Updated Two-Family
New
For Sale
$374,900
42 Spring St, Albany, NY 12210
Renovated duplex with two move-in-ready units and a partially prepared basement.
Property Size2,750 SF
Price / SF$136.33
Days on Market3
Property Features for 42 Spring St
General Information
Standard status
Active
Size
2,750 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1899
Listing Agency:
Country Boy Realty
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Sep 12
Changed: Sep 13
Last Checked: Sep 14 at 9:36AM
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 Country Boy Realty
Investment Insights
Based on property information with market context.
Built in 1899, this 2,750-square-foot duplex contains two residential units that have undergone renovations and are described as move-in ready. The property includes modern finishes across both units, while the basement has been partially prepared for possible additional living space.
Any conversion of the basement into a third unit would require city approvals. Located at 42 Spring St in Albany, New York, the property may suit an owner-occupant or an investor seeking a two-unit residential asset with further configuration potential.
Any conversion of the basement into a third unit would require city approvals. Located at 42 Spring St in Albany, New York, the property may suit an owner-occupant or an investor seeking a two-unit residential asset with further configuration potential.
Key Highlights
- 2,750‑square‑foot duplex with two residential units
- Both units renovated and described as move‑in ready
- Modern finishes throughout the two 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
$31,318
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
8.35%
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%
$626,360
$626.4K
Cap Rate 7%
$447,400
$447.4K
Cap Rate 9%
$347,978
$348.0K
Market Conditions
NOI Build-Up for 2,750 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
$47.8K $17.40/SF
− Vacancy
−$3.1K −$1.13/SF
EGI
$44.7K $16.27/SF
− OpEx
−$13.4K −$4.88/SF
NOI
$31.3K $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%
$626,360
Cap Rate 7%
$447,400
Cap Rate 9%
$347,978
Alternative Uses
Best Use
Multifamily LT 5
$447.4K
$391.5K – $522.0K
NOI $31,318 @ 7.0% cap · market cap 8.35%
Second Best
Apartment 5plus
$401.3K
$351.1K – $468.2K
NOI $28,091 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$725.5K
$634.8K – $846.5K
NOI $50,787 @ 7.0% cap · market cap 13.55%
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
4,039
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
Check the figures for this property
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 - Renovated duplex with two move-in-ready units and a partially prepared basement.
Where is this duplex located?
The property is located at 42 Spring St Albany, NY.
What is the asking price?
The asking price for this property is $374,900.
What are key features of this property?
This property features: 2,750‑square‑foot duplex with two residential units; Both units renovated and described as move‑in ready; Modern finishes throughout the two units
