Albany Multifamily Investment
40 Cortland Place Albany, NY 12203
For Sale
$209,900
Pending
MULTI_FAMILY - Other - Albany, NY
Property Size1,496 SF
Lot Size0.03 Acres
Days on Market102
Property Features for 40 Cortland Place
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 4, Bedroom 2, Bedroom 3, Laundry Room, Bedroom 1, Bathroom 2, Bathroom 1
- Patio and Porch features
- Porch
- Interior features
- High Speed Internet
- Basement
- Full, Unfinished
- Standard status
- Pending
- APN
- 010100 65.62-2-73
- Size
- 1,496 SF
- Lot size
- 0.03 Acres
Taxes and HOA fees
- Tax Annual Amount
- 5000
Utilities
- Utilities
- Cable Available
- Sewer type
- Public Sewer
- Heating system
- Hot Water(Heating), Natural Gas, Baseboard
- Cooling system
- Window Unit(s)
- Water source
- Public
Building Details
- Year built
- 1903
- Number of units
- 2
- Flooring type
- Hardwood
- Building materials
- Aluminum Siding
- Roof type
- Flat
- Architectural style
- Other
Listing Agency:
Clancy Real Estate
(518) 861-7016
Listed By:
Kevin Clancy · License #37CL1081409
(518) 461-9937
Added: Apr 15
Changed: Jul 24
Last Checked: Jul 25 at 6:06AM
MLS# 202615101
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 multifamily property presents an investment opportunity in a desirable rental location. The property features two units in good condition, offering a turnkey, low-maintenance investment. Each apartment has separate utilities for convenience and efficiency. Both units are equipped with Navien high-efficiency heat and hot water systems and feature new kitchens. The property has a strong rental history potential and is located close to SUNY Albany, Russell Sage College, and The College of Saint Rose. The property size is 1496 square feet and the lot size is 0.03 acres.
Key Highlights
- Built in 1903 with aluminum siding and a flat roof
- Two units with separate utilities for each apartment
- Navien high‑efficiency heat and hot water systems in both units
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.0k | $17.40 |
| − Vacancy | −$1.7k | −$1.13 |
| EGI | $24.3k | $16.27 |
| − OpEx | −$7.3k | −$4.88 |
| NOI | $17.0k | $11.39 |
1,496 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$243.4K
$213.0K – $284.0K
NOI $17,037 @ 7.0% cap · market cap 8.12%
Second Best
Apartment 5plus
$218.3K
$191.0K – $254.7K
NOI $15,281 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$394.7K
$345.4K – $460.5K
NOI $27,628 @ 7.0% cap · market cap 13.16%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
FAQs
What type of property is this?
Duplex - Turnkey multifamily property near SUNY Albany and other colleges.
Where is this duplex located?
The property is located at 40 Cortland Place Albany, NY.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: Built in 1903 with aluminum siding and a flat roof; Two units with separate utilities for each apartment; Navien high‑efficiency heat and hot water systems in both units
