Two-Family Duplex with Finished
For Sale
$279,900
Pending
302 Second Avenue, Albany, NY 12209
Two-story income property with a partially finished basement, full bath, and laundry area.
Property Size2,470 SF
Days on Market40
Property Features for 302 Second Avenue
General Information
Standard status
Pending
Size
2,470 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,140
Amenities
laundry
Building Details
Year Built
1920
Listing Agency:
Gabler Realty, LLC
(518) 495-3683
Listed By:
Thomas Ferrigan · License #10401233118
(518) 495-3683
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 31
Last Checked: Aug 31 at 12:50PM
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 Gabler Realty, LLC
Investment Insights
Based on property information with market context.
Built in 1920, this two-family duplex contains 2,470 square feet across two floors. The lower level includes a partially finished basement with a full bathroom and laundry facilities. The first-floor unit is owner occupied and expected to be vacated by closing, while the second-floor apartment is currently vacant.
The property is located near highways and hospitals in Albany, New York. Its two-unit configuration, basement improvements, and existing vacancy in the upper apartment provide a clear framework for residential income use.
The property is located near highways and hospitals in Albany, New York. Its two-unit configuration, basement improvements, and existing vacancy in the upper apartment provide a clear framework for residential income use.
Key Highlights
- Two‑family duplex with 2,470 square feet
- Built in 1920
- Partially finished basement with full bath and laundry
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
$25,231
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
9.01%
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%
$504,620
$504.6K
Cap Rate 7%
$360,443
$360.4K
Cap Rate 9%
$280,344
$280.3K
Market Conditions
NOI Build-Up for 2,470 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
$48.9K $19.80/SF
− Vacancy
−$3.0K −$1.23/SF
EGI
$45.9K $18.57/SF
− OpEx
−$20.6K −$8.36/SF
NOI
$25.2K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$504,620
Cap Rate 7%
$360,443
Cap Rate 9%
$280,344
Alternative Uses
Best Use
Multifamily LT 5
$401.8K
$351.6K – $468.8K
NOI $28,129 @ 7.0% cap · market cap 10.05%
Second Best
Apartment 5plus
$360.4K
$315.4K – $420.5K
NOI $25,231 @ 7.0% cap · market cap 9.01%
Theoretical Best
Office A
$651.7K
$570.2K – $760.3K
NOI $45,616 @ 7.0% cap · market cap 16.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
649
Businesses Nearby
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
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-story income property with a partially finished basement, full bath, and laundry area.
Where is this duplex located?
The property is located at 302 Second Avenue Albany, NY.
What is the asking price?
The asking price for this property is $279,900.
What are key features of this property?
This property features: Two‑family duplex with 2,470 square feet; Built in 1920; Partially finished basement with full bath and laundry
