2-Unit Side-by-Side
For Sale
$225,000
Pending
164-166 Albert Street, Gates, NY 14606
Separate utility meters and private patios distinguish the two residences.
Property Size1,920 SF
Days on Market45
Property Features for 164-166 Albert Street
General Information
Standard status
Pending
Size
1,920 SF
Property subtype
Residential / Duplex
Taxes and HOA fees
Annual Taxes
$6,823
Amenities
Gas, Forced Air
Full
Carpet, Ceramic Tile, Varies, Vinyl
Gas Water Heater
Yes
No
2
4
Thermal Windows
Asphalt
Patio, Private Yard, See Remarks
Patio
Building Details
Year Built
1972
Listing Agency:
G & M Properties
Listed By:
Eric S. McQuistion · License #10311205218
(585) 568-7275
Source:
Compass
Added: Aug 19
Changed: Sep 30
Last Checked: Oct 1 at 2:43PM
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 G & M Properties
Investment Insights
Based on property information with market context.
This side-by-side duplex in Gates contains 1,920 square feet across two residences, each with 2 bedrooms and 1.5 baths. Separate gas and electric meters serve the units, which also have private rear patios and access to a large backyard. A double-wide driveway accommodates 6+ vehicles off street.
The right unit has updated kitchens and baths, newer appliances, replacement windows from 2021, and newer carpeting installed in 2024. The left unit has been freshly painted and received a new water heater in 2024; it is occupied by a long-term tenant on a month-to-month lease. The property is near expressways, shopping, and restaurants.
The right unit has updated kitchens and baths, newer appliances, replacement windows from 2021, and newer carpeting installed in 2024. The left unit has been freshly painted and received a new water heater in 2024; it is occupied by a long-term tenant on a month-to-month lease. The property is near expressways, shopping, and restaurants.
Key Highlights
- Two residences, each with 2 bedrooms, 1.5 baths, and approximately 960 sq. ft.
- Separate gas and electric meters, private rear patios, and shared backyard access
- Double‑wide driveway with off‑street parking for 6+ vehicles
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
$19,696
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
8.75%
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%
$393,920
$393.9K
Cap Rate 7%
$281,371
$281.4K
Cap Rate 9%
$218,844
$218.8K
Market Conditions
NOI Build-Up for 1,920 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
$38.0K $19.80/SF
− Vacancy
−$2.2K −$1.15/SF
EGI
$35.8K $18.65/SF
− OpEx
−$16.1K −$8.39/SF
NOI
$19.7K $10.26/SF
Area
Rochester, NY
Vacancy
5.80%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$393,920
Cap Rate 7%
$281,371
Cap Rate 9%
$218,844
Alternative Uses
Best Use
Multifamily LT 5
$315.7K
$276.2K – $368.3K
NOI $22,097 @ 7.0% cap · market cap 9.82%
Second Best
Apartment 5plus
$281.4K
$246.2K – $328.3K
NOI $19,696 @ 7.0% cap · market cap 8.75%
Theoretical Best
Office A
$526.0K
$460.2K – $613.6K
NOI $36,818 @ 7.0% cap · market cap 16.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
474
Businesses Nearby
Explore this area
Business Placement
Demographics for 14606, NY
28,252
Population
11,712
Households
2.4
Avg Household Size
39
Median Age
23%
College-Educated
83%
High-School Grad
9.4 sq mi
ZIP Area
3,006
Density / Sq Mi
$57,287
Median Household Income
$38,682
Median Earnings
$978
Median Rent
$150,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Separate utility meters and private patios distinguish the two residences.
Where is this duplex located?
The property is located at 164-166 Albert Street Gates, NY.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two residences, each with 2 bedrooms, 1.5 baths, and approximately 960 sq. ft.; Separate gas and electric meters, private rear patios, and shared backyard access; Double‑wide driveway with off‑street parking for 6+ vehicles
