Updated Two-Family
238 Morris St, Albany, NY 12208
For Sale
$309,900
Two separate units each have in-unit laundry, updated kitchens, and independent utility and mechanical improvements.
Property Size2,616 SF
Price / SF$118.46
Days on Market41
Property Features for 238 Morris St
General Information
Standard status
Size
Property subtype
Additional Details
Multifamily Units
Amenities
in-unit laundry
Building Details
Year Built
Listing Agency:
Empire Real Estate Firm LLC
Listed By:
Griffin Malcolm
(518) 878-6352
Source:
Gatewayrealtysolutions
Added: Oct 2
Changed: Nov 10
Last Checked: Nov 10 at 12:34PM
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 Empire Real Estate Firm LLC
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Investment Insights
Based on property information with market context.
This 2,616-square-foot duplex contains two residential units with six bedrooms and two full bathrooms in total. Built in 1920, the property has updated kitchens and in-unit laundry in both units. Improvements include a newer roof, a replacement heating system, and a new water line. The building is vacant.
The property is at 238 Morris St in Albany, NY, on a quiet street in the Park South neighborhood. Washington Park, Albany Medical Center, Russell Sage, and Albany Law are nearby.
The property is at 238 Morris St in Albany, NY, on a quiet street in the Park South neighborhood. Washington Park, Albany Medical Center, Russell Sage, and Albany Law are nearby.
Key Highlights
- 2,616 square feet with six bedrooms and two full bathrooms
- Two units, each with in‑unit laundry and an updated kitchen
- Built in 1920; newer roof, new heating system, and new water line
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,722
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$534,440
$534.4K
Cap Rate 7%
$381,743
$381.7K
Cap Rate 9%
$296,911
$296.9K
Market Conditions
NOI Build-Up for 2,616 SF
Gross rent
$51.8K $19.80/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$48.6K $18.57/SF
− OpEx
−$21.9K −$8.36/SF
NOI
$26.7K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$534,440
Cap Rate 7%
$381,743
Cap Rate 9%
$296,911
Alternative Uses
Best Use
Multifamily LT 5
$425.6K
$372.4K – $496.5K
NOI $29,792 @ 7.0% cap · market cap 9.61%
Second Best
Apartment 5plus
$381.7K
$334.0K – $445.4K
NOI $26,722 @ 7.0% cap · market cap 8.62%
Theoretical Best
Office A
$690.2K
$603.9K – $805.2K
NOI $48,312 @ 7.0% cap · market cap 15.59%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,969
Businesses Nearby
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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
$255,300
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Albany, NY
Properties on Market for Duplexes in Albany
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separate units each have in-unit laundry, updated kitchens, and independent utility and mechanical improvements.
Where is this duplex located?
The property is located at 238 Morris St Albany, NY.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: 2,616 square feet with six bedrooms and two full bathrooms; Two units, each with in‑unit laundry and an updated kitchen; Built in 1920; newer roof, new heating system, and new water line
