Updated Duplex with New
For Sale
$269,900
233 S Swan Street, Albany, NY 12202
MultiFamily, Albany, NY
Property Size2,016 SF
Lot Size0.04 Acres
Price / SF$133.88
Days on Market99
Property Features for 233 S Swan Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 4
Basement
Walk-Out Access
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
After taking Morton St from Delaware Ave, take a right to S Swan St. Property will be on the left side.
Standard status
Active
APN
010100 76.55-2-32
Size
2,016 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3426
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1900
Number of units
2
Building materials
Vinyl Siding
Roof type
Flat
Listing Agency:
Realty One Group Key
(518) 630-5360
Listed By:
Md Hoq · License #10401376747
(347) 574-0471
Added: Jun 25
Changed: Sep 13
Last Checked: Oct 1 at 7:06PM
MLS# 202620639
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 2016-square-foot duplex, built in 1900, contains two residential units with spacious layouts, modern kitchens, updated bathrooms, bright living areas, and bedrooms. Recent improvements include two new boilers, two new hot water tanks, and a newer flat roof. Vinyl siding, baseboard heating, window-unit cooling, public water, and public sewer complete the property’s core features.
The property is located in Downtown Albany near Albany Medical Center, Empire State Plaza, public transportation, parks, and major highways. The 0.04-acre site is addressed at 233 S Swan Street and is served by Albany’s public utility infrastructure.
The property is located in Downtown Albany near Albany Medical Center, Empire State Plaza, public transportation, parks, and major highways. The 0.04-acre site is addressed at 233 S Swan Street and is served by Albany’s public utility infrastructure.
Key Highlights
- 2016 square feet across two residential units
- Two new boilers and two new hot water tanks
- Newer flat roof with vinyl siding
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
$22,959
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
8.51%
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%
$459,180
$459.2K
Cap Rate 7%
$327,986
$328.0K
Cap Rate 9%
$255,100
$255.1K
Market Conditions
NOI Build-Up for 2,016 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
$35.1K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$32.8K $16.27/SF
− OpEx
−$9.8K −$4.88/SF
NOI
$23.0K $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%
$459,180
Cap Rate 7%
$327,986
Cap Rate 9%
$255,100
Alternative Uses
Best Use
Multifamily LT 5
$328.0K
$287.0K – $382.7K
NOI $22,959 @ 7.0% cap · market cap 8.51%
Second Best
Apartment 5plus
$294.2K
$257.4K – $343.2K
NOI $20,593 @ 7.0% cap · market cap 7.63%
Theoretical Best
Office A
$531.9K
$465.4K – $620.5K
NOI $37,231 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,090
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
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 - Two-family property with refreshed kitchens, bathrooms, living areas, and bedrooms in a convenient urban setting.
Where is this duplex located?
The property is located at 233 S Swan Street Albany, NY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 2016 square feet across two residential units; Two new boilers and two new hot water tanks; Newer flat roof with vinyl siding
