Two-Unit Bungalow with
New
For Sale
$225,000
4 Homestead Avenue, Colonie, NY 12304
Legal two-family property with separate electric meters, individual decks, and mini-split heating and cooling.
Property Size1,020 SF
Price / SF$220.59
Days on Market3
Property Features for 4 Homestead Avenue
General Information
Standard status
Active
Size
1,020 SF
Total Parking Spaces
5
Property subtype
Multi-Family
Zoning
Multi Residence
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,925
Amenities
deck
mini-splits
Building Details
Year Built
1930
Listing Agency:
Keyology Realty
Listed By:
Alicia C Everett · License #10491209739
(518) 813-3540
Source:
Capmarkrealty
Added: Sep 12
Last Checked: Sep 14 at 5:40AM
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 Keyology Realty
Investment Insights
Based on property information with market context.
This legal two-family bungalow contains 1,020 square feet across two separate apartments. The first-floor unit has 2 bedrooms and 1 bath, while the upper unit provides 1 bedroom and 1 bath. Each apartment includes its own deck, separate electric meter, and mini-split heating and air conditioning. A detached one-car garage provides additional parking and storage.
Built in 1930 and zoned Multi Residence, the property is arranged for two-family occupancy. Its Colonie setting places the home close to shopping, dining, services, and other everyday conveniences.
Built in 1930 and zoned Multi Residence, the property is arranged for two-family occupancy. Its Colonie setting places the home close to shopping, dining, services, and other everyday conveniences.
Key Highlights
- Two‑family bungalow with 1,020 square feet
- First‑floor apartment includes 2 bedrooms and 1 bath
- Second‑floor apartment includes 1 bedroom and 1 bath
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
$11,616
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
5.16%
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%
$232,320
$232.3K
Cap Rate 7%
$165,943
$165.9K
Cap Rate 9%
$129,067
$129.1K
Market Conditions
NOI Build-Up for 1,020 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
$17.7K $17.40/SF
− Vacancy
−$1.2K −$1.13/SF
EGI
$16.6K $16.27/SF
− OpEx
−$5.0K −$4.88/SF
NOI
$11.6K $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%
$232,320
Cap Rate 7%
$165,943
Cap Rate 9%
$129,067
Alternative Uses
Best Use
Multifamily LT 5
$165.9K
$145.2K – $193.6K
NOI $11,616 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$148.8K
$130.2K – $173.7K
NOI $10,419 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$269.1K
$235.5K – $314.0K
NOI $18,837 @ 7.0% cap · market cap 8.37%
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
207
Businesses Nearby
Explore this area
Business Placement
Demographics for 12304, NY
21,513
Population
9,438
Households
2.3
Avg Household Size
40
Median Age
25%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,211
Density / Sq Mi
$67,688
Median Household Income
$43,824
Median Earnings
$1,049
Median Rent
$171,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Legal two-family property with separate electric meters, individual decks, and mini-split heating and cooling.
Where is this duplex located?
The property is located at 4 Homestead Avenue Colonie, NY.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Two‑family bungalow with 1,020 square feet; First‑floor apartment includes 2 bedrooms and 1 bath; Second‑floor apartment includes 1 bedroom and 1 bath
