Historic Duplex with Detached
For Sale
$424,900
Pending
396 Hamilton St, Albany, NY 12210
Two-residence configuration includes a three-bedroom main home and a garden-level one-bedroom apartment.
Property Size2,700 SF
Days on Market39
Property Features for 396 Hamilton St
General Information
Standard status
Pending
Size
2,700 SF
Total Parking Spaces
1
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$9,070
Building Details
Year Built
1871
Buildings
2
Construction
brownstone
Tenancy
Multi
Listing Agency:
Empire Real Estate Firm LLC
(518) 331-7839
Listed By:
Beau Piorkowski
(518) 331-7839
Source:
Exprealty
Added: Jul 15
Changed: Aug 20
Last Checked: Aug 21 at 9:49AM
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 Empire Real Estate Firm LLC
Investment Insights
Based on property information with market context.
This 2,700-square-foot duplex at 396 Hamilton St in Albany’s Center Square neighborhood is a 1871 brownstone with two distinct residential spaces. The main residence offers three bedrooms and one and a half baths, while the garden-level apartment includes one bedroom and one full bath. The layout supports rental income, guest accommodations, or multigenerational living.
Historic interior details include marble fireplaces, curved walls, stained glass accents, and hardwood floors. A detached one-car garage provides secure, year-round off-street parking, adding a practical improvement uncommon among nearby brownstones.
Historic interior details include marble fireplaces, curved walls, stained glass accents, and hardwood floors. A detached one-car garage provides secure, year-round off-street parking, adding a practical improvement uncommon among nearby brownstones.
Key Highlights
- 1871 brownstone in Albany’s Center Square neighborhood
- 2,700‑square‑foot duplex with two residential spaces
- Main residence includes 3 bedrooms and 1.5 baths
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
$30,748
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
7.24%
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%
$614,960
$615.0K
Cap Rate 7%
$439,257
$439.3K
Cap Rate 9%
$341,644
$341.6K
Market Conditions
NOI Build-Up for 2,700 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
$47.0K $17.40/SF
− Vacancy
−$3.1K −$1.13/SF
EGI
$43.9K $16.27/SF
− OpEx
−$13.2K −$4.88/SF
NOI
$30.7K $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%
$614,960
Cap Rate 7%
$439,257
Cap Rate 9%
$341,644
Alternative Uses
Best Use
Multifamily LT 5
$439.3K
$384.4K – $512.5K
NOI $30,748 @ 7.0% cap · market cap 7.24%
Second Best
Apartment 5plus
$394.0K
$344.8K – $459.7K
NOI $27,580 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$712.3K
$623.3K – $831.1K
NOI $49,864 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,281
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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-residence configuration includes a three-bedroom main home and a garden-level one-bedroom apartment.
Where is this duplex located?
The property is located at 396 Hamilton St Albany, NY.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 1871 brownstone in Albany’s Center Square neighborhood; 2,700‑square‑foot duplex with two residential spaces; Main residence includes 3 bedrooms and 1.5 baths
