Renovated Duplex with Vacant
For Sale
$289,900
Pending
31 Bertha St, Albany, NY 12209
Two-unit residential property offers refreshed interiors and separate mini-split heating and cooling systems.
Property Size2,232 SF
Days on Market40
Property Features for 31 Bertha St
General Information
Standard status
Pending
Size
2,232 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1924
Listing Agency:
Country Boy Realty
(518) 861-7016
Listed By:
Clancy Real Estate, Inc · License #37CL1081409
(518) 861-7016
Source:
Clancyrealestate
Added: Jul 24
Changed: Aug 31
Last Checked: Aug 31 at 2:41PM
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 Country Boy Realty
Investment Insights
Based on property information with market context.
This 2,232-square-foot duplex, built in 1924, has undergone a comprehensive renovation and is currently vacant. The property contains four total bedrooms and two full bathrooms, along with refreshed kitchens featuring solid-surface countertops. Tiled bathroom finishes, wide-plank flooring, and updated interior details carry throughout both residences.
Each unit includes a mini-split system for heating and cooling. With no tenants or leases currently in place, the property can accommodate an owner-occupant seeking a second residence on-site or a new leasing arrangement for both units.
Each unit includes a mini-split system for heating and cooling. With no tenants or leases currently in place, the property can accommodate an owner-occupant seeking a second residence on-site or a new leasing arrangement for both units.
Key Highlights
- 2,232‑square‑foot duplex built in 1924
- Four total bedrooms and two full bathrooms
- Both units are vacant with no leases in place
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-unit residential property offers refreshed interiors and separate mini-split heating and cooling systems.
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 built in 1924; Four total bedrooms and two full bathrooms; Both units are vacant with no leases in place
