Occupied Duplex with Off-Street
For Sale
$349,900
Pending
443 Myrtle Ave, Albany, NY 12208
Two apartments offer dedicated basement laundry rooms, attic storage, and convenient access to Albany Med and nearby shopping.
Property Size2,040 SF
Days on Market104
Property Features for 443 Myrtle Ave
General Information
Standard status
Pending
Size
2,040 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Gross Income
$40,200
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,573
Amenities
off-street parking
separate laundry rooms
walk-up attic
Listing Agency:
RE/MAX Solutions
(315) 749-8596
Listed By:
Jonathan Lanahan · License #10401298349
(315) 749-8596
Source:
Exprealty
Added: May 21
Changed: Aug 31
Last Checked: Aug 31 at 6:47PM
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 RE/MAX Solutions
Investment Insights
Based on property information with market context.
This 2,040-square-foot duplex contains two occupied apartments, creating a residential income property with established tenancy. Each unit has its own laundry room in the basement, while a sizable walk-up attic provides additional storage. Off-street parking serves the property.
The building is located within walking distance of Albany Med, shopping, and other nearby services. Its two-unit configuration, separate laundry areas, parking, and supplemental attic storage provide practical features for an owner occupant or investor. ROPs are up to date.
The building is located within walking distance of Albany Med, shopping, and other nearby services. Its two-unit configuration, separate laundry areas, parking, and supplemental attic storage provide practical features for an owner occupant or investor. ROPs are up to date.
Key Highlights
- 2,040‑square‑foot duplex with two occupied apartments
- Separate basement laundry rooms for each apartment
- Large walk‑up attic provides additional storage
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
$23,232
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
6.64%
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%
$464,640
$464.6K
Cap Rate 7%
$331,886
$331.9K
Cap Rate 9%
$258,133
$258.1K
Market Conditions
NOI Build-Up for 2,040 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
$35.5K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$33.2K $16.27/SF
− OpEx
−$10.0K −$4.88/SF
NOI
$23.2K $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%
$464,640
Cap Rate 7%
$331,886
Cap Rate 9%
$258,133
Alternative Uses
Best Use
Multifamily LT 5
$331.9K
$290.4K – $387.2K
NOI $23,232 @ 7.0% cap · market cap 6.64%
Second Best
Apartment 5plus
$297.7K
$260.5K – $347.3K
NOI $20,838 @ 7.0% cap · market cap 5.96%
Theoretical Best
Office A
$538.2K
$470.9K – $627.9K
NOI $37,675 @ 7.0% cap · market cap 10.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
3,313
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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 apartments offer dedicated basement laundry rooms, attic storage, and convenient access to Albany Med and nearby shopping.
Where is this duplex located?
The property is located at 443 Myrtle Ave Albany, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 2,040‑square‑foot duplex with two occupied apartments; Separate basement laundry rooms for each apartment; Large walk‑up attic provides additional storage
