Six-Bedroom
For Sale
Under Contract
$385,000
149 Homestead Avenue, Albany, NY 12203
MultiFamily, Albany, NY
Property Size2,668 SF
Lot Size0.12 Acres
Price / SF$144.30
Days on Market98
Property Features for 149 Homestead Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 3, Bathroom 2
Parking
2
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Interior features
Paddle Fan, Built-in Features, Ceramic Tile Bath
Basement
Full
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Homestead Avenue between Washington and Western
Standard status
Active Under Contract
APN
010100 64.34-3-50
Size
2,668 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
6178
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1929
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Roof type
Asbestos Shingle
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Ramiz Turan · License #10401211104
(518) 698-2818
Added: Jun 1
Changed: Aug 28
Last Checked: Sep 6 at 4:06AM
MLS# 202618553
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family property contains 2,668 square feet arranged as two residential units, each with 3 bedrooms and 1 full bathroom. The home was built in 1929 and includes hardwood flooring, ceramic tile baths, built-in features, paddle fans, vinyl siding, and a porch. Heating is provided by natural gas baseboard systems. A new roof was installed in 2026.
Set on a 0.12-acre lot, the property includes driveway and off-street parking. Public water and public sewer serve the home. Its Albany setting places the property near colleges, hospitals, shopping, restaurants, bus lines, and major highways.
Set on a 0.12-acre lot, the property includes driveway and off-street parking. Public water and public sewer serve the home. Its Albany setting places the property near colleges, hospitals, shopping, restaurants, bus lines, and major highways.
Key Highlights
- Two‑family layout with 6 total bedrooms and 2 full bathrooms
- Each unit includes 3 bedrooms and 1 full bathroom
- 2,668 square feet on a 0.12‑acre lot
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
$30,384
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
7.89%
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%
$607,680
$607.7K
Cap Rate 7%
$434,057
$434.1K
Cap Rate 9%
$337,600
$337.6K
Market Conditions
NOI Build-Up for 2,668 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
$46.4K $17.40/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$43.4K $16.27/SF
− OpEx
−$13.0K −$4.88/SF
NOI
$30.4K $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%
$607,680
Cap Rate 7%
$434,057
Cap Rate 9%
$337,600
Alternative Uses
Best Use
Multifamily LT 5
$434.1K
$379.8K – $506.4K
NOI $30,384 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$389.3K
$340.7K – $454.2K
NOI $27,253 @ 7.0% cap · market cap 7.08%
Theoretical Best
Office A
$703.9K
$615.9K – $821.2K
NOI $49,273 @ 7.0% cap · market cap 12.80%
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
839
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
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 - Two separate residences offer owner-occupant flexibility with off-street parking and convenient access to Albany amenities.
Where is this duplex located?
The property is located at 149 Homestead Avenue Albany, NY.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: Two‑family layout with 6 total bedrooms and 2 full bathrooms; Each unit includes 3 bedrooms and 1 full bathroom; 2,668 square feet on a 0.12‑acre lot
