Renovated Two-Family
For Sale
$289,900
Pending
31 Bertha St, Albany, NY 12209
Two vacant units offer updated kitchens, tiled baths, and mini-split heating and cooling.
Property Size2,232 SF
Days on Market30
Property Features for 31 Bertha St
General Information
Standard status
Pending
Size
2,232 SF
Property subtype
Residential Income
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,617
Listing Agency:
Clancy Real Estate
(518) 461-9937
Listed By:
Kevin Clancy · License #37CL1081409
(518) 461-9937
Source:
Exprealty
Added: Jul 22
Changed: Aug 20
Last Checked: Aug 20 at 12:55PM
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 Clancy Real Estate
Investment Insights
Based on property information with market context.
This renovated duplex contains 2,232 square feet across two vacant residential units. The property provides 4 total bedrooms and 2 full bathrooms, with each unit featuring an updated kitchen, solid-surface countertops, tiled bath finishes, and wide-plank flooring. Mini-split systems provide heating and cooling in both units, while fresh interior finishes complete the improvements.
Located at 31 Bertha St in Albany, NY, the property is available without existing tenants or leases. The two-unit configuration supports either an income-producing ownership strategy or an owner-occupant arrangement with separate residential space on site.
Located at 31 Bertha St in Albany, NY, the property is available without existing tenants or leases. The two-unit configuration supports either an income-producing ownership strategy or an owner-occupant arrangement with separate residential space on site.
Key Highlights
- 2,232‑square‑foot duplex with 2 residential units
- Both units are vacant with no existing leases
- 4 total bedrooms and 2 full 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
$25,419
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
8.77%
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%
$508,380
$508.4K
Cap Rate 7%
$363,129
$363.1K
Cap Rate 9%
$282,433
$282.4K
Market Conditions
NOI Build-Up for 2,232 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
$38.8K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$36.3K $16.27/SF
− OpEx
−$10.9K −$4.88/SF
NOI
$25.4K $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%
$508,380
Cap Rate 7%
$363,129
Cap Rate 9%
$282,433
Alternative Uses
Best Use
Multifamily LT 5
$363.1K
$317.7K – $423.7K
NOI $25,419 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$325.7K
$285.0K – $380.0K
NOI $22,799 @ 7.0% cap · market cap 7.86%
Theoretical Best
Office A
$588.9K
$515.3K – $687.0K
NOI $41,221 @ 7.0% cap · market cap 14.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
761
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 vacant units offer updated kitchens, tiled baths, and mini-split heating and cooling.
Where is this duplex located?
The property is located at 31 Bertha St Albany, NY.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: 2,232‑square‑foot duplex with 2 residential units; Both units are vacant with no existing leases; 4 total bedrooms and 2 full bathrooms
