Two-Unit Duplex with
New
For Sale
$324,900
473 Washington Avenue, Albany, NY 12206
Two residential units offer matching two-bedroom, one-bath layouts with dedicated off-street parking.
Property Size1,786 SF
Price / SF$181.91
Days on Market7
Property Features for 473 Washington Avenue
General Information
Standard status
Active
Size
1,786 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
KW Platform
(518) 926-8282
Listed By:
Robert Saumell Jr. · License #10401362138
Source:
Signatureonerealtygroup
Added: Aug 26
Changed: Aug 31
Last Checked: Aug 31 at 8:34PM
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.
Built in 1900, this duplex contains two residential units, each configured with two bedrooms and one full bathroom. The upper apartment has recently been turned over, while the lower unit remains part of a property with a documented history of extended tenancy. Prior occupants stayed for approximately three and nine years, respectively.
The property includes a 10-space parking lot, creating a separate parking resource that may be leased to nearby residents. Located at 473 Washington Avenue in Albany, the duplex is close to shopping, dining, entertainment, major roadways, and the University at Albany’s downtown campus. The combination of two apartment layouts and on-site parking supports continued residential rental use in an established urban setting.
The property includes a 10-space parking lot, creating a separate parking resource that may be leased to nearby residents. Located at 473 Washington Avenue in Albany, the duplex is close to shopping, dining, entertainment, major roadways, and the University at Albany’s downtown campus. The combination of two apartment layouts and on-site parking supports continued residential rental use in an established urban setting.
Key Highlights
- Two‑unit duplex at 473 Washington Avenue, Albany, NY 12206
- Each apartment includes 2 bedrooms and 1 full bathroom
- 10‑space parking lot included with the property
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
Current Use
Location Intelligence
Trade Area within ½ mile
409
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 off-street parking.
Where is this duplex located?
The property is located at 473 Washington Avenue 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: Two‑unit duplex at 473 Washington Avenue, Albany, NY 12206; Each apartment includes 2 bedrooms and 1 full bathroom; 10‑space parking lot included with the property
