Renovated Two-Family
For Sale
$374,900
16 Harris Avenue, Albany, NY 12208
MultiFamily, Albany, NY
Property Size2,258 SF
Lot Size0.15 Acres
Price / SF$166.03
Days on Market42
Property Features for 16 Harris Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 2, Bathroom 2, Bedroom 3
Parking
4
Parking features
Garage, Off Street
Patio and Porch features
Porch
Interior features
Solid Surface Counters
Basement
Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
New Scotland Ave to Harris Ave
Standard status
Active
APN
010100 75.35-3-16
Size
2,258 SF
Lot size
0.15 Acres
Taxes and HOA fees
Tax Annual Amount
9177
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
basement laundry
Building Details
Year built
1925
Number of units
2
Flooring type
Hardwood, Tile
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Madison Park Real Estate
Listed By:
Shane Mahar · License #10491207239
(518) 281-5336
Added: Aug 21
Changed: Sep 21
Last Checked: Oct 1 at 5:06PM
MLS# 202624508
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-family property contains two residences, each offering 3 bedrooms and 1 bathroom. Renovations completed within the last 5 years include new kitchens, new bathrooms, and refinished hardwood flooring. Interior details include solid surface counters, tile and hardwood floors, vinyl siding, and a porch.
The property sits on a 0.15-acre lot and includes a driveway, off-street parking, and a 2-car garage. Separate washers and dryers are located in the basement. Built in 1925, the home is served by public water and public sewer, with hot-water heating fueled by natural gas.
The property sits on a 0.15-acre lot and includes a driveway, off-street parking, and a 2-car garage. Separate washers and dryers are located in the basement. Built in 1925, the home is served by public water and public sewer, with hot-water heating fueled by natural gas.
Key Highlights
- Two‑family home with 2 residences, each featuring 3 bedrooms and 1 bathroom
- Renovated within the last 5 years with new kitchens and bathrooms
- Refinished hardwood flooring in both residences
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
6.86%
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 6.86%
Second Best
Apartment 5plus
$329.5K
$288.3K – $384.4K
NOI $23,065 @ 7.0% cap · market cap 6.15%
Theoretical Best
Office A
$595.7K
$521.3K – $695.0K
NOI $41,701 @ 7.0% cap · market cap 11.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
771
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two three-bedroom residences with updated kitchens, bathrooms, hardwood flooring, and dedicated basement laundry.
Where is this duplex located?
The property is located at 16 Harris Avenue Albany, NY.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: Two‑family home with 2 residences, each featuring 3 bedrooms and 1 bathroom; Renovated within the last 5 years with new kitchens and bathrooms; Refinished hardwood flooring in both residences
