Two-Family Home with
New
For Sale
$329,000
245 Manning Blvd, Albany, NY 12206
Fully occupied duplex with two three-bedroom units and separate heat and electric.
Property Size2,582 SF
Price / SF$127.42
Days on Market7
Property Features for 245 Manning Blvd
General Information
Standard status
Active
Size
2,582 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Additional Details
Public Transit
Yes
Amenities
hardwood floors
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Legacy Nine Realty
Listed By:
Michael Field · License #10491203035
(518) 669-1804
Source:
Fieldrealty
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 22 at 5:28PM
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 Legacy Nine Realty
Investment Insights
Based on property information with market context.
This 2,582-square-foot duplex contains two three-bedroom residences, providing a straightforward two-family configuration. Both units are occupied and feature hardwood flooring, while separate heat and electric support independent household utility arrangements. The property was built in 1920 and includes an attached two-car garage along with additional off-street parking.
Located at 245 Manning Boulevard in Albany, the property is near shopping, bus lines, parks, and area colleges. Its walkable neighborhood setting adds convenient access to everyday services and nearby institutions.
Located at 245 Manning Boulevard in Albany, the property is near shopping, bus lines, parks, and area colleges. Its walkable neighborhood setting adds convenient access to everyday services and nearby institutions.
Key Highlights
- Two‑family duplex with two fully rented units
- Each unit includes 3 bedrooms, hardwood floors, separate heat, and separate electric
- 2,582‑square‑foot property built in 1920
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
$29,405
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
8.94%
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%
$588,100
$588.1K
Cap Rate 7%
$420,071
$420.1K
Cap Rate 9%
$326,722
$326.7K
Market Conditions
NOI Build-Up for 2,582 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
$44.9K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$42.0K $16.27/SF
− OpEx
−$12.6K −$4.88/SF
NOI
$29.4K $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%
$588,100
Cap Rate 7%
$420,071
Cap Rate 9%
$326,722
Alternative Uses
Best Use
Multifamily LT 5
$420.1K
$367.6K – $490.1K
NOI $29,405 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$376.8K
$329.7K – $439.6K
NOI $26,375 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$681.2K
$596.1K – $794.7K
NOI $47,684 @ 7.0% cap · market cap 14.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,137
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully occupied duplex with two three-bedroom units and separate heat and electric.
Where is this duplex located?
The property is located at 245 Manning Blvd Albany, NY.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Two‑family duplex with two fully rented units; Each unit includes 3 bedrooms, hardwood floors, separate heat, and separate electric; 2,582‑square‑foot property built in 1920
