Duplex with Separate
149 Lancaster Street Albany, NY 12210
For Sale
$600,000
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 Market62
Property Features for 149 Lancaster Street
General Information
Standard status
Active
Size
4,400 SF
Property subtype
Multi-family
Building Details
Year Built
1884
Listing Agency:
Lincoln House Realty
Listed By:
John Alund
(518) 639-4663
Source:
Signatureonerealtygroup
Added: May 28
Changed: Jul 21
Last Checked: Jul 26 at 9:28PM
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 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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $76.6k | $17.40 |
| − Vacancy | −$5.0k | −$1.13 |
| EGI | $71.6k | $16.27 |
| − OpEx | −$21.5k | −$4.88 |
| NOI | $50.1k | $11.39 |
4,400 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
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
Location Intelligence
Current Use
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.
