Two-Family Residential Income
244 Morris Street Albany, NY 12208
244 Morris Street, Albany, NY, 12208
$299,000
For Sale
$299,000
Two-unit duplex offers two 3-bedroom, 1-bath apartments near Albany Med.
Property Size2,244 SF
Price / SF$133.24
Days on Market159
Property Features for 244 Morris Street
General Information
- Standard status
- Active
- Size
- 2,244 SF
- Property subtype
- Multi Family / Duplex
Building Details
- Year Built
- 1920
Listing agency
Wolf River Real Estate, LLC
(518) 588-5035
Listed by
Michael Vopelak · License #10401399117
(518) 588-5035
Source
Compass
Added: Feb 12 Updated: Jul 21 at 3:26AM 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
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.0k | $17.40 |
| − Vacancy | −$2.5k | −$1.13 |
| EGI | $36.5k | $16.27 |
| − OpEx | −$11.0k | −$4.88 |
| NOI | $25.6k | $11.39 |
2,244 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
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 local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
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
