Updated Two-Family
For Sale
$324,900
Pending
28 Kent Street, Albany, NY 12206
MULTI_FAMILY - Other - Albany, NY
Property Size2,456 SF
Lot Size0.06 Acres
Days on Market54
Property Features for 28 Kent Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 2
Patio and Porch features
Porch, Deck
Interior features
Solid Surface Counters, Paddle Fan, High Speed Internet, Built-in Features
Fencing
Fenced
Basement
Full
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From the North / Colonie: Take Central Ave East. Turn right on Ontario St. Turn right on Kent St. From the South: Tak I-87 North. Take Exit 1 to merge onto I-90 East. Take Exit 4 (Washington Ave). Turn left on Ontario St. Turn Left on Kent St.
Standard status
Pending
APN
010100 65.45-2-33
Size
2,456 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
6544
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
fenced yard
porches
laundry in basement
Building Details
Year built
1922
Number of units
2
Flooring type
Hardwood, Carpet, Vinyl
Building materials
Vinyl Siding
Roof type
Slate
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 489-1000
Listed By:
Tatyana Pevzner · License #10301221984
(518) 210-5575
Added: Jul 10
Changed: Aug 7
Last Checked: Sep 1 at 3:06PM
MLS# 202621555
Copyright © 2026 Global MLS, Inc. 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.
An updated two-family duplex offers attractive interior details and practical income flexibility. Recent improvements include newly updated kitchens with quartz counters and updated baths, along with new hot water heaters, some new windows, and updated electrical and plumbing. Exterior updates include newer back porches with recent painting and parging, and a solid slate roof that is regularly maintained. The property has a fenced yard with porches, and basement laundry with separate hookups available, with one set currently shared. The downstairs unit is currently vacant, while the upstairs unit is currently rented monthly. The downstairs was most recently rented for $1,600 and the upstairs at $1,950 for $3,550 total monthly income. The upstairs has been used as a 4-bedroom. Separate utilities support individual tenant management.
The duplex is located at 28 Kent Street in Albany, New York 12206, in Albany County.
The duplex is located at 28 Kent Street in Albany, New York 12206, in Albany County.
Key Highlights
- Updated two‑family home built in 1922 with separate utilities for each unit
- Two rental units: downstairs recently rented for $1,600; upstairs currently rented for $1,950 (combined $3,550 total income)
- Upstairs layout used as 4‑bedroom, with rooms including 4 bedrooms and 2 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
Lease Details
2
Residential units
Single-tenant
Tenancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Turn-key duplex with separate utilities, recent kitchen and bath upgrades, and laundry hookups in the basement.
Where is this duplex located?
The property is located at 28 Kent Street 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: Updated two‑family home built in 1922 with separate utilities for each unit; Two rental units: downstairs recently rented for $1,600; upstairs currently rented for $1,950 (combined $3,550 total income); Upstairs layout used as 4‑bedroom, with rooms including 4 bedrooms and 2 bathrooms
