Two-Family Residential Income
For Sale
$349,000
Pending
422 Manning Boulevard, Albany, NY 12206
MULTI_FAMILY - Other - Albany, NY
Property Size2,755 SF
Lot Size0.08 Acres
Days on Market48
Property Features for 422 Manning Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 6, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 7, Bedroom 2, Bedroom 8
Parking
4
Parking features
Driveway, Off Street, Garage
Window features
Double Pane Windows, Bay Window(s)
Patio and Porch features
Patio, Porch, Deck
Interior features
Paddle Fan, Built-in Features, Ceramic Tile Bath
Fencing
Privacy, Perimeter
Basement
Interior Entry, Unfinished, Full
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From Central Ave to Manning near Washington Ave
Standard status
Pending
APN
010100 65.37-3-23
Size
2,755 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
7195
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1932
Number of units
2
Flooring type
Hardwood, Tile - Ceramic, Vinyl, Concrete
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Gabler Realty LLC
(518) 935-4800
Listed By:
Eunice H Dawson · License #10301224670
(518) 461-3061
Added: Jun 26
Changed: Aug 12
Last Checked: Aug 12 at 9:06AM
MLS# 202620589
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, owner-occupied two-family offers refinished hardwood floors and a 2nd-floor remodel completed in 2019. New boilers were installed in 2021. The home also features separate utilities and current ROPs, with the owner covering water and sewer costs only. A finished basement includes a kitchenette, a half-bath, and laundry space, which the current layout suggests could be converted into a third unit.
The property is located at 422 Manning Boulevard in Albany, New York (12206), in Albany County.
For buyers seeking an owner-occupied rental setup, the configuration supports keeping expenses separated through individual utilities and allows for income continuity, supported by the property’s stated NOI of $52,800. The 1st floor is currently vacant for sale purposes, giving an owner the option to move in, renovate, or prepare for new occupancy. The basement’s existing kitchenette, half-bath, and laundry area also provide a practical foundation to explore an additional-unit concept, subject to required approvals and scope.
The property is located at 422 Manning Boulevard in Albany, New York (12206), in Albany County.
For buyers seeking an owner-occupied rental setup, the configuration supports keeping expenses separated through individual utilities and allows for income continuity, supported by the property’s stated NOI of $52,800. The 1st floor is currently vacant for sale purposes, giving an owner the option to move in, renovate, or prepare for new occupancy. The basement’s existing kitchenette, half-bath, and laundry area also provide a practical foundation to explore an additional-unit concept, subject to required approvals and scope.
Key Highlights
- Well‑maintained two‑family built in 1932 with hardwood, tile, vinyl, and concrete flooring
- Refinished hardwood floors; 2nd floor remodel completed in 2019
- New boilers installed in 2021; heating includes hot water, natural gas, and radiant heat
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
$31,375
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
8.99%
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%
$627,500
$627.5K
Cap Rate 7%
$448,214
$448.2K
Cap Rate 9%
$348,611
$348.6K
Market Conditions
NOI Build-Up for 2,755 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
$47.9K $17.40/SF
− Vacancy
−$3.1K −$1.13/SF
EGI
$44.8K $16.27/SF
− OpEx
−$13.4K −$4.88/SF
NOI
$31.4K $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%
$627,500
Cap Rate 7%
$448,214
Cap Rate 9%
$348,611
Alternative Uses
Best Use
Multifamily LT 5
$448.2K
$392.2K – $522.9K
NOI $31,375 @ 7.0% cap · market cap 8.99%
Second Best
Apartment 5plus
$402.0K
$351.8K – $469.0K
NOI $28,142 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$726.8K
$636.0K – $848.0K
NOI $50,879 @ 7.0% cap · market cap 14.58%
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
1,343
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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 - Well-maintained two-family with separate utilities and current ROPs, plus a 2019 remodel and 2021 boiler replacements.
Where is this duplex located?
The property is located at 422 Manning Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Well‑maintained two‑family built in 1932 with hardwood, tile, vinyl, and concrete flooring; Refinished hardwood floors; 2nd floor remodel completed in 2019; New boilers installed in 2021; heating includes hot water, natural gas, and radiant heat
