Remodeled Two-Unit
New
For Sale
$499,000
347 Hudson Ave, Albany, NY 12210
Separate utilities, on-site laundry, and a fenced yard support the property’s residential income use.
Property Size2,610 SF
Price / SF$191.19
Days on Market4
Property Features for 347 Hudson Ave
General Information
Standard status
Active
Size
2,610 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
double porches
on-site laundry room
fenced yard
Building Details
Year Built
1851
Buildings
1
Stories
2
Construction
brick row house
Listing Agency:
Tier One Real Estate Pros LLC
(518) 861-7016
Listed By:
Clancy Real Estate, Inc · License #10491203035
(518) 861-7016
Source:
Clancyrealestate
Added: Aug 28
Changed: Aug 29
Last Checked: Aug 30 at 4:17PM
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 Tier One Real Estate Pros LLC
Investment Insights
Based on property information with market context.
Built in 1851, this two-story duplex occupies a four-bay-wide brick row house with double porches featuring wooden lattice detailing. Each unit offers more than 1,300 square feet, and both have been recently remodeled. Plumbing and electrical systems were replaced in 2009. The property also includes an on-site laundry room, fenced yard, and separate utilities for the units.
Located at 347 Hudson Ave in Albany’s Center Square/Hudson Park neighborhood, the property is walkable to the Lark St corridor, Washington Park, Albany Medical Center, downtown state and legislative buildings, Albany Law, and SUNY. Coffee shops, breweries, galleries, boutiques, shopping, nightlife, and restaurants are also identified nearby. The property is currently producing income.
Located at 347 Hudson Ave in Albany’s Center Square/Hudson Park neighborhood, the property is walkable to the Lark St corridor, Washington Park, Albany Medical Center, downtown state and legislative buildings, Albany Law, and SUNY. Coffee shops, breweries, galleries, boutiques, shopping, nightlife, and restaurants are also identified nearby. The property is currently producing income.
Key Highlights
- Two‑story, four‑bay‑wide brick row house built in 1851
- Two residential units exceeding 1,300 square feet each
- Recently remodeled units with plumbing and electrical replaced in 2009
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
$29,723
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
5.96%
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%
$594,460
$594.5K
Cap Rate 7%
$424,614
$424.6K
Cap Rate 9%
$330,256
$330.3K
Market Conditions
NOI Build-Up for 2,610 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
$45.4K $17.40/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$42.5K $16.27/SF
− OpEx
−$12.7K −$4.88/SF
NOI
$29.7K $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%
$594,460
Cap Rate 7%
$424,614
Cap Rate 9%
$330,256
Alternative Uses
Best Use
Multifamily LT 5
$424.6K
$371.5K – $495.4K
NOI $29,723 @ 7.0% cap · market cap 5.96%
Second Best
Apartment 5plus
$380.9K
$333.3K – $444.4K
NOI $26,661 @ 7.0% cap · market cap 5.34%
Theoretical Best
Office A
$688.6K
$602.5K – $803.4K
NOI $48,201 @ 7.0% cap · market cap 9.66%
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
4,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Separate utilities, on-site laundry, and a fenced yard support the property’s residential income use.
Where is this duplex located?
The property is located at 347 Hudson Ave Albany, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two‑story, four‑bay‑wide brick row house built in 1851; Two residential units exceeding 1,300 square feet each; Recently remodeled units with plumbing and electrical replaced in 2009
