Two-Family Brick
For Sale
$375,000
Pending
469 Madison Avenue, Albany, NY 12210
MULTI_FAMILY - Other - Albany, NY
Property Size2,592 SF
Lot Size0.03 Acres
Days on Market51
Property Features for 469 Madison Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bedroom 1, Bedroom 4, Bathroom 2, Bedroom 5, Bedroom 3, Bathroom 1
Window features
Bay Window(s)
Interior features
Solid Surface Counters, High Speed Internet, Built-in Features, Ceramic Tile Bath, Crown Molding
Basement
Full, Unfinished
Lot features
Level, Views, Corner Lot
Elementary school
Giffen Memorial
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Corner of Madison Avenue and Willett Street, right next to Washington Park!
Standard status
Pending
APN
010100 76.23-3-70
Size
2,592 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
9248
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
hardwood floors
original woodwork
tall ceilings
original built-ins
decorative fireplace
pocket doors
stackable washer/dryers in each unit
Corian counters and ceramic tile backsplashes
bonus office alcove
bay windows
Building Details
Year built
1930
Number of units
2
Flooring type
Laminate, Hardwood
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
DiBlasi Real Estate
(518) 857-1505
Listed By:
John S DiBlasi · License #10491211230
(518) 857-1505
Added: Jul 13
Changed: Aug 11
Last Checked: Sep 1 at 10:06AM
MLS# 202621658
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.
Well-maintained two-family property with a durable brick exterior and large flats. Interior features include hardwood floors, tall ceilings, original woodwork with decorative fireplace details, and built-ins, plus pocket doors. Each unit is equipped with stackable washer/dryers, Corian counters, and ceramic tile backsplashes, and there is a bonus office alcove and bay windows.
Located at 469 Madison Avenue in Albany’s Center Square neighborhood, the property is described as being just steps from Washington Park. The listing notes that the building’s pictured units appear vacant, but both apartments are rented.
The property is offered as a two-unit residential income building under Multi Residence zoning. Multiple offers are presented, with instructions to submit highest and best offers by Monday 7/20 at 5:00.
Located at 469 Madison Avenue in Albany’s Center Square neighborhood, the property is described as being just steps from Washington Park. The listing notes that the building’s pictured units appear vacant, but both apartments are rented.
The property is offered as a two-unit residential income building under Multi Residence zoning. Multiple offers are presented, with instructions to submit highest and best offers by Monday 7/20 at 5:00.
Key Highlights
- Two‑family brick property in Albany’s Center Square neighborhood, just steps from Washington Park
- Hardwood floors with original woodwork, tall ceilings, decorative fireplace, and built‑ins
- Corian counters with ceramic tile backsplashes and ceramic tile baths; solid surface counters
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 - Well-maintained two-family home with original woodwork, hardwood floors, and stackable washer/dryers in each unit.
Where is this duplex located?
The property is located at 469 Madison Avenue 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: Two‑family brick property in Albany’s Center Square neighborhood, just steps from Washington Park; Hardwood floors with original woodwork, tall ceilings, decorative fireplace, and built‑ins; Corian counters with ceramic tile backsplashes and ceramic tile baths; solid surface counters
