Two-Unit Apartment
For Sale
$299,900
Pending
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
Days on Market55
Property Features for 473 Washington Ave
General Information
Standard status
Pending
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: Oct 2
Last Checked: Oct 19 at 12:29PM
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
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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 / Yr
$20,340
Cap Rate
6.78%
Suggested Prices Based on Cap Rates
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
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 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 6.78%
Second Best
Apartment 5plus
$260.6K
$228.1K – $304.1K
NOI $18,244 @ 7.0% cap · market cap 6.08%
Theoretical Best
Office A
$471.2K
$412.3K – $549.7K
NOI $32,984 @ 7.0% cap · market cap 11.00%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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 $299,900.
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
