5-Bedroom Duplex with Renovated
For Sale
$269,900
345 Second Avenue, Albany, NY 12209
Renovated lower-level residence, separate utilities, and transit access support owner-occupant or rental use.
Property Size1,932 SF
Price / SF$139.70
Days on Market23
Property Features for 345 Second Avenue
General Information
Standard status
Active
Size
1,932 SF
Property subtype
Multi-family
Building Details
Year Built
1910
Listing Agency:
KW Platform
(518) 438-4511
Listed By:
Patrick Dunn · License #30WA0832219
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 9
Changed: Aug 31
Last Checked: Aug 31 at 8:14PM
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 KW Platform
Investment Insights
Based on property information with market context.
This duplex contains five bedrooms and two bathrooms across 1,932 square feet. The lower unit has been recently renovated and is vacant, while the upper unit is occupied. Separate utilities serve the two residences. Hardwood flooring, generous room proportions, and substantial natural light contribute to the interior character of this 1910 property.
Located at 345 Second Ave in Albany, the property sits along a bus route with access to downtown, shopping, dining, and major routes. The two-unit configuration and independently metered utilities provide a practical setup for an owner occupant or an investor seeking residential income property.
Located at 345 Second Ave in Albany, the property sits along a bus route with access to downtown, shopping, dining, and major routes. The two-unit configuration and independently metered utilities provide a practical setup for an owner occupant or an investor seeking residential income property.
Key Highlights
- 5‑bedroom, 2‑bath duplex totaling 1,932 SF
- Lower unit recently renovated and vacant
- Upper unit is occupied
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
$22,002
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
8.15%
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%
$440,040
$440.0K
Cap Rate 7%
$314,314
$314.3K
Cap Rate 9%
$244,467
$244.5K
Market Conditions
NOI Build-Up for 1,932 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
$33.6K $17.40/SF
− Vacancy
−$2.2K −$1.13/SF
EGI
$31.4K $16.27/SF
− OpEx
−$9.4K −$4.88/SF
NOI
$22.0K $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%
$440,040
Cap Rate 7%
$314,314
Cap Rate 9%
$244,467
Alternative Uses
Best Use
Multifamily LT 5
$314.3K
$275.0K – $366.7K
NOI $22,002 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$281.9K
$246.7K – $328.9K
NOI $19,735 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$509.7K
$446.0K – $594.7K
NOI $35,680 @ 7.0% cap · market cap 13.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Renovated lower-level residence, separate utilities, and transit access support owner-occupant or rental use.
Where is this duplex located?
The property is located at 345 Second Avenue Albany, NY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 5‑bedroom, 2‑bath duplex totaling 1,932 SF; Lower unit recently renovated and vacant; Upper unit is occupied
