Updated Two-Family
For Sale
$290,000
446 2nd Avenue, Albany, NY 12209
Occupied duplex with a rear porch, sprinkler system, and refreshed flooring near shopping, dining, fitness, and highway access.
Property Size1,697 SF
Price / SF$170.89
Days on Market40
Property Features for 446 2nd Avenue
General Information
Standard status
Active
Size
1,697 SF
Total Parking Spaces
4
Property subtype
Multi-Family
Additional Details
Sprinkler System
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$8,641
Building Details
Year Built
1940
Listing Agency:
Redway Realty LLC
(917) 915-0250
Listed By:
Anthony Redway · License #10491212718
(917) 915-0250
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 28
Last Checked: Aug 31 at 12:51PM
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 Redway Realty LLC
Investment Insights
Based on property information with market context.
Built in 1940, this duplex is configured as a two-family residential property and measures 1,697 square feet. Recent work includes a new rear porch, an installed sprinkler system, and updated flooring. The property is currently occupied by tenants.
Located at 446 2nd Avenue in Albany, the home is near highway access, shopping centers, gyms, and restaurants. These surrounding amenities provide convenient access to everyday services and dining options.
Located at 446 2nd Avenue in Albany, the home is near highway access, shopping centers, gyms, and restaurants. These surrounding amenities provide convenient access to everyday services and dining options.
Key Highlights
- Two‑family duplex measuring 1,697 square feet
- Built in 1940
- New rear porch, sprinkler system, and updated flooring
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
$19,326
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
6.66%
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%
$386,520
$386.5K
Cap Rate 7%
$276,086
$276.1K
Cap Rate 9%
$214,733
$214.7K
Market Conditions
NOI Build-Up for 1,697 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
$29.5K $17.40/SF
− Vacancy
−$1.9K −$1.13/SF
EGI
$27.6K $16.27/SF
− OpEx
−$8.3K −$4.88/SF
NOI
$19.3K $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%
$386,520
Cap Rate 7%
$276,086
Cap Rate 9%
$214,733
Alternative Uses
Best Use
Multifamily LT 5
$276.1K
$241.6K – $322.1K
NOI $19,326 @ 7.0% cap · market cap 6.66%
Second Best
Apartment 5plus
$247.6K
$216.7K – $288.9K
NOI $17,335 @ 7.0% cap · market cap 5.98%
Theoretical Best
Office A
$447.7K
$391.8K – $522.3K
NOI $31,340 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
748
Businesses Nearby
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
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 - Occupied duplex with a rear porch, sprinkler system, and refreshed flooring near shopping, dining, fitness, and highway access.
Where is this duplex located?
The property is located at 446 2nd Avenue Albany, NY.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: Two‑family duplex measuring 1,697 square feet; Built in 1940; New rear porch, sprinkler system, and updated flooring
