Updated Two-Unit
For Sale
$324,900
28 Kent St, Albany, NY 12206
Separate utilities, basement laundry, and refreshed interiors support flexible two-unit occupancy.
Property Size2,456 SF
Price / SF$132.29
Days on Market50
Property Features for 28 Kent St
General Information
Standard status
Active
Size
2,456 SF
Property subtype
Multi-Family
Building Details
Year Built
1922
Listing Agency:
Berkshire Hathaway Home Services Blake
(518) 526-1800
Listed By:
Brian Walters · License #10491203035
(518) 526-1800
Source:
Albanyprimeproperties
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 30 at 4:06PM
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 Berkshire Hathaway Home Services Blake
Investment Insights
Based on property information with market context.
This 2-unit duplex contains 2456 square feet and was built in 1922. Recent improvements include remodeled kitchens with quartz countertops, updated bathrooms, new hot water heaters, newer windows in some areas, and refreshed electrical and plumbing. The property also features woodwork, French doors, rear porches, a maintained slate roof, and a fenced yard. Basement laundry includes separate hookups, with one set currently shared between the units.
The upper residence is currently leased, while the lower unit is vacant. The upper unit has been used as a 4-bedroom layout. Separate utilities provide distinct service arrangements for each residence. Located at 28 Kent St in Albany, NY 12206, the property offers an existing duplex configuration with recent capital improvements and a range of updated building systems.
The upper residence is currently leased, while the lower unit is vacant. The upper unit has been used as a 4-bedroom layout. Separate utilities provide distinct service arrangements for each residence. Located at 28 Kent St in Albany, NY 12206, the property offers an existing duplex configuration with recent capital improvements and a range of updated building systems.
Key Highlights
- 2456 SF duplex built in 1922
- Two‑family configuration with separate utilities
- Updated kitchens with quartz countertops and refreshed bathrooms
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
$27,970
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
8.61%
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%
$559,400
$559.4K
Cap Rate 7%
$399,571
$399.6K
Cap Rate 9%
$310,778
$310.8K
Market Conditions
NOI Build-Up for 2,456 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
$42.7K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.0K $16.27/SF
− OpEx
−$12.0K −$4.88/SF
NOI
$28.0K $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%
$559,400
Cap Rate 7%
$399,571
Cap Rate 9%
$310,778
Alternative Uses
Best Use
Multifamily LT 5
$399.6K
$349.6K – $466.2K
NOI $27,970 @ 7.0% cap · market cap 8.61%
Second Best
Apartment 5plus
$358.4K
$313.6K – $418.1K
NOI $25,088 @ 7.0% cap · market cap 7.72%
Theoretical Best
Office A
$648.0K
$567.0K – $756.0K
NOI $45,357 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,624
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
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 - Separate utilities, basement laundry, and refreshed interiors support flexible two-unit occupancy.
Where is this duplex located?
The property is located at 28 Kent St Albany, NY.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 2456 SF duplex built in 1922; Two‑family configuration with separate utilities; Updated kitchens with quartz countertops and refreshed bathrooms
