Two-Family Duplex with
For Sale
$309,900
Pending
15 S Lansing St, Albany, NY 12202
Two-level income property with three- and two-bedroom layouts, porches, attic, basement, and paved driveway.
Property Size2,260 SF
Lot Size0.21 Acres
Days on Market36
Property Features for 15 S Lansing St
General Information
Standard status
Pending
Size
2,260 SF
Total Parking Spaces
2
Lot size
0.21 Acres
Property subtype
Residential Income
Property Condition
Severity
Minor
Evidence
With some TLC
Units
Unit Mix
1 x 3BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$5,079
Building Details
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Prime Properties
(518) 330-0083
Listed By:
Bruce W Dedon
(518) 330-0083
Source:
Exprealty
Added: Jul 16
Changed: Aug 12
Last Checked: Aug 19 at 12:39PM
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 Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
This 2,260-square-foot duplex offers a two-family configuration with a three-bedroom, one-bath apartment on the first floor and a two-bedroom, one-bath apartment above. Both units include kitchens, with the first-floor kitchen described as modern. Front and covered porches serve the respective levels. The property also includes a walk-up attic, full basement, and attached two-car garage with newer garage doors.
The approximately 69-by-133-foot lot has a paved driveway and is located at 15 S Lansing St in Albany. The property is within the South Colonie School district and offers access to major roadways, shopping, and entertainment. The home is being sold as-is, with tenant-provided access required for showings during limited available times.
The approximately 69-by-133-foot lot has a paved driveway and is located at 15 S Lansing St in Albany. The property is within the South Colonie School district and offers access to major roadways, shopping, and entertainment. The home is being sold as-is, with tenant-provided access required for showings during limited available times.
Key Highlights
- 2,260 SF duplex with three‑bedroom and two‑bedroom apartments
- First‑floor unit includes 3 bedrooms and 1 full bath
- Second‑floor unit includes 2 bedrooms and 1 full bath
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
$25,738
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
8.31%
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%
$514,760
$514.8K
Cap Rate 7%
$367,686
$367.7K
Cap Rate 9%
$285,978
$286.0K
Market Conditions
NOI Build-Up for 2,260 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
$39.3K $17.40/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$36.8K $16.27/SF
− OpEx
−$11.0K −$4.88/SF
NOI
$25.7K $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%
$514,760
Cap Rate 7%
$367,686
Cap Rate 9%
$285,978
Alternative Uses
Best Use
Multifamily LT 5
$367.7K
$321.7K – $429.0K
NOI $25,738 @ 7.0% cap · market cap 8.31%
Second Best
Apartment 5plus
$329.8K
$288.6K – $384.8K
NOI $23,085 @ 7.0% cap · market cap 7.45%
Theoretical Best
Office A
$596.3K
$521.7K – $695.6K
NOI $41,738 @ 7.0% cap · market cap 13.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,496
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
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-level income property with three- and two-bedroom layouts, porches, attic, basement, and paved driveway.
Where is this duplex located?
The property is located at 15 S Lansing St Albany, NY.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: 2,260 SF duplex with three‑bedroom and two‑bedroom apartments; First‑floor unit includes 3 bedrooms and 1 full bath; Second‑floor unit includes 2 bedrooms and 1 full bath
