Two-Family Duplex with
For Sale
$329,000
245 Manning Boulevard, Albany, NY 12206
Residential Income, Albany, NY
Property Size2,582 SF
Lot Size0.08 Acres
Price / SF$127.42
Days on Market8
Property Features for 245 Manning Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 1, Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bathroom 1
Parking features
Driveway
Patio and Porch features
Porch
High school district
000000
Directions
Washington To Manning or N Allen To Manning
Standard status
Active
APN
010100 64.35-4-33
Size
2,582 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
6925
Utilities
Heating system
Steam
Water source
Public
Amenities
hardwood floors
separate heat and electric
Building Details
Year built
1920
Number of units
2
Flooring type
Hardwood
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Miranda Real Estate Group Inc
(518) 356-1701
Listed By:
Andrew Mccauley · License #10401246633
(518) 763-6074
Added: Sep 15
Changed: Sep 18
Last Checked: Sep 22 at 7:06PM
MLS# 11983228
Copyright © 2026 My State MLS. 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 two-family duplex contains 2,582 square feet and was built in 1920. Each residence offers three bedrooms, hardwood flooring, separate heat and electric service, and a porch. The property has vinyl siding, an asphalt roof, steam heat, public water, and an attached two-car garage, with additional driveway parking. The lot measures 0.08 acres.
Located in Albany, the property is near shopping, bus lines, parks, and area colleges. Both units are occupied by long-term tenants, providing an established residential income profile. The attached garage and off-street parking add practical functionality for residents and support the property's two-unit configuration.
Located in Albany, the property is near shopping, bus lines, parks, and area colleges. Both units are occupied by long-term tenants, providing an established residential income profile. The attached garage and off-street parking add practical functionality for residents and support the property's two-unit configuration.
Key Highlights
- Two‑family duplex with 2,582 square feet
- Each unit includes 3 bedrooms and separate heat and electric
- Attached two‑car garage plus driveway parking
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
$29,405
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
8.94%
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%
$588,100
$588.1K
Cap Rate 7%
$420,071
$420.1K
Cap Rate 9%
$326,722
$326.7K
Market Conditions
NOI Build-Up for 2,582 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
$44.9K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$42.0K $16.27/SF
− OpEx
−$12.6K −$4.88/SF
NOI
$29.4K $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%
$588,100
Cap Rate 7%
$420,071
Cap Rate 9%
$326,722
Alternative Uses
Best Use
Multifamily LT 5
$420.1K
$367.6K – $490.1K
NOI $29,405 @ 7.0% cap · market cap 8.94%
Second Best
Apartment 5plus
$376.8K
$329.7K – $439.6K
NOI $26,375 @ 7.0% cap · market cap 8.02%
Theoretical Best
Office A
$681.2K
$596.1K – $794.7K
NOI $47,684 @ 7.0% cap · market cap 14.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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 - Fully occupied duplex with hardwood interiors, separate utilities, and convenient access to shopping, transit, parks, and colleges.
Where is this duplex located?
The property is located at 245 Manning Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Two‑family duplex with 2,582 square feet; Each unit includes 3 bedrooms and separate heat and electric; Attached two‑car garage plus driveway parking
