Albany Two-Family Investment
693 State Street Albany, NY 12203
693 State Street, Albany, NY, 12203
$279,900
Pending
For Sale
$279,900
Pending
MULTI_FAMILY - Other - Albany, NY
Property Size2,472 SF
Lot Size0.05 Acres
Days on Market182
Property Features for 693 State Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 2
- Rooms
- Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 3, Bedroom 5, Bedroom 1
- Interior features
- Solid Surface Counters, Paddle Fan, High Speed Internet
- Basement
- Unfinished, Full
- Standard status
- Pending
- APN
- 010100 65.62-3-18
- Size
- 2,472 SF
- Lot size
- 0.05 Acres
Taxes and HOA fees
- Tax Annual Amount
- 4627
Utilities
- Sewer type
- Public Sewer
- Heating system
- Radiant, Natural Gas
- Water source
- Public
Building Details
- Year built
- 1900
- Number of units
- 2
- Flooring type
- Hardwood, Laminate
- Building materials
- Aluminum Siding
- Roof type
- Asphalt
- Architectural style
- Other
Listing agency
Clancy Real Estate
(518) 861-7016
Listed by
Kevin Clancy · License #37CL1081409
(518) 461-9937
Added: Jan 21 Updated: Jun 8 at 4:31PM Checked: Jul 22 at 3:06AM
MLS# 202610882
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 fully rented two-family investment property offers 2,472 square feet of space and generates $2,900 per month in gross rental income with existing leases. Situated in Albany, New York, within a well-established rental area, this property provides immediate cash flow. The property, located at 693 State Street, Albany, NY 12203, is positioned as a straightforward acquisition for investors seeking stabilized income. The lot size is 0.05 acres. It is being sold in as-is condition and is presented as a strong addition to long-term or value-focused investment strategies.
Key Highlights
- Fully rented 2,472 SF two‑family property with leases in place
- Gross rental income of $2,900/month
- Public water and public sewer
Local Financial Insights For Apartment 5plus
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 | $48.9k | $19.80 |
| − Vacancy | −$3.0k | −$1.23 |
| EGI | $45.9k | $18.57 |
| − OpEx | −$20.7k | −$8.36 |
| NOI | $25.3k | $10.21 |
2,472 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Multifamily LT 5
$402.2K
$351.9K – $469.2K
NOI $28,152 @ 7.0% cap · market cap 10.06%
Second Best
Apartment 5plus
$360.7K
$315.6K – $420.9K
NOI $25,251 @ 7.0% cap · market cap 9.02%
Theoretical Best
Office A
$652.2K
$570.7K – $760.9K
NOI $45,653 @ 7.0% cap · market cap 16.31%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Fully rented two-family property producing $2,900/month gross income.
Where is this duplex located?
The property is located at 693 State Street Albany, NY.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Fully rented 2,472 SF two‑family property with leases in place; Gross rental income of $2,900/month; Public water and public sewer
