Duplex on Double
For Sale
$250,000
97 3rd Avenue, Albany, NY 12202
MultiFamily, Albany, NY
Property Size1,540 SF
Lot Size0.12 Acres
Price / SF$162.34
Days on Market56
Property Features for 97 3rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Basement
Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Start at Albany City Hall, 24 Eagle Street. Head south on Eagle Street toward Howard Street. Turn left onto Madison Avenue. Continue for approximately 0.3 miles. Turn right onto South Pearl Street
Standard status
Active
APN
010100 76.64-2-65
Size
1,540 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
1480
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Building Details
Year built
1900
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Revision Real Estate
(518) 438-2221
Listed By:
Jerome P Newkirk · License #10371200504
(518) 229-0366
Added: Jul 21
Changed: Sep 12
Last Checked: Sep 14 at 2:06PM
MLS# 202622293
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.
Located at 97 3rd Avenue, this occupied duplex contains 1,540 square feet on a 0.12-acre double lot. Built in 1900, the property features vinyl siding, natural gas heating, and public sewer service. The room schedule includes five bedrooms and three bathrooms, supporting a two-unit residential configuration.
The property is in Albany near Downtown Albany, the New York State Capitol, Empire State Plaza, and state office buildings. I-787, I-90, and the New York State Thruway provide regional access, while restaurants, shopping, parks, schools, entertainment, and public transportation are also nearby. Multi Residence zoning supports the existing residential use.
The property is in Albany near Downtown Albany, the New York State Capitol, Empire State Plaza, and state office buildings. I-787, I-90, and the New York State Thruway provide regional access, while restaurants, shopping, parks, schools, entertainment, and public transportation are also nearby. Multi Residence zoning supports the existing residential use.
Key Highlights
- Two‑family duplex with 1,540 square feet
- 0.12‑acre double lot
- Multi Residence zoning
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
$17,538
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
7.02%
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%
$350,760
$350.8K
Cap Rate 7%
$250,543
$250.5K
Cap Rate 9%
$194,867
$194.9K
Market Conditions
NOI Build-Up for 1,540 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
$26.8K $17.40/SF
− Vacancy
−$1.7K −$1.13/SF
EGI
$25.1K $16.27/SF
− OpEx
−$7.5K −$4.88/SF
NOI
$17.5K $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%
$350,760
Cap Rate 7%
$250,543
Cap Rate 9%
$194,867
Alternative Uses
Best Use
Multifamily LT 5
$250.5K
$219.2K – $292.3K
NOI $17,538 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$224.7K
$196.6K – $262.2K
NOI $15,731 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$406.3K
$355.5K – $474.0K
NOI $28,441 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
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 - Occupied two-unit property with Multi Residence zoning and public sewer.
Where is this duplex located?
The property is located at 97 3rd Avenue Albany, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑family duplex with 1,540 square feet; 0.12‑acre double lot; Multi Residence zoning
