Two-Family Duplex with Flexible Living
For Sale
$349,000
106 Clermont Street, Albany, NY 12203
Owner-occupant or investment property with separate living areas, outdoor space, and recent major-system updates.
Property Size2,154 SF
Price / SF$162.02
Days on Market11
Property Features for 106 Clermont Street
General Information
Standard status
Active
Size
2,154 SF
Property subtype
Multi-family
Occupancy
100%
Units
Unit Mix
1 x 3BR/2BA, 1 x 2BR/1BA
Multifamily Units
2
Amenities
Trex deck
Building Details
Year Built
1931
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
Empire Real Estate Firm LLC
Listed By:
Jill Greaux
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Sep 14
Changed: Sep 23
Last Checked: Sep 22 at 5:40PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Empire Real Estate Firm LLC
Investment Insights
Based on property information with market context.
This two-family duplex includes a first-floor residence with 3 bedrooms, 2 full baths, an open layout, a large kitchen and dining area, and hardwood flooring. Its third bedroom has a private full bath, kitchenette, and separate interior and exterior entrances, creating adaptable space within the unit. The second-floor apartment offers 2 bedrooms, 1 full bath, and a compact office or flex area.
Built in 1931, the property has a roof approximately 10 years old, boilers approximately 5 years old, and hot water heaters approximately 5 years old. A rear Trex deck provides outdoor space. The home is located at 106 Clermont St in Albany’s Melrose neighborhood, and renewed ROPs were issued in August. The separate units support either owner occupancy with additional rental income or continued use as a two-unit rental property.
Built in 1931, the property has a roof approximately 10 years old, boilers approximately 5 years old, and hot water heaters approximately 5 years old. A rear Trex deck provides outdoor space. The home is located at 106 Clermont St in Albany’s Melrose neighborhood, and renewed ROPs were issued in August. The separate units support either owner occupancy with additional rental income or continued use as a two-unit rental property.
Key Highlights
- First‑floor unit with 3 bedrooms, 2 full baths, open floor plan, large kitchen, dining room, and hardwood floors
- Private third bedroom includes a full bathroom, kitchenette, and interior and exterior entrances
- Second‑floor unit offers 2 bedrooms, 1 full bath, and office/flex space
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
$24,530
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
7.03%
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%
$490,600
$490.6K
Cap Rate 7%
$350,429
$350.4K
Cap Rate 9%
$272,556
$272.6K
Market Conditions
NOI Build-Up for 2,154 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
$37.5K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$35.0K $16.27/SF
− OpEx
−$10.5K −$4.88/SF
NOI
$24.5K $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%
$490,600
Cap Rate 7%
$350,429
Cap Rate 9%
$272,556
Alternative Uses
Best Use
Multifamily LT 5
$350.4K
$306.6K – $408.8K
NOI $24,530 @ 7.0% cap · market cap 7.03%
Second Best
Apartment 5plus
$314.3K
$275.0K – $366.7K
NOI $22,003 @ 7.0% cap · market cap 6.30%
Theoretical Best
Office A
$568.3K
$497.3K – $663.0K
NOI $39,780 @ 7.0% cap · market cap 11.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
809
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
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Owner-occupant or investment property with separate living areas, outdoor space, and recent major-system updates.
Where is this duplex located?
The property is located at 106 Clermont Street Albany, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: First‑floor unit with 3 bedrooms, 2 full baths, open floor plan, large kitchen, dining room, and hardwood floors; Private third bedroom includes a full bathroom, kitchenette, and interior and exterior entrances; Second‑floor unit offers 2 bedrooms, 1 full bath, and office/flex space
