Updated Two-Family
For Sale
$349,900
Pending
447 Ontario Street, Albany, NY 12208
Residential Income, Albany, NY
Property Size2,200 SF
Lot Size0.29 Acres
Days on Market97
Property Features for 447 Ontario Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 5, Bedroom 2, Bedroom 6, Bathroom 1, Bathroom 2, Bedroom 3, Bedroom 1
High school district
000000
Directions
New Scotland Ave to Ontario, house on left
Standard status
Pending
APN
010100 75.27-3-46
Size
2,200 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Annual Amount
7033
Utilities
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
off street parking
backyard
deck
Building Details
Year built
1920
Number of units
2
Building materials
Vinyl Siding
Roof type
Asphalt
Listing Agency:
Miranda Real Estate Group Inc
(518) 348-2060
Listed By:
Michael A Giuffre · License #10401246370
(518) 785-9900
Added: Jun 10
Changed: Sep 14
Last Checked: Sep 14 at 4:06PM
MLS# 11685161
Copyright © 2026 My State MLS. 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 updated duplex contains 2,200 square feet across two spacious residences, each arranged with three bedrooms, a dining area, and ample living space. Separate utilities serve the units, while natural-gas forced-air heating, vinyl siding, an asphalt roof, and public water support the property’s existing infrastructure. Built in 1920, the home also includes off-street parking and a large backyard with a deck.
The property is located at 447 Ontario Street in Albany’s Woodlawn area, within Albany County and ZIP code 12208. The 0.29-acre lot provides outdoor space beyond the building footprint. Its two-unit configuration supports continued residential income use or owner occupancy, as stated in the property information.
The property is located at 447 Ontario Street in Albany’s Woodlawn area, within Albany County and ZIP code 12208. The 0.29-acre lot provides outdoor space beyond the building footprint. Its two-unit configuration supports continued residential income use or owner occupancy, as stated in the property information.
Key Highlights
- Two‑family duplex with 2,200 square feet of building area
- Each unit includes three bedrooms and a dining area
- Separate utilities for the two residences
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
$25,054
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
7.16%
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%
$501,080
$501.1K
Cap Rate 7%
$357,914
$357.9K
Cap Rate 9%
$278,378
$278.4K
Market Conditions
NOI Build-Up for 2,200 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
$38.3K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$35.8K $16.27/SF
− OpEx
−$10.7K −$4.88/SF
NOI
$25.1K $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%
$501,080
Cap Rate 7%
$357,914
Cap Rate 9%
$278,378
Alternative Uses
Best Use
Multifamily LT 5
$357.9K
$313.2K – $417.6K
NOI $25,054 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$321.0K
$280.9K – $374.6K
NOI $22,473 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$580.4K
$507.9K – $677.2K
NOI $40,630 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
939
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
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 - Two spacious residences feature three bedrooms, dining areas, separate utilities, and off-street parking.
Where is this duplex located?
The property is located at 447 Ontario Street 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: Two‑family duplex with 2,200 square feet of building area; Each unit includes three bedrooms and a dining area; Separate utilities for the two residences
