Two-Family Residential Income
For Sale
$299,000
244 Morris Street, Albany, NY 12208
Two-unit duplex offers two 3-bedroom, 1-bath apartments near Albany Med.
Property Size2,244 SF
Price / SF$133.24
Days on Market205
Property Features for 244 Morris Street
General Information
Standard status
Active
Size
2,244 SF
Property subtype
Multi Family / Duplex
Additional Details
Business Included
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,390
Amenities
Shingle
None, No
Hot Water, Yes
Full, Unfinished
Vinyl, Hardwood
Yes
Aluminum Siding
Building Details
Year Built
1920
Listing Agency:
Wolf River Real Estate, LLC
Listed By:
Michael Vopelak · License #10401399117
(518) 588-5035
Source:
Compass
Added: Feb 12
Changed: Aug 8
Last Checked: Jul 21 at 3:26AM
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 Wolf River Real Estate, LLC
Investment Insights
Based on property information with market context.
This two-family duplex includes two separate apartments, each with three bedrooms and one bathroom. The property is currently occupied with a tenant in the first-floor unit, while the second-floor unit can be viewed anytime.
The building is described as being within walking distance of Albany Med. Showings are limited for the first-floor apartment and are available Saturday and Sunday from 9:30 AM to 12:00 PM.
Offered for sale by the owner, the property is well-suited for either owner-occupancy or investment use, with the second unit available for potential additional rental income.
The building is described as being within walking distance of Albany Med. Showings are limited for the first-floor apartment and are available Saturday and Sunday from 9:30 AM to 12:00 PM.
Offered for sale by the owner, the property is well-suited for either owner-occupancy or investment use, with the second unit available for potential additional rental income.
Key Highlights
- Two‑unit duplex with two 3‑bedroom, 1‑bath apartments
- Walking distance to Albany Med
- Tenant occupies the first‑floor apartment; second‑floor apartment can be seen anytime
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
$25,555
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
8.55%
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%
$511,100
$511.1K
Cap Rate 7%
$365,071
$365.1K
Cap Rate 9%
$283,944
$283.9K
Market Conditions
NOI Build-Up for 2,244 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
$39.0K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$36.5K $16.27/SF
− OpEx
−$11.0K −$4.88/SF
NOI
$25.6K $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%
$511,100
Cap Rate 7%
$365,071
Cap Rate 9%
$283,944
Alternative Uses
Best Use
Multifamily LT 5
$365.1K
$319.4K – $425.9K
NOI $25,555 @ 7.0% cap · market cap 8.55%
Second Best
Apartment 5plus
$327.5K
$286.5K – $382.0K
NOI $22,922 @ 7.0% cap · market cap 7.67%
Theoretical Best
Office A
$592.0K
$518.0K – $690.7K
NOI $41,442 @ 7.0% cap · market cap 13.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,969
Businesses Nearby
Explore this area
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
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-unit duplex offers two 3-bedroom, 1-bath apartments near Albany Med.
Where is this duplex located?
The property is located at 244 Morris Street Albany, NY.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Two‑unit duplex with two 3‑bedroom, 1‑bath apartments; Walking distance to Albany Med; Tenant occupies the first‑floor apartment; second‑floor apartment can be seen anytime
