Two-Unit Home with Student
For Sale
Under Contract
$339,900
81 N Allen Street, Albany, NY 12203
MultiFamily, Albany, NY
Property Size2,166 SF
Lot Size0.09 Acres
Price / SF$156.93
Days on Market28
Property Features for 81 N Allen Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Laundry Room, Bedroom 2, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1
Patio and Porch features
Porch
Basement
Unfinished, Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Head west on Washington Avenue. Continue for about 2 miles. Turn right onto North Allen Street. Continue about 0.2 miles. 81 N. Allen Street will be on your left, between Western Avenue and Washington Avenue, near Lancaster Street.
Standard status
Active Under Contract
APN
010100 64.51-3-63
Size
2,166 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
9620
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Radiant, Natural Gas
Water source
Public
Amenities
laundry room
backyard
Building Details
Year built
1900
Number of units
2
Flooring type
Hardwood, Vinyl, Tile - Ceramic, Wood, Laminate
Building materials
Block
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Jeury Lugo · License #10401347643
(518) 335-1032
Added: Aug 7
Changed: Aug 29
Last Checked: Sep 3 at 4:06PM
MLS# 202623558
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 2,166-square-foot duplex on a 0.09-acre parcel dates to 1900 and contains two distinct residential units. The first floor has two bedrooms, an oversized bathroom with travertine tile, plank flooring, and an eat-in kitchen with granite tile counters and a center island; it is currently occupied by students. The upper residence extends across two floors with four bedrooms and a den, along with hardwood, ceramic tile, and plank flooring, an eat-in kitchen, full bath, and storage areas.
A basement laundry room provides washer and dryer hookups, while the property also includes a backyard and porch. Public water and public sewer serve the home, with natural gas hot-water radiant heating, an asphalt roof, and block construction. The Albany location places the property near colleges and universities, hospitals, restaurants, shopping, parks, and downtown.
A basement laundry room provides washer and dryer hookups, while the property also includes a backyard and porch. Public water and public sewer serve the home, with natural gas hot-water radiant heating, an asphalt roof, and block construction. The Albany location places the property near colleges and universities, hospitals, restaurants, shopping, parks, and downtown.
Key Highlights
- 2,166‑square‑foot duplex on a 0.09‑acre parcel
- First‑floor unit includes 2 bedrooms and is currently rented to students
- Upper unit spans 2 floors with 4 bedrooms plus a den
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
$24,667
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
7.26%
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%
$493,340
$493.3K
Cap Rate 7%
$352,386
$352.4K
Cap Rate 9%
$274,078
$274.1K
Market Conditions
NOI Build-Up for 2,166 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
$37.7K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$35.2K $16.27/SF
− OpEx
−$10.6K −$4.88/SF
NOI
$24.7K $11.39/SF
Area
Albany, NY
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$493,340
Cap Rate 7%
$352,386
Cap Rate 9%
$274,078
Alternative Uses
Best Use
Multifamily LT 5
$352.4K
$308.3K – $411.1K
NOI $24,667 @ 7.0% cap · market cap 7.26%
Second Best
Apartment 5plus
$316.1K
$276.6K – $368.8K
NOI $22,125 @ 7.0% cap · market cap 6.51%
Theoretical Best
Office A
$571.5K
$500.0K – $666.7K
NOI $40,002 @ 7.0% cap · market cap 11.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,041
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 - Two residential units include a six-bedroom upper layout, updated finishes, basement laundry connections, and a backyard.
Where is this duplex located?
The property is located at 81 N Allen Street Albany, NY.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 2,166‑square‑foot duplex on a 0.09‑acre parcel; First‑floor unit includes 2 bedrooms and is currently rented to students; Upper unit spans 2 floors with 4 bedrooms plus a den
