Renovated Two-Family
New
For Sale
$274,900
647 State Street, Albany, NY 12203
MultiFamily, Albany, NY
Property Size2,228 SF
Lot Size0.05 Acres
Price / SF$123.38
Days on Market2
Property Features for 647 State Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 7, Bedroom 1, Bedroom 5, Bedroom 6
Basement
Full
Lot features
Cul-De-Sac
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Western Ave to Cortland Pl to State St
Standard status
Active
APN
010100 65.62-3-43
Size
2,228 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5975
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
laundry in basement
Building Details
Year built
1900
Number of units
2
Flooring type
Wood, Vinyl
Building materials
Wood Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
Madison Park Real Estate
(518) 281-5336
Listed By:
Shane Mahar · License #10491207239
(518) 281-5336
Added: Aug 21
Last Checked: Aug 22 at 10:06AM
MLS# 202624509
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 two-family duplex contains 2,228 square feet with a 4-bedroom, 1-bathroom upper unit and a 3-bedroom, 1-bathroom lower unit. The property was renovated in 2018 and is currently occupied by long-term tenants. Separate utilities serve each unit, while basement laundry and a small backyard add practical residential features.
Built in 1900, the home has wood siding, wood and vinyl flooring, a rubber roof, hot-water heating, and natural gas service. Public water and public sewer are in place. The property is located at 647 State Street in Albany, across from a church; on-street parking is readily available in that setting.
Built in 1900, the home has wood siding, wood and vinyl flooring, a rubber roof, hot-water heating, and natural gas service. Public water and public sewer are in place. The property is located at 647 State Street in Albany, across from a church; on-street parking is readily available in that setting.
Key Highlights
- 2,228‑square‑foot duplex with 4 bedrooms upstairs and 3 bedrooms downstairs
- Each unit includes 1 bathroom
- Renovated in 2018 and currently occupied by long‑term tenants
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
$22,759
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
8.28%
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%
$455,180
$455.2K
Cap Rate 7%
$325,129
$325.1K
Cap Rate 9%
$252,878
$252.9K
Market Conditions
NOI Build-Up for 2,228 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
$44.1K $19.80/SF
− Vacancy
−$2.7K −$1.23/SF
EGI
$41.4K $18.57/SF
− OpEx
−$18.6K −$8.36/SF
NOI
$22.8K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$455,180
Cap Rate 7%
$325,129
Cap Rate 9%
$252,878
Alternative Uses
Best Use
Multifamily LT 5
$362.5K
$317.2K – $422.9K
NOI $25,373 @ 7.0% cap · market cap 9.23%
Second Best
Apartment 5plus
$325.1K
$284.5K – $379.3K
NOI $22,759 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$587.8K
$514.3K – $685.8K
NOI $41,147 @ 7.0% cap · market cap 14.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
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 - Rented two-family property with separate utilities, basement laundry, and a small backyard.
Where is this duplex located?
The property is located at 647 State 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: 2,228‑square‑foot duplex with 4 bedrooms upstairs and 3 bedrooms downstairs; Each unit includes 1 bathroom; Renovated in 2018 and currently occupied by long‑term tenants
