market cap 14.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,899
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 spacious units with recent systems and finishes, plus a possible third-unit conversion in the attic.
Where is this duplex located?
The property is located at 22 Morris Street Albany, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Updated two‑family home with 3 bedrooms and 1 full bathroom per unit; Newer systems and finishes: heating system 2 years old; flooring and windows 7 years old; Roof is slate; exterior features aluminum and vinyl siding
