Albany Two-Family Income
For Sale
$249,740
Pending
468 West Street, Albany, NY 12206
MULTI_FAMILY - Other - Albany, NY
Property Size2,244 SF
Lot Size0.06 Acres
Days on Market161
Property Features for 468 West Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 6, Bathroom 1, Bathroom 2, Bedroom 1, Bedroom 5, Bedroom 2, Bedroom 3
Window features
Wood Frames
Patio and Porch features
Porch
Basement
Walk-Out Access, Full, Unfinished, Interior Entry
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
RT 5 Central Avenue to Quail Street to West Street.
Standard status
Pending
APN
010100 64.36-3-44
Size
2,244 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
7104
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Steam
Water source
Public
Building Details
Year built
1920
Number of units
2
Flooring type
Hardwood, Linoleum
Building materials
Aluminum Siding, Shingle Siding
Roof type
Built-Up
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
William G Hannon · License #10401210864
(518) 424-4827
Added: Mar 13
Changed: Jul 24
Last Checked: Aug 20 at 7:06PM
MLS# 202613279
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 two-family property presents an opportunity for ownership in Albany, situated off Central Avenue. The location offers proximity to the bus line and shopping. Each unit features three bedrooms, a combined living and dining room, an eat-in kitchen, and one full bath. Additional features include front porches and a full basement. The lot size is 0.06 acres, and the property size is 2244 square feet. The property is zoned for multi-residence use.
Key Highlights
- Two‑family income property.
- Great Albany location, right off Central Avenue/RT 5.
- Each unit has three bedrooms.
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
$22,922
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
9.18%
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%
$458,440
$458.4K
Cap Rate 7%
$327,457
$327.5K
Cap Rate 9%
$254,689
$254.7K
Market Conditions
NOI Build-Up for 2,244 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
$44.4K $19.80/SF
− Vacancy
−$2.8K −$1.23/SF
EGI
$41.7K $18.57/SF
− OpEx
−$18.8K −$8.36/SF
NOI
$22.9K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$458,440
Cap Rate 7%
$327,457
Cap Rate 9%
$254,689
Alternative Uses
Best Use
Multifamily LT 5
$365.1K
$319.4K – $425.9K
NOI $25,555 @ 7.0% cap · market cap 10.23%
Second Best
Apartment 5plus
$327.5K
$286.5K – $382.0K
NOI $22,922 @ 7.0% cap · market cap 9.18%
Theoretical Best
Office A
$592.0K
$518.0K – $690.7K
NOI $41,442 @ 7.0% cap · market cap 16.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,229
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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-family property in Albany, close to bus line and shopping.
Where is this duplex located?
The property is located at 468 West Street Albany, NY.
What is the asking price?
The asking price for this property is $249,740.
What are key features of this property?
This property features: Two‑family income property.; Great Albany location, right off Central Avenue/RT 5.; Each unit has three bedrooms.
