Converted Two-Family Investment
For Sale
$314,900
212 Ontario Street, Albany, NY 12203
MULTI_FAMILY - Other - Albany, NY
Property Size2,042 SF
Lot Size0.24 Acres
Price / SF$154.21
Days on Market64
Property Features for 212 Ontario Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 2, Bedroom 4, Bedroom 1
Parking
5
Parking features
Driveway
Window features
Insulated Windows
Interior features
High Speed Internet
Fireplace
1
Basement
Full, Unfinished
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Right Off Central Ave
Standard status
Active
APN
010100 65.61-5-73
Size
2,042 SF
Lot size
0.24 Acres
Taxes and HOA fees
Tax Annual Amount
6826
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating)
Water source
Public
Building Details
Year built
1920
Number of units
2
Flooring type
Hardwood
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Shingle
Architectural style
Other
Listing Agency:
The Property Shop · EXIT Realty
(518) 396-5850
Listed By:
Christopher W White · License #10401371997
(518) 253-8795
Added: Jul 10
Changed: Aug 7
Last Checked: Sep 11 at 2:06PM
MLS# 202621498
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.
Recently converted two-family home configured with a 2-bedroom first-floor unit and a 3-bedroom second-floor unit. Recent improvements include newer appliances, a renovated first-floor bathroom, updated plumbing throughout, and polished hardwood floors.
The property is located at 212 Ontario Street in Albany, NY 12203, within a convenient area near shopping, dining, schools, public transportation, and major highways.
The building is fully leased, providing immediate rental income at the time of sale.
The property is located at 212 Ontario Street in Albany, NY 12203, within a convenient area near shopping, dining, schools, public transportation, and major highways.
The building is fully leased, providing immediate rental income at the time of sale.
Key Highlights
- Recently converted two‑family home with a 2‑bedroom first‑floor unit and a 3‑bedroom second‑floor unit
- Recently updated with newer appliances and updated plumbing throughout
- Renovated first‑floor bathroom
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
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
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
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Recently converted two-family home with a 2-bedroom first-floor unit and 3-bedroom second-floor unit, fully leased.
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: Recently converted two‑family home with a 2‑bedroom first‑floor unit and a 3‑bedroom second‑floor unit; Recently updated with newer appliances and updated plumbing throughout; Renovated first‑floor bathroom
