Renovated Two-Unit
For Sale
$314,900
212 Ontario Street, Albany, NY 12203
Fully leased duplex with updated interiors, separate two- and three-bedroom layouts, and multi-residence zoning.
Property Size2,042 SF
Price / SF$154.21
Days on Market40
Property Features for 212 Ontario Street
General Information
Standard status
Active
Size
2,042 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
Multi Residence
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR, 1 x 3BR
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,826
Building Details
Year Built
1920
Listing Agency:
The Property Shop
(518) 253-8795
Listed By:
Christopher W White · License #10401371997
(518) 253-8795
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 31 at 12:57PM
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 The Property Shop
Investment Insights
Based on property information with market context.
This two-family residence contains 2,042 square feet and was built in 1920. The lower-level apartment has two bedrooms, while the upper unit provides three bedrooms. Improvements include newer appliances, refreshed plumbing throughout, a renovated first-floor bathroom, and refinished hardwood flooring. The property is fully leased and designated Multi Residence.
The home is located on Ontario Street in Albany, near shopping, dining, schools, public transportation, and major highways. Its two-unit configuration combines distinct bedroom layouts with recent interior updates, providing a residential income property with established occupancy.
The home is located on Ontario Street in Albany, near shopping, dining, schools, public transportation, and major highways. Its two-unit configuration combines distinct bedroom layouts with recent interior updates, providing a residential income property with established occupancy.
Key Highlights
- Two‑unit residential property with 2,042 square feet
- First‑floor unit includes 2 bedrooms; second‑floor unit has 3 bedrooms
- Fully leased configuration
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
$23,255
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
7.38%
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%
$465,100
$465.1K
Cap Rate 7%
$332,214
$332.2K
Cap Rate 9%
$258,389
$258.4K
Market Conditions
NOI Build-Up for 2,042 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
$35.5K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$33.2K $16.27/SF
− OpEx
−$10.0K −$4.88/SF
NOI
$23.3K $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%
$465,100
Cap Rate 7%
$332,214
Cap Rate 9%
$258,389
Alternative Uses
Best Use
Multifamily LT 5
$332.2K
$290.7K – $387.6K
NOI $23,255 @ 7.0% cap · market cap 7.38%
Second Best
Apartment 5plus
$298.0K
$260.7K – $347.7K
NOI $20,859 @ 7.0% cap · market cap 6.62%
Theoretical Best
Office A
$538.7K
$471.4K – $628.5K
NOI $37,712 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,582
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with updated interiors, separate two- and three-bedroom layouts, and multi-residence zoning.
Where is this duplex located?
The property is located at 212 Ontario Street Albany, NY.
What is the asking price?
The asking price for this property is $314,900.
What are key features of this property?
This property features: Two‑unit residential property with 2,042 square feet; First‑floor unit includes 2 bedrooms; second‑floor unit has 3 bedrooms; Fully leased configuration
