508 Albany Street Utica, NY 13501
MULTI_FAMILY - Utica, NY
- Added:
- Jun 3, 2026
- Days on Market:
- 42
- Last Refresh:
- Jul 14 at 11:06 am
Property Features for 508 Albany Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 4
- Rooms
- Bathroom 4, Bedroom 2, Bedroom 3, Basement, Bedroom 1, Bathroom 1, Bedroom 6, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 5
- Parking features
- Driveway, On Street
- Appliances
- ElectricWaterHeater
- Standard status
- Active
- APN
- 301600-319-053-0001-014-000-0000
- Size
- 1,966 SF
- Lot size
- 0.07 Acres
Taxes and HOA fees
- Tax Annual Amount
- 1543
Utilities
- Heating system
- Other (Heating), Hot Water(Heating), Natural Gas, Forced Air, Baseboard
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Vinyl, Varies, Tile
- Building materials
- BlownInInsulation, VinylSiding
Listing agent Khai Vuong License #10401387938 (315) 922-4747
Listing office Assist2Sell Buyers & Sellers 1st Choice 2704 Genesee St, Utica, NY (315) 735-9244
Listing date Jun 3, 2026
Copyright © 2026 New York State Alliance of MLSs, LLC. 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.
The building sits on a 30 x 101 lot at 508 Albany Street in Utica, NY (Oneida County). There is a clean basement and backyard space that the seller will deliver at closing. Separate electric metering is in place, with three electric meters serving the property.
For buyers and operators, the appeal is the combination of updated interiors and practical separation of services, since both units have individual furnaces and water heaters and are served with separate electric metering. With one unit already occupied and the second unit available, the property supports flexible use—either continuing as an income-producing duplex or transitioning to owner occupancy with rental of the other unit.
Key Highlights
- Two‑unit multifamily in Utica with nearly 2,000 sq ft across two floors (983 sq ft per unit)
- Completely updated units with new kitchens, tiled bathrooms, and vinyl flooring throughout
- Unit 1 is tenant‑occupied at $1,300/month with a strong payment history; Unit 2 is vacant (3 beds, 1.5 bath)
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 | $27.1k | $13.80 |
| − Vacancy | −$1.7k | −$0.86 |
| EGI | $25.4k | $12.94 |
| − OpEx | −$7.6k | −$3.88 |
| NOI | $17.8k | $9.06 |
