Albany Two-Family Investment
511 Morris Street, Albany, NY 12208
MULTI_FAMILY - Other - Albany, NY
Property size:
2,103 SFLot size:
0.11 AcresPrice / SF:
$130/SF- Added:
- Mar 11, 2026
- Days on Market:
- 73
- Last Refresh:
- May 22 at 1:06 am
Property Features for 511 Morris Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 2
- Rooms
- Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 3
- Parking features
- Driveway, Off Street
- Patio and Porch features
- Porch
- Interior features
- Built-in Features
- Basement
- Full
- 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
- Hot Water(Heating), Baseboard
- Cooling system
- Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1880
- Number of units
- 2
- Flooring type
- Carpet, Tile - Ceramic, Laminate
- Building materials
- Aluminum Siding, Drywall, Vinyl Siding
- Roof type
- Asphalt, Shingle
- Architectural style
- Other
- Additional Structures
- Gazebo
Listing agent Hany Y Ayoub License #30AY0937221 (518) 429-6966
Listing office Venture Fox Realty Group LLC 2390 Western Ave, Guilderland, NY (518) 290-1070
Listing date Mar 11, 2026
MLS# 202613146
Listing URL
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.
HighLights
- Well‑maintained two‑family investment property in the desirable Pine Hills neighborhood.
- Both units currently have long‑term tenants who would like to renew their leases.
- Separate utilities for each unit.
- Recently renovated second unit and freshly painted first unit with refinished floors.
- Large driveway with ample off‑street parking.
- Convenient location close to colleges, hospitals, shopping, and restaurants.
Overview
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.
Financial Insights
Value Estimation Calculated for Multifamily LT 5
Conservative
$266.1K
NOI $23,950 @ 9.00% cap · cautious / downside scenario
Moderate
$342.1K
NOI $23,950 @ 7.00% cap · market / base-case scenario
Aggressive
$479.0K
NOI $23,950 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
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.
Calculated for Multifamily LT 5
| 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 Use Scenarios
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 local authorities.
Property Profile
Insight Report
Location Intelligence
Current Use by Public Records
Duplexes
Location Insight
- Map
- Local Demand
- City
- Albany
- County
- Albany
- State
- New York
- Longitude
- -73.784212
- Latitude
- 42.660351
Nearby Similar for Sale
FAQs
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 investment property in the desirable Pine Hills neighborhood.; Both units currently have long‑term tenants who would like to renew their leases.; Separate utilities for each unit.
