508 Albany St Utica, NY 13501
Fully remodeled two-unit property with separate utilities, offering flexible occupancy for tenants or an owner-occupant.
- Added:
- Jun 4, 2026
- Days on Market:
- 41
- Last Refresh:
- Jun 6 at 3:48 am
Property Features for 508 Albany St
General Information
- Standard status
- Active
- Size
- 2,000 SF
- Lot size
- 0.17 Acres
- Property subtype
- Multi Family
Building Details
- Year Built
- 1900
Listing office Assist2Sell Buyer's & Seller's 1st Choice (315) 922-4747
Listing date Jun 4, 2026
Source Elliman
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All listing content including descriptions, pricing, images are the copyrighted material of Assist2Sell Buyer's & Seller's 1st Choice
Investment Insights
Based on property information with market context.
The property sits on a 30 x 101 lot and contains nearly 2,000 sq. ft. of living space total, divided evenly between the two units. Bike and walk scores listed for the area are 42 and 48, respectively, indicating a car-dependent setting.
For investors, the updated interiors and independently metered systems help support straightforward operations. For owner-occupants, the vacant second unit provides an option to move in while maintaining a separate unit for rental income.
Key Highlights
- Turnkey two‑unit multifamily in Utica built in 1900 with nearly 2,000 sq ft across two floors
- Each unit has its own furnace and water heater plus 3 separate electric meters for independent utilities
- Unit 1 is tenant‑occupied at $1,300/month with a strong payment history
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $32.4k | $16.20 |
| − Vacancy | −$2.1k | −$1.06 |
| EGI | $30.3k | $15.14 |
| − OpEx | −$13.6k | −$6.81 |
| NOI | $16.6k | $8.32 |
