Updated Two-Family
New
For Sale
$374,900
42 Spring Street, Albany, NY 12210
MultiFamily, Albany, NY
Property Size2,750 SF
Lot Size0.04 Acres
Price / SF$136.33
Days on Market6
Property Features for 42 Spring Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 4, Bathroom 2
Interior features
Paddle Fan, High Speed Internet
Fireplace
1
Basement
Apartment
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Take S Swan St to Spring St
Standard status
Active
APN
010100 65.80-4-63
Size
2,750 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4742
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air, Ductless
Water source
Public
Building Details
Year built
1899
Number of units
2
Flooring type
Laminate
Building materials
Block
Roof type
Rubber
Architectural style
Other
Listing Agency:
Coldwell Banker Prime Properties · Coldwell Banker Real Estate
(518) 427-9000
Listed By:
Karyn E Long · License #40LO1027896
(518) 496-2411
Added: Sep 9
Changed: Sep 12
Last Checked: Sep 14 at 3:06PM
MLS# 202625860
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 2,750-square-foot duplex contains two renovated residential units with updated finishes and laminate flooring. The property includes bedrooms and bathrooms across both units, plus a partially prepared basement that may support additional finished space subject to city approvals. A fireplace, paddle fan, and high-speed internet are also present.
Built in 1899 on a 0.04-acre lot, the property is served by public water and public sewer. Heating is provided by natural gas, with central air and ductless cooling systems. Block construction and a rubber roof complete the primary building features.
Built in 1899 on a 0.04-acre lot, the property is served by public water and public sewer. Heating is provided by natural gas, with central air and ductless cooling systems. Block construction and a rubber roof complete the primary building features.
Key Highlights
- Two renovated residential units within a 2,750‑square‑foot duplex
- Partially prepared basement may offer additional finished space, subject to city approvals
- 0.04‑acre lot with 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
$31,318
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
8.35%
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%
$626,360
$626.4K
Cap Rate 7%
$447,400
$447.4K
Cap Rate 9%
$347,978
$348.0K
Market Conditions
NOI Build-Up for 2,750 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
$47.8K $17.40/SF
− Vacancy
−$3.1K −$1.13/SF
EGI
$44.7K $16.27/SF
− OpEx
−$13.4K −$4.88/SF
NOI
$31.3K $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%
$626,360
Cap Rate 7%
$447,400
Cap Rate 9%
$347,978
Alternative Uses
Best Use
Multifamily LT 5
$447.4K
$391.5K – $522.0K
NOI $31,318 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$401.3K
$351.1K – $468.2K
NOI $28,091 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$725.5K
$634.8K – $846.5K
NOI $50,787 @ 7.0% cap · market cap 13.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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 - Renovated units feature modern finishes, central air, and ductless cooling in a compact residential income property.
Where is this duplex located?
The property is located at 42 Spring Street Albany, NY.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Two renovated residential units within a 2,750‑square‑foot duplex; Partially prepared basement may offer additional finished space, subject to city approvals; 0.04‑acre lot with public water and public sewer
