Duplex with Separate
For Sale
$600,000
149 Lancaster Street, Albany, NY 12210
Income duplex offered vacant, with two separately deeded condo units featuring 1–2 bedrooms and outdoor space.
Property Size4,400 SF
Price / SF$136.36
Days on Market165
Property Features for 149 Lancaster Street
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1884
Listing Agency:
Lincoln House Realty
Listed By:
John Alund
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Apr 3
Changed: Sep 13
Last Checked: Sep 14 at 8:20AM
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 Lincoln House Realty
Investment Insights
Based on property information with market context.
This duplex property is technically comprised of two separately deeded condominiums, offered as a duplex configuration. It includes Unit 1, a 1-bedroom with 1.5 bathrooms, along with an outdoor garden area. Unit 2 is configured as a 2-bedroom with 1.5 bathrooms and features a rooftop deck. Both units will be delivered vacant.
The property is located in Albany’s Center Square neighborhood, described as being within walking distance of Washington Park, Lark Street, Albany Medical Center, and various restaurants, shops, and downtown Albany.
The offering presents two distinct condominium units that can be operated together as a duplex, while also allowing flexibility tied to the existing separately deeded structure.
The property is located in Albany’s Center Square neighborhood, described as being within walking distance of Washington Park, Lark Street, Albany Medical Center, and various restaurants, shops, and downtown Albany.
The offering presents two distinct condominium units that can be operated together as a duplex, while also allowing flexibility tied to the existing separately deeded structure.
Key Highlights
- 1884‑built duplex in Albany’s Center Square neighborhood with two separately deeded condominium units.
- Unit 1: 1 bedroom and 1.5 bathrooms with a garden and outdoor space.
- Unit 2: 2 bedrooms and 1.5 bathrooms with a rooftop deck.
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
$50,109
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
8.35%
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%
$1,002,180
$1.0M
Cap Rate 7%
$715,843
$715.8K
Cap Rate 9%
$556,767
$556.8K
Market Conditions
NOI Build-Up for 4,400 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
$76.6K $17.40/SF
− Vacancy
−$5.0K −$1.13/SF
EGI
$71.6K $16.27/SF
− OpEx
−$21.5K −$4.88/SF
NOI
$50.1K $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%
$1,002,180
Cap Rate 7%
$715,843
Cap Rate 9%
$556,767
Alternative Uses
Best Use
Multifamily LT 5
$715.8K
$626.4K – $835.2K
NOI $50,109 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$642.1K
$561.8K – $749.1K
NOI $44,945 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$1.16M
$1.02M – $1.35M
NOI $81,259 @ 7.0% cap · market cap 13.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
4,176
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
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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 - Income duplex offered vacant, with two separately deeded condo units featuring 1–2 bedrooms and outdoor space.
Where is this duplex located?
The property is located at 149 Lancaster Street Albany, NY.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 1884‑built duplex in Albany’s Center Square neighborhood with two separately deeded condominium units.; Unit 1: 1 bedroom and 1.5 bathrooms with a garden and outdoor space.; Unit 2: 2 bedrooms and 1.5 bathrooms with a rooftop deck.
