Two-Unit Duplex with Hardwood
For Sale
$215,000
1243 Broadway, Menands, NY 12204
Both residences include full kitchens, laundry facilities, and newer boiler and hot water equipment.
Property Size1,840 SF
Price / SF$116.85
Days on Market158
Property Features for 1243 Broadway
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Multi Family / Duplex
Additional Details
Public Transit
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,031
Amenities
Rubber
None, No
Baseboard, Hot Water, Natural Gas, Yes
Full, Walk-Out Access
Vinyl, Hardwood
Paddle Fan, High Speed Internet
Yes
Vinyl Siding
Main Level, Upper Level
Other
Deck
Building Details
Year Built
1915
Buildings
1
Listing Agency:
Miranda Real Estate Group, Inc
(518) 852-2006
Listed By:
Melissa Matey · License #10301216403
(518) 852-2006
Source:
Compass
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 1:00PM
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 Miranda Real Estate Group, Inc
Investment Insights
Based on property information with market context.
This two-family duplex contains 1840 square feet across two residential units, with hardwood flooring, fully equipped kitchens, and laundry facilities in each residence. The property has baseboard and hot-water heating powered by natural gas, along with a newer boiler and newer hot water tanks. Vinyl siding, a deck, and a full walk-out area add to the physical improvements. Built in 1915, the home is configured for either investment ownership or an owner-occupant arrangement.
The property is located at 1243 Broadway in Menands, with a bus stop at North Albany Station-Broadway nearby. Local dining, shops, entertainment, and The Whistling Kettle Tea Bar are identified as being close to the property, while the surrounding area provides access to downtown amenities.
The property is located at 1243 Broadway in Menands, with a bus stop at North Albany Station-Broadway nearby. Local dining, shops, entertainment, and The Whistling Kettle Tea Bar are identified as being close to the property, while the surrounding area provides access to downtown amenities.
Key Highlights
- Two residential units within 1840 square feet
- Hardwood flooring throughout the home
- Fully applianced kitchen and laundry in each unit
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
$18,795
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
8.74%
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%
$375,900
$375.9K
Cap Rate 7%
$268,500
$268.5K
Cap Rate 9%
$208,833
$208.8K
Market Conditions
NOI Build-Up for 1,840 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
$36.4K $19.80/SF
− Vacancy
−$2.3K −$1.23/SF
EGI
$34.2K $18.57/SF
− OpEx
−$15.4K −$8.36/SF
NOI
$18.8K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$375,900
Cap Rate 7%
$268,500
Cap Rate 9%
$208,833
Alternative Uses
Best Use
Multifamily LT 5
$299.3K
$261.9K – $349.2K
NOI $20,954 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$268.5K
$234.9K – $313.3K
NOI $18,795 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$485.4K
$424.8K – $566.4K
NOI $33,981 @ 7.0% cap · market cap 15.81%
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
402
Businesses Nearby
Explore this area
Business Placement
Demographics for 12204, NY
7,818
Population
4,290
Households
1.8
Avg Household Size
37
Median Age
39%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
1,907
Density / Sq Mi
$75,197
Median Household Income
$48,911
Median Earnings
$1,294
Median Rent
$226,300
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 - Both residences include full kitchens, laundry facilities, and newer boiler and hot water equipment.
Where is this duplex located?
The property is located at 1243 Broadway Menands, NY.
What is the asking price?
The asking price for this property is $215,000.
What are key features of this property?
This property features: Two residential units within 1840 square feet; Hardwood flooring throughout the home; Fully applianced kitchen and laundry in each unit
