Corner-Lot
New
For Sale
$599,000
1 Dowling Road, Albany, NY 12205
MULTI_FAMILY - Other - Albany, NY
Property Size2,480 SF
Lot Size0.45 Acres
Price / SF$241.53
Days on Market2
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 1, Bedroom 6, Bathroom 2, Laundry Room, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3, Bedroom 3, Bathroom 1
Parking
8
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Interior features
Paddle Fan, High Speed Internet
Basement
Walk-Out Access, Full, Finished
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
Active
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
Building Details
Year built
1950
Number of units
2
Flooring type
Laminate, Vinyl, Carpet, 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
Last Checked: Aug 13 at 2:06PM
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.
Located at 1 Dowling Road, this two-family duplex contains 2480 square feet on a 0.45-acre corner lot. Each unit offers three bedrooms, a spacious living room, a large eat-in kitchen, and an enclosed front porch. Basement recreation areas with egress provide additional usable space for both residences.
The property includes expanded driveways serving each side, along with off-street parking. Public water and public sewer support the building, while natural-gas forced-air heat serves the interior. Construction includes aluminum siding and brick, with laminate, vinyl, carpet, and hardwood flooring across the units. Built in 1950, the property is zoned Multi Residence and is near shopping, dining, major roadways, and everyday amenities.
The property includes expanded driveways serving each side, along with off-street parking. Public water and public sewer support the building, while natural-gas forced-air heat serves the interior. Construction includes aluminum siding and brick, with laminate, vinyl, carpet, and hardwood flooring across the units. Built in 1950, the property is zoned Multi Residence and is near shopping, dining, major roadways, and everyday amenities.
Key Highlights
- 2480 square feet on a 0.45‑acre corner lot
- Two units, each with three bedrooms and a large eat‑in kitchen
- Basement recreation areas with egress in both units
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
Property Profile
Current Use
Lease Details
2
Residential units
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
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 units include eat-in kitchens, basement recreation areas, and enclosed front porches.
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: 2480 square feet on a 0.45‑acre corner lot; Two units, each with three bedrooms and a large eat‑in kitchen; Basement recreation areas with egress in both units
