Two-Family Duplex with Basement
For Sale
$599,000
Pending
1 Dowling Road, Albany, NY 12205
MultiFamily, Albany, NY
Property Size2,480 SF
Lot Size0.45 Acres
Days on Market55
Property Features for 1 Dowling Road
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 2, Laundry Room, Bathroom 1, Bathroom 3, Bedroom 4, Bathroom 4, Bathroom 2, Bedroom 6, Bedroom 1, Bedroom 3, Bedroom 5
Parking
8
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Interior features
Paddle Fan, High Speed Internet
Basement
Finished, Walk-Out Access, Full
Lot features
Level
Elementary school
Shaker Road ES
High school
Colonie Central HS
Elementary school district
South Colonie
Middle school district
South Colonie
High school district
South Colonie
Directions
Sand Creek rRd to Wilkins, right onto Dowling Rd.
Standard status
Pending
APN
012689 53.8-6-12
Size
2,480 SF
Lot size
0.45 Acres
Taxes and HOA fees
Tax Annual Amount
6643
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
enclosed front porch
basement recreation space
large yard
Building Details
Year built
1950
Number of units
2
Flooring type
Carpet, Vinyl, Laminate, Hardwood
Building materials
Aluminum Siding, Brick
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Caitlin C Montalvo · License #10301215773
(518) 944-8228
Added: Aug 12
Changed: Sep 12
Last Checked: Oct 5 at 8:06AM
MLS# 202623879
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 2,480 square feet and was built in 1950. Each residence includes three bedrooms, 1.5 bathrooms, a generous living room, and an eat-in kitchen. Basement recreation areas with egress add usable space to both units, while enclosed front porches provide additional covered areas. Aluminum siding, mixed flooring, forced-air natural gas heat, and public water and sewer serve the property.
The 0.45-acre corner parcel includes substantial side and rear yard areas. Separate driveways provide off-street parking for each unit, and the property is located in Albany, NY. Multi Residence zoning supports the existing duplex configuration.
The 0.45-acre corner parcel includes substantial side and rear yard areas. Separate driveways provide off-street parking for each unit, and the property is located in Albany, NY. Multi Residence zoning supports the existing duplex configuration.
Key Highlights
- Two‑family duplex with 2,480 square feet of building area
- Each unit offers 3 bedrooms, 1.5 bathrooms, a living room, and an eat‑in kitchen
- Both basements include recreational space with egress
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
$28,243
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
4.72%
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%
$564,860
$564.9K
Cap Rate 7%
$403,471
$403.5K
Cap Rate 9%
$313,811
$313.8K
Market Conditions
NOI Build-Up for 2,480 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
$43.2K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.3K $16.27/SF
− OpEx
−$12.1K −$4.88/SF
NOI
$28.2K $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%
$564,860
Cap Rate 7%
$403,471
Cap Rate 9%
$313,811
Alternative Uses
Best Use
Multifamily LT 5
$403.5K
$353.0K – $470.7K
NOI $28,243 @ 7.0% cap · market cap 4.72%
Second Best
Apartment 5plus
$361.9K
$316.7K – $422.2K
NOI $25,333 @ 7.0% cap · market cap 4.23%
Theoretical Best
Office A
$654.3K
$572.5K – $763.4K
NOI $45,801 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
680
Businesses Nearby
Explore this area
Business Placement
Demographics for 12205, NY
27,168
Population
12,061
Households
2.3
Avg Household Size
45
Median Age
36%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
1,764
Density / Sq Mi
$89,270
Median Household Income
$54,184
Median Earnings
$1,405
Median Rent
$264,200
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
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Frequently Asked Questions
What type of property is this?
Duplex - Corner-lot duplex with separate driveways, outdoor areas, and flexible lower-level recreation space.
Where is this duplex located?
The property is located at 1 Dowling Road Albany, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Two‑family duplex with 2,480 square feet of building area; Each unit offers 3 bedrooms, 1.5 bathrooms, a living room, and an eat‑in kitchen; Both basements include recreational space with egress
