Brick Duplex with Original
For Sale
$375,000
Pending
469 Madison Ave, Albany, NY 12210
Two rented apartments combine classic detailing with updated kitchen and laundry features.
Property Size2,592 SF
Days on Market49
Property Features for 469 Madison Ave
General Information
Standard status
Pending
Size
2,592 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Amenities
hardwood floors
original woodwork
tall ceilings
original built-ins
decorative fireplace
pocket doors
stackable washer/dryer in each unit
Corian counters
ceramic tile backsplashes
bonus office alcove
bay windows
Building Details
Year Built
1930
Buildings
1
Construction
brick
Listing Agency:
Redway Realty LLC
(518) 526-1800
Listed By:
Brian Walters · License #30WA0832219
(518) 526-1800
Source:
Albanyprimeproperties
Added: Jul 15
Changed: Aug 31
Last Checked: Aug 31 at 2:46PM
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.
This 2,592-square-foot duplex, built in 1930, contains two large apartment flats within a durable brick building. Interior details include hardwood flooring, original woodwork, built-in cabinetry, tall ceilings, pocket doors, bay windows, and a decorative fireplace. Each apartment has a stackable washer and dryer, Corian countertops, and ceramic tile backsplashes. A bonus office alcove adds flexibility within the existing layout.
The property is located in Albany’s Center Square neighborhood, near Washington Park. Both apartments are currently rented, providing an operating two-unit configuration with established occupancy. The building’s combination of period features and practical apartment improvements supports continued residential use in a walkable urban setting.
The property is located in Albany’s Center Square neighborhood, near Washington Park. Both apartments are currently rented, providing an operating two-unit configuration with established occupancy. The building’s combination of period features and practical apartment improvements supports continued residential use in a walkable urban setting.
Key Highlights
- 2,592‑square‑foot duplex built in 1930
- Two apartment flats; both units are rented
- Brick exterior with hardwood floors, bay windows, pocket doors, and original built‑ins
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
$29,518
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
7.87%
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%
$590,360
$590.4K
Cap Rate 7%
$421,686
$421.7K
Cap Rate 9%
$327,978
$328.0K
Market Conditions
NOI Build-Up for 2,592 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
$45.1K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$42.2K $16.27/SF
− OpEx
−$12.7K −$4.88/SF
NOI
$29.5K $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%
$590,360
Cap Rate 7%
$421,686
Cap Rate 9%
$327,978
Alternative Uses
Best Use
Multifamily LT 5
$421.7K
$369.0K – $492.0K
NOI $29,518 @ 7.0% cap · market cap 7.87%
Second Best
Apartment 5plus
$378.2K
$331.0K – $441.3K
NOI $26,477 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$683.8K
$598.4K – $797.8K
NOI $47,869 @ 7.0% cap · market cap 12.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,899
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
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 rented apartments combine classic detailing with updated kitchen and laundry features.
Where is this duplex located?
The property is located at 469 Madison Ave Albany, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: 2,592‑square‑foot duplex built in 1930; Two apartment flats; both units are rented; Brick exterior with hardwood floors, bay windows, pocket doors, and original built‑ins
