507 Central Avenue Albany, NY 12206
MULTI_FAMILY - Albany, NY
- Added:
- May 13, 2026
- Days on Market:
- 61
- Last Refresh:
- Jul 12 at 10:06 pm
Property Features for 507 Central Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 7
- Bathrooms
- 2
- Rooms
- Bedroom 5, Bedroom 4, Bedroom 6, Bedroom 2, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 7, Bedroom 3
- Standard status
- Pending
- Size
- 2,100 SF
- Lot size
- 0.04 Acres
Utilities
- Heating system
- Electric (Heating), Baseboard
- Water source
- Public
Building Details
- Year built
- 1925
- Floors in Building
- 2
- Roof type
- Asphalt
Listing agent Joseph Cardinale License #10401290174
Listing office HOWARD HANNA CAPITAL INC 1547 RTE 9, CLIFTON PARK, NY (518) 371-4500
Listing date May 13, 2026
Copyright © 2026 My State MLS. 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.
Located at 507 Central Avenue in Albany, NY, the property is described as being convenient to downtown Albany, shopping, restaurants, parks, public transportation, and major highways. It is also within the Albany School District. The duplex is positioned on a small lot and is presented as an income-producing residential investment with flexible tenancy terms.
Each unit has separate electric and gas utilities, supporting independent occupancy and easier unit-level management. The listing is offered for sale as both an investment opportunity and an owner-occupy option, with month-to-month rental flexibility called out in the remarks. The current presentation also notes an estimated cap rate over 14%, based on information provided with the listing.
Key Highlights
- Completely remodeled 2‑unit duplex in the Albany School District with separate units on the 1st and 2nd floors
- 1st‑floor unit: 4 bedrooms, 1 bathroom with a full kitchen and a formal dining room
- 2nd‑floor unit: 3 bedrooms, 1 bathroom with a full kitchen
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.5k | $17.40 |
| − Vacancy | −$2.4k | −$1.13 |
| EGI | $34.2k | $16.27 |
| − OpEx | −$10.2k | −$4.88 |
| NOI | $23.9k | $11.39 |
