Two-Family Duplex with Full
For Sale
$349,000
114 Spring Street, Albany, NY 12203
Two residential units with refreshed interiors, natural-gas heat, public utilities, and access to Albany shopping, dining, colleges, and downtown.
Property Size2,352 SF
Price / SF$148.38
Days on Market45
Property Features for 114 Spring Street
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi-Family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,800
Amenities
full basement
Building Details
Year Built
1901
Buildings
1
Listing Agency:
The People's Real Estate Group
(518) 951-5575
Listed By:
Hassan Khan · License #10401319018
(518) 951-5575
Source:
Capmarkrealty
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 31 at 12:46PM
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 The People's Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1901, this two-family duplex contains 2,352 square feet of living space with seven total bedrooms and two full bathrooms. Both units feature recently refreshed interiors, including neutral paint, updated lighting, white trim, and multiple windows that bring natural light into the layouts. A full basement adds substantial supporting space, while forced-air natural gas heat serves the property. Public water and public sewer are in place.
The property is located at 114 Spring Street in Albany, near the Central Avenue and Quail Street corridor. Shopping, dining, Washington Avenue, downtown Albany, local colleges, and other Capital Region destinations are accessible from the property. The two-unit configuration provides a residential income property format with flexibility for an owner-occupant or investor.
The property is located at 114 Spring Street in Albany, near the Central Avenue and Quail Street corridor. Shopping, dining, Washington Avenue, downtown Albany, local colleges, and other Capital Region destinations are accessible from the property. The two-unit configuration provides a residential income property format with flexibility for an owner-occupant or investor.
Key Highlights
- Two‑family duplex with 7 total bedrooms and 2 full bathrooms
- 2,352 sq ft of living space plus a full basement
- Recently refreshed interiors with neutral paint, updated lighting, and white trim
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
$26,785
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
7.67%
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%
$535,700
$535.7K
Cap Rate 7%
$382,643
$382.6K
Cap Rate 9%
$297,611
$297.6K
Market Conditions
NOI Build-Up for 2,352 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
$40.9K $17.40/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$38.3K $16.27/SF
− OpEx
−$11.5K −$4.88/SF
NOI
$26.8K $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%
$535,700
Cap Rate 7%
$382,643
Cap Rate 9%
$297,611
Alternative Uses
Best Use
Multifamily LT 5
$382.6K
$334.8K – $446.4K
NOI $26,785 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$343.2K
$300.3K – $400.4K
NOI $24,025 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$620.5K
$543.0K – $724.0K
NOI $43,437 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
62
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 with refreshed interiors, natural-gas heat, public utilities, and access to Albany shopping, dining, colleges, and downtown.
Where is this duplex located?
The property is located at 114 Spring 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: Two‑family duplex with 7 total bedrooms and 2 full bathrooms; 2,352 sq ft of living space plus a full basement; Recently refreshed interiors with neutral paint, updated lighting, and white trim
