Two-Unit Duplex with Fenced
For Sale
$349,900
1 N Manning Boulevard, Albany, NY 12206
Well-maintained duplex with updated interiors, enclosed porches, basement storage, and an established rental setup.
Property Size2,836 SF
Price / SF$123.38
Days on Market30
Property Features for 1 N Manning Boulevard
General Information
Standard status
Active
Size
2,836 SF
Property subtype
Multi-Family
Taxes and HOA fees
Annual Taxes
$4,602
Building Details
Year Built
1890
Listing Agency:
Realty One Group Key
Listed By:
Medaiszjah Sims · License #10401350106
(518) 417-0397
Source:
Capmarkrealty
Added: Aug 22
Changed: Sep 6
Last Checked: Sep 20 at 5:41AM
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 Realty One Group Key
Investment Insights
Based on property information with market context.
This two-unit residential property contains 2,836 square feet and offers a total of 5 bedrooms and 2 baths. Each unit includes a living room, dining area, and enclosed front porch. The second floor adds an alcove, a primary bedroom with walk-in closet, and the first floor includes a flexible room that can serve as a fourth bedroom or bonus space. Fresh paint and new flooring are featured throughout the home.
A clean, dry basement provides storage and washer/dryer hookups, while the fenced backyard adds secured outdoor space. Built in 1890, the property is located at 1 N Manning Boulevard in Albany, NY 12206. Section 8 tenants are in place and paying market rents.
A clean, dry basement provides storage and washer/dryer hookups, while the fenced backyard adds secured outdoor space. Built in 1890, the property is located at 1 N Manning Boulevard in Albany, NY 12206. Section 8 tenants are in place and paying market rents.
Key Highlights
- Two‑unit property with 2,836 square feet
- 5 bedrooms and 2 baths
- Living room, dining area, and enclosed front porch 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
$28,969
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
8.28%
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%
$579,380
$579.4K
Cap Rate 7%
$413,843
$413.8K
Cap Rate 9%
$321,878
$321.9K
Market Conditions
NOI Build-Up for 2,836 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
$56.2K $19.80/SF
− Vacancy
−$3.5K −$1.23/SF
EGI
$52.7K $18.57/SF
− OpEx
−$23.7K −$8.36/SF
NOI
$29.0K $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%
$579,380
Cap Rate 7%
$413,843
Cap Rate 9%
$321,878
Alternative Uses
Best Use
Multifamily LT 5
$461.4K
$403.7K – $538.3K
NOI $32,297 @ 7.0% cap · market cap 9.23%
Second Best
Apartment 5plus
$413.8K
$362.1K – $482.8K
NOI $28,969 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$748.2K
$654.7K – $872.9K
NOI $52,375 @ 7.0% cap · market cap 14.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Well-maintained duplex with updated interiors, enclosed porches, basement storage, and an established rental setup.
Where is this duplex located?
The property is located at 1 N Manning Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Two‑unit property with 2,836 square feet; 5 bedrooms and 2 baths; Living room, dining area, and enclosed front porch in each unit
