Two-Family Duplex with
New
For Sale
$249,900
39 W Erie Street, Albany, NY 12208
MultiFamily, Albany, NY
Property Size2,016 SF
Lot Size0.09 Acres
Price / SF$123.96
Days on Market2
Property Features for 39 W Erie Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1, Bedroom 4, Bathroom 1
Parking
2
Parking features
Garage, Off Street, Driveway
Patio and Porch features
Porch
Interior features
High Speed Internet, Walk-In Closet(s), Ceramic Tile Bath
Basement
Full, Unfinished
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
New Scotland Avenue to W Erie Street.
Standard status
Active
APN
010100 64.83-1-30
Size
2,016 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
7413
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1930
Number of units
2
Flooring type
Tile, Laminate, Tile - Ceramic, Hardwood
Building materials
Aluminum Siding
Architectural style
Other
Listing Agency:
Clancy Real Estate
(518) 861-7016
Listed By:
Kevin Clancy · License #37CL1081409
(518) 461-9937
Added: Sep 9
Last Checked: Sep 10 at 1:06AM
MLS# 202625699
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 vacant two-family residence offers 2,016 square feet on a 0.09-acre corner lot. Built in 1930, the property includes four bedrooms and two bathrooms, along with tile, ceramic tile, laminate, and hardwood flooring. Aluminum siding, natural gas heat, public water, and public sewer are in place. Interior features include high-speed internet, a walk-in closet, and a ceramic tile bath.
Located at 39 W Erie Street in Albany, the property provides off-street parking, a driveway, a porch, and a two-car garage. The home is positioned for renovation, with an existing layout that includes bedrooms and bathrooms across the two-family configuration. A 3D tour is also available.
Located at 39 W Erie Street in Albany, the property provides off-street parking, a driveway, a porch, and a two-car garage. The home is positioned for renovation, with an existing layout that includes bedrooms and bathrooms across the two-family configuration. A 3D tour is also available.
Key Highlights
- 2,016 square feet on a 0.09‑acre corner lot
- Two‑family property with 4 bedrooms and 2 bathrooms
- Two‑car garage, driveway, and off‑street parking
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
$22,959
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
9.19%
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%
$459,180
$459.2K
Cap Rate 7%
$327,986
$328.0K
Cap Rate 9%
$255,100
$255.1K
Market Conditions
NOI Build-Up for 2,016 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
$35.1K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$32.8K $16.27/SF
− OpEx
−$9.8K −$4.88/SF
NOI
$23.0K $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%
$459,180
Cap Rate 7%
$327,986
Cap Rate 9%
$255,100
Alternative Uses
Best Use
Multifamily LT 5
$328.0K
$287.0K – $382.7K
NOI $22,959 @ 7.0% cap · market cap 9.19%
Second Best
Apartment 5plus
$294.2K
$257.4K – $343.2K
NOI $20,593 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$531.9K
$465.4K – $620.5K
NOI $37,231 @ 7.0% cap · market cap 14.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,156
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Vacant two-family property with off-street parking, a two-car garage, and renovation potential.
Where is this duplex located?
The property is located at 39 W Erie Street Albany, NY.
What is the asking price?
The asking price for this property is $249,900.
What are key features of this property?
This property features: 2,016 square feet on a 0.09‑acre corner lot; Two‑family property with 4 bedrooms and 2 bathrooms; Two‑car garage, driveway, and off‑street parking
