Albany Two-Family Investment
For Sale
$274,900
511 Morris Street, Albany, NY 12208
MULTI_FAMILY - Other - Albany, NY
Property Size2,103 SF
Lot Size0.11 Acres
Price / SF$130.72
Days on Market143
Property Features for 511 Morris Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bathroom 2
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Interior features
Built-in Features
Basement
Full
Lot features
Rolling Slope, Cleared
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From Western Ave, turn onto Ontario St, then right onto Morris St. Property is on the right.
Standard status
Active
APN
010100 64.76-1-65
Size
2,103 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
4857
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Hot Water(Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1880
Number of units
2
Flooring type
Laminate, Carpet, Tile - Ceramic
Building materials
Aluminum Siding, Drywall, Vinyl Siding
Roof type
Asphalt, Shingle
Architectural style
Other
Additional Structures
Gazebo
Listing Agency:
Venture Fox Realty Group LLC
(518) 290-1070
Listed By:
Hany Y Ayoub · License #30AY0937221
(518) 429-6966
Added: Mar 11
Changed: Jul 24
Last Checked: Jul 31 at 3:06AM
MLS# 202613146
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 investment property is located in the desirable Pine Hills neighborhood of Albany. Both units are currently occupied by long-term tenants who are interested in renewing their leases. The property includes separate utilities, a large driveway providing ample off-street parking, and a small backyard area. A coin-operated washer and dryer are located in the basement. The second unit has been recently fully renovated, while the first unit has been freshly painted and features refinished floors. The property is situated in a convenient Albany location, close to colleges, hospitals, shopping, and restaurants. The lot size is 0.11 acres and the property size is 2103 square feet.
Key Highlights
- Well‑maintained two‑family property with long‑term tenants in Albany’s Pine Hills neighborhood
- Separate utilities for each unit, plus a large driveway and ample off‑street parking
- Second unit recently fully renovated; first unit freshly painted with refinished floors
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 | $36.6k | $17.40 |
| − Vacancy | −$2.4k | −$1.13 |
| EGI | $34.2k | $16.27 |
| − OpEx | −$10.3k | −$4.88 |
| NOI | $23.9k | $11.39 |
2,103 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$342.1K
$299.4K – $399.2K
NOI $23,950 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$306.9K
$268.5K – $358.0K
NOI $21,482 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$554.8K
$485.5K – $647.3K
NOI $38,838 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,670
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained two-family property in Albany's Pine Hills neighborhood.
Where is this duplex located?
The property is located at 511 Morris Street Albany, NY.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Well‑maintained two‑family property with long‑term tenants in Albany’s Pine Hills neighborhood; Separate utilities for each unit, plus a large driveway and ample off‑street parking; Second unit recently fully renovated; first unit freshly painted with refinished floors
