Updated Two-Family
New
For Sale
$399,000
157 Myrtle Ave, Albany, NY 12202
Both residences have remodeled kitchens and bathrooms, with laundry appliances provided in each unit.
Property Size2,172 SF
Price / SF$183.70
Days on Market4
Property Features for 157 Myrtle Ave
General Information
Standard status
Active
Size
2,172 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
washer/dryer in each unit
Building Details
Year Built
1913
Buildings
1
Listing Agency:
Heer Realty Inc
Listed By:
Brian Walters · License #30WA0832219
(518) 526-1800
Source:
Albanyprimeproperties
Added: Sep 28
Changed: Sep 30
Last Checked: Oct 1 at 11:06AM
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 Heer Realty Inc
Investment Insights
Based on property information with market context.
This two-family duplex includes remodeled kitchens and bathrooms, a replacement roof, and new appliances. Each residence has its own washer and dryer. The 2,172-square-foot property was built in 1913.
The property is near Albany Med, Empire State Plaza, and Center Square in Albany.
The property is near Albany Med, Empire State Plaza, and Center Square in Albany.
Key Highlights
- Two‑family duplex with 2,172 square feet
- Remodeled kitchens and bathrooms
- New roof and appliances
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
$24,735
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
6.20%
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%
$494,700
$494.7K
Cap Rate 7%
$353,357
$353.4K
Cap Rate 9%
$274,833
$274.8K
Market Conditions
NOI Build-Up for 2,172 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
$37.8K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$35.3K $16.27/SF
− OpEx
−$10.6K −$4.88/SF
NOI
$24.7K $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%
$494,700
Cap Rate 7%
$353,357
Cap Rate 9%
$274,833
Alternative Uses
Best Use
Multifamily LT 5
$353.4K
$309.2K – $412.3K
NOI $24,735 @ 7.0% cap · market cap 6.20%
Second Best
Apartment 5plus
$317.0K
$277.3K – $369.8K
NOI $22,187 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$573.0K
$501.4K – $668.5K
NOI $40,112 @ 7.0% cap · market cap 10.05%
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
4,105
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Both residences have remodeled kitchens and bathrooms, with laundry appliances provided in each unit.
Where is this duplex located?
The property is located at 157 Myrtle Ave Albany, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Two‑family duplex with 2,172 square feet; Remodeled kitchens and bathrooms; New roof and appliances
