Renovated Duplex with Two-Car
For Sale
$399,000
16 Harris Ave, Albany, NY 12208
Two residential units offer matching three-bedroom layouts, updated interiors, basement laundry, driveway parking, and garage storage.
Property Size2,258 SF
Price / SF$176.71
Days on Market10
Property Features for 16 Harris Ave
General Information
Standard status
Active
Size
2,258 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Country Boy Realty
(518) 861-7016
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 31 at 2:57PM
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 Country Boy Realty
Investment Insights
Based on property information with market context.
This duplex, built in 1925, contains 2,258 square feet arranged as two residential units. Each unit includes 3 bedrooms and 1 bathroom, with renovations completed within the last 5 years. Improvements include new kitchens, new bathrooms, and refinished hardwood floors. Separate washer and dryer sets are located in the basement, and the property includes a driveway plus a 2-car garage.
The home is situated in Albany’s Helderberg Neighborhood off New Scotland Avenue. Albany Med and several restaurants are within walking distance, providing nearby access to medical employment and dining options.
The home is situated in Albany’s Helderberg Neighborhood off New Scotland Avenue. Albany Med and several restaurants are within walking distance, providing nearby access to medical employment and dining options.
Key Highlights
- 2,258‑square‑foot duplex with two residential units
- Each unit has 3 bedrooms and 1 bathroom
- Renovated within the last 5 years
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
$25,715
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
6.44%
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%
$514,300
$514.3K
Cap Rate 7%
$367,357
$367.4K
Cap Rate 9%
$285,722
$285.7K
Market Conditions
NOI Build-Up for 2,258 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
$36.7K $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%
$514,300
Cap Rate 7%
$367,357
Cap Rate 9%
$285,722
Alternative Uses
Best Use
Multifamily LT 5
$367.4K
$321.4K – $428.6K
NOI $25,715 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$329.5K
$288.3K – $384.4K
NOI $23,065 @ 7.0% cap · market cap 5.78%
Theoretical Best
Office A
$595.7K
$521.3K – $695.0K
NOI $41,701 @ 7.0% cap · market cap 10.45%
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
235
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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 residential units offer matching three-bedroom layouts, updated interiors, basement laundry, driveway parking, and garage storage.
Where is this duplex located?
The property is located at 16 Harris 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: 2,258‑square‑foot duplex with two residential units; Each unit has 3 bedrooms and 1 bathroom; Renovated within the last 5 years
