Renovated Duplex with
New
For Sale
$269,900
345 Second Avenue, Albany, NY 12209
MultiFamily, Albany, NY
Property Size1,932 SF
Lot Size0.05 Acres
Price / SF$139.70
Days on Market2
Property Features for 345 Second Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 2
Patio and Porch features
Porch
Interior features
Solid Surface Counters, Paddle Fan, High Speed Internet, Built-in Features, Crown Molding
Basement
Interior Entry, Full, Unfinished
Lot features
Level, Corner Lot
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From Delaware Ave, turn onto 2nd Ave. Continue on 2nd Ave; property will be on the right at 345 2nd Ave, just before S Bertha St.
Standard status
Active
APN
76.61-3-89
Size
1,932 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
2280
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Steam
Water source
Public
Building Details
Year built
1910
Number of units
2
Flooring type
Vinyl, Hardwood
Building materials
Vinyl Siding
Roof type
Flat, Rubber
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Patrick Dunn · License #10401288889
(518) 407-9834
Added: Aug 19
Last Checked: Aug 20 at 10:06AM
MLS# 202624360
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.
This 1,932-square-foot duplex, built in 1910, contains five bedrooms and two bathrooms across two units. The lower unit has been recently renovated and is vacant, while the upper unit is occupied. Separate utilities support distinct unit operations, and the property includes hardwood and vinyl flooring, solid-surface counters, built-in features, crown molding, and a porch. Heating is provided by hot water and steam systems.
The property sits on a 0.05-acre lot in Albany, with bus service nearby and access to downtown, shopping, dining, and major routes. Public water and public sewer serve the property, with cable availability also noted. Vinyl siding and a flat rubber roof complete the exterior profile.
The property sits on a 0.05-acre lot in Albany, with bus service nearby and access to downtown, shopping, dining, and major routes. Public water and public sewer serve the property, with cable availability also noted. Vinyl siding and a flat rubber roof complete the exterior profile.
Key Highlights
- Two‑unit duplex with 1,932 square feet, five bedrooms, and two bathrooms
- Recently renovated lower unit is vacant; upper unit is occupied
- Separate utilities for the two units
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
Lease Details
2
Residential units
50%
Occupancy
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 - Two-unit residential property with separate utilities, public services, and convenient bus-line access in Albany.
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: Two‑unit duplex with 1,932 square feet, five bedrooms, and two bathrooms; Recently renovated lower unit is vacant; upper unit is occupied; Separate utilities for the two units
