Two-Family Duplex with Finished
For Sale
$279,900
Pending
302 Second Avenue, Albany, NY 12209
MultiFamily, Albany, NY
Property Size2,470 SF
Lot Size0.09 Acres
Days on Market58
Property Features for 302 Second Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 6, Bathroom 3, Bedroom 2
Parking
2
Basement
Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
West on Delaware Ave, left on Second Ave.
Standard status
Pending
APN
76.70-1-16
Size
2,470 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
7140
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
laundry
Building Details
Year built
1920
Number of units
2
Building materials
Aluminum Siding
Architectural style
Other
Listing Agency:
Gabler Realty LLC
(518) 935-4800
Listed By:
Thomas Ferrigan · License #10401233118
(518) 495-3683
Added: Jun 24
Changed: Aug 19
Last Checked: Aug 20 at 7:06PM
MLS# 202620550
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 well maintained two-family duplex offers two separate residential units with practical living space and an owner occupied first floor. The basement is half finished and includes a full bath and laundry area, providing additional usability beyond a standard unfinished basement.
The property is located at 302 Second Avenue in Albany, NY 12209. Public remarks note convenient proximity to highways and hospitals, supporting everyday accessibility for residents and guests. The first floor is prepared for the owner to move by closing, while the second floor is currently vacant.
For buyers seeking a straightforward owner-occupy scenario, the current setup allows for immediate occupancy of the first floor at closing. For investors, the vacancy of the second floor may allow for faster turnaround compared with units that are already occupied. The combination of unit layout and basement amenities can also appeal to tenants looking for in-home laundry and an additional full bath within the lower level. Overall, it’s a compact income property configured as a classic two-family residence with basement improvements already in place.
The property is located at 302 Second Avenue in Albany, NY 12209. Public remarks note convenient proximity to highways and hospitals, supporting everyday accessibility for residents and guests. The first floor is prepared for the owner to move by closing, while the second floor is currently vacant.
For buyers seeking a straightforward owner-occupy scenario, the current setup allows for immediate occupancy of the first floor at closing. For investors, the vacancy of the second floor may allow for faster turnaround compared with units that are already occupied. The combination of unit layout and basement amenities can also appeal to tenants looking for in-home laundry and an additional full bath within the lower level. Overall, it’s a compact income property configured as a classic two-family residence with basement improvements already in place.
Key Highlights
- Well maintained 2‑family home with first floor owner occupied and second floor vacant
- Half‑finished basement includes a full bath and laundry
- Public water and public sewer
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
$25,231
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
9.01%
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%
$504,620
$504.6K
Cap Rate 7%
$360,443
$360.4K
Cap Rate 9%
$280,344
$280.3K
Market Conditions
NOI Build-Up for 2,470 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
$48.9K $19.80/SF
− Vacancy
−$3.0K −$1.23/SF
EGI
$45.9K $18.57/SF
− OpEx
−$20.6K −$8.36/SF
NOI
$25.2K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$504,620
Cap Rate 7%
$360,443
Cap Rate 9%
$280,344
Alternative Uses
Best Use
Multifamily LT 5
$401.8K
$351.6K – $468.8K
NOI $28,129 @ 7.0% cap · market cap 10.05%
Second Best
Apartment 5plus
$360.4K
$315.4K – $420.5K
NOI $25,231 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$651.7K
$570.2K – $760.3K
NOI $45,616 @ 7.0% cap · market cap 16.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
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-family duplex with a half-finished basement featuring a full bath and laundry, plus a vacant second floor.
Where is this duplex located?
The property is located at 302 Second Avenue Albany, NY.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Well maintained 2‑family home with first floor owner occupied and second floor vacant; Half‑finished basement includes a full bath and laundry; Public water and public sewer
