Two-Unit Apartment
For Sale
$324,900
473 Washington Ave, Albany, NY 12206
Two residential units offer matching two-bedroom, one-bath layouts with dedicated on-site parking.
Property Size1,786 SF
Price / SF$181.91
Days on Market10
Property Features for 473 Washington Ave
General Information
Standard status
Active
Size
1,786 SF
Total Parking Spaces
10
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,152
Listing Agency:
KW Platform
(518) 724-5800
Listed By:
Robert Saumell Jr. · License #10401362138
(518) 926-8282
Source:
Exprealty
Added: Aug 27
Changed: Sep 2
Last Checked: Sep 4 at 10:41AM
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 KW Platform
Investment Insights
Based on property information with market context.
This duplex contains two residential units, each arranged with two bedrooms and one full bathroom. The 1,786-square-foot property includes a 10-space parking lot, providing dedicated off-street parking for occupants. The upper apartment has recently been turned over, while both units have a history of extended occupancy, with prior tenancies lasting approximately 3 and 9 years.
The property is located at 473 Washington Ave in Albany, NY, near shopping, dining, entertainment, major roadways, and the University at Albany’s downtown campus. Its two-unit configuration and on-site parking support continued residential use, with the parking area also identified as a possible source of additional rental income.
The property is located at 473 Washington Ave in Albany, NY, near shopping, dining, entertainment, major roadways, and the University at Albany’s downtown campus. Its two-unit configuration and on-site parking support continued residential use, with the parking area also identified as a possible source of additional rental income.
Key Highlights
- Duplex with two 2‑bedroom, 1‑bath units
- 1,786 square feet of residential property
- 10‑space parking lot provides off‑street parking
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
$20,340
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
6.26%
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%
$406,800
$406.8K
Cap Rate 7%
$290,571
$290.6K
Cap Rate 9%
$226,000
$226.0K
Market Conditions
NOI Build-Up for 1,786 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
$31.1K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$29.1K $16.27/SF
− OpEx
−$8.7K −$4.88/SF
NOI
$20.3K $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%
$406,800
Cap Rate 7%
$290,571
Cap Rate 9%
$226,000
Alternative Uses
Best Use
Multifamily LT 5
$290.6K
$254.3K – $339.0K
NOI $20,340 @ 7.0% cap · market cap 6.26%
Second Best
Apartment 5plus
$260.6K
$228.1K – $304.1K
NOI $18,244 @ 7.0% cap · market cap 5.62%
Theoretical Best
Office A
$471.2K
$412.3K – $549.7K
NOI $32,984 @ 7.0% cap · market cap 10.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,576
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 residential units offer matching two-bedroom, one-bath layouts with dedicated on-site parking.
Where is this duplex located?
The property is located at 473 Washington Ave Albany, NY.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Duplex with two 2‑bedroom, 1‑bath units; 1,786 square feet of residential property; 10‑space parking lot provides off‑street parking
