Two-Unit Duplex with Separate
For Sale
$300,000
Pending
698 Central Avenue, Albany, NY 12206
MultiFamily, Albany, NY
Property Size2,568 SF
Lot Size0.11 Acres
Days on Market50
Property Features for 698 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Parking
3
Parking features
Driveway
Window features
Aluminum Frames, Screens, Storm Window(s)
Patio and Porch features
Deck, Porch
Fencing
Chain Link
Basement
Interior Entry, Unfinished, Full
View
City
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Take I-90 to Exit 5 for Everett Road, head south, and turn onto Central Avenue (Route 5). Property will be on your right.
Standard status
Pending
APN
010100 64.28-1-50
Size
2,568 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
6531
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Radiant, Hot Water(Heating)
Water source
Public
Building Details
Year built
1915
Number of units
2
Flooring type
Carpet, Hardwood
Building materials
Aluminum Siding
Roof type
Slate
Architectural style
Other
Listing Agency:
Kellie Kieley Realty LLC
(518) 225-0454
Listed By:
Bethany R Losito · License #10401388050
(518) 852-4825
Added: Jul 27
Changed: Sep 12
Last Checked: Sep 14 at 1:06PM
MLS# 202622722
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.
Built in 1915, this duplex contains two separate three-bedroom apartments within approximately 2,568 square feet. Each residence includes a living room, kitchen, and full bathroom, with separate utility service for the units. Interior finishes include carpet and hardwood flooring, while the exterior features aluminum siding and a slate roof.
The property occupies a 0.11-acre lot at 698 Central Avenue in Albany, NY 12206. Outdoor features include a deck, porch, chain-link fencing, and a driveway. Public water and public sewer serve the property, and cable service is available.
The property occupies a 0.11-acre lot at 698 Central Avenue in Albany, NY 12206. Outdoor features include a deck, porch, chain-link fencing, and a driveway. Public water and public sewer serve the property, and cable service is available.
Key Highlights
- Two‑unit duplex with approximately 2,568 square feet
- Two three‑bedroom apartments, each with a living room, kitchen, and full bathroom
- Separate utilities for each apartment
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
$26,232
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
8.74%
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%
$524,640
$524.6K
Cap Rate 7%
$374,743
$374.7K
Cap Rate 9%
$291,467
$291.5K
Market Conditions
NOI Build-Up for 2,568 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
$50.8K $19.80/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$47.7K $18.57/SF
− OpEx
−$21.5K −$8.36/SF
NOI
$26.2K $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%
$524,640
Cap Rate 7%
$374,743
Cap Rate 9%
$291,467
Alternative Uses
Best Use
Multifamily LT 5
$417.8K
$365.6K – $487.4K
NOI $29,245 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$374.7K
$327.9K – $437.2K
NOI $26,232 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$677.5K
$592.8K – $790.4K
NOI $47,426 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two three-bedroom apartments with individual utilities, public services, and driveway parking.
Where is this duplex located?
The property is located at 698 Central Avenue Albany, NY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 2,568 square feet; Two three‑bedroom apartments, each with a living room, kitchen, and full bathroom; Separate utilities for each apartment
