Renovated Two-Unit
New
For Sale
$329,900
4 Corning Street, Albany, NY 12205
Both apartments feature two bedrooms and one bathroom, with updated kitchens, baths, and flooring.
Property Size1,804 SF
Price / SF$182.87
Days on Market2
Property Features for 4 Corning Street
General Information
Standard status
Active
Size
1,804 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,827
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Carrow Real Estate Services LLC
Listed By:
Craig Clermont · License #10401382252
(518) 369-2729
Source:
Capmarkrealty
Added: Sep 26
Last Checked: Sep 26 at 2:53PM
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 Carrow Real Estate Services LLC
Investment Insights
Based on property information with market context.
This 1,804-square-foot duplex, built in 1890, contains two apartments, each configured with two bedrooms and one bathroom. Renovations include kitchens, bathrooms, and flooring. The property is fully occupied, with leases, a rent roll, and expense information available upon request.
The Albany property is near shopping and dining along Central Avenue and Western Avenue, with access to I-90, the Northway, and downtown Albany.
The Albany property is near shopping and dining along Central Avenue and Western Avenue, with access to I-90, the Northway, and downtown Albany.
Key Highlights
- Two apartments, each with 2 bedrooms and 1 bathroom
- 1,804 square feet; built in 1890
- Updated kitchens, bathrooms, and flooring in both 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
$20,544
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
6.23%
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%
$410,880
$410.9K
Cap Rate 7%
$293,486
$293.5K
Cap Rate 9%
$228,267
$228.3K
Market Conditions
NOI Build-Up for 1,804 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
$31.4K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$29.3K $16.27/SF
− OpEx
−$8.8K −$4.88/SF
NOI
$20.5K $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%
$410,880
Cap Rate 7%
$293,486
Cap Rate 9%
$228,267
Alternative Uses
Best Use
Multifamily LT 5
$293.5K
$256.8K – $342.4K
NOI $20,544 @ 7.0% cap · market cap 6.23%
Second Best
Apartment 5plus
$263.3K
$230.4K – $307.1K
NOI $18,428 @ 7.0% cap · market cap 5.59%
Theoretical Best
Office A
$475.9K
$416.5K – $555.3K
NOI $33,316 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
Explore this area
Business Placement
Demographics for 12205, NY
27,168
Population
12,061
Households
2.3
Avg Household Size
45
Median Age
36%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
1,764
Density / Sq Mi
$89,270
Median Household Income
$54,184
Median Earnings
$1,405
Median Rent
$264,200
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
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Frequently Asked Questions
What type of property is this?
Duplex - Both apartments feature two bedrooms and one bathroom, with updated kitchens, baths, and flooring.
Where is this duplex located?
The property is located at 4 Corning Street Albany, NY.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Two apartments, each with 2 bedrooms and 1 bathroom; 1,804 square feet; built in 1890; Updated kitchens, bathrooms, and flooring in both units
