Duplex With Off-Street
New
For Sale
$324,900
473 Washington Avenue, Albany, NY 12206
MultiFamily, Albany, NY
Property Size1,786 SF
Lot Size0.07 Acres
Price / SF$181.91
Days on Market6
Property Features for 473 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 1, Bathroom 1, Bathroom 2, Bedroom 2, Bedroom 4
Parking
14
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Basement
Unfinished, Exterior Entry, Full
Lot features
Level, Landscaped, Cleared
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
central ave to N lake ave, right on Washington ave
Standard status
Active
APN
010100 65.62-1-47
Size
1,786 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
6153
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Number of units
2
Flooring type
Vinyl, Carpet, Hardwood
Building materials
Vinyl Siding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Robert Saumell Jr. · License #10401362138
(518) 926-8282
Added: Aug 27
Changed: Aug 29
Last Checked: Sep 1 at 4:06AM
MLS# 202624911
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.
This two-unit residential property contains 1,786 square feet on a 0.07-acre lot. Each apartment is configured with two bedrooms and one full bathroom. Interior finishes include hardwood, carpet, and vinyl flooring, while natural-gas forced-air heat serves the building. Vinyl siding, an asphalt shingle roof, and a porch are among the exterior features.
The property includes a 10-space parking lot with driveway and off-street parking. Public water and public sewer serve the property. Built in 1900, the building is located at 473 Washington Avenue in Albany, near shopping, dining, entertainment, major roadways, and the University at Albany's downtown campus.
The property includes a 10-space parking lot with driveway and off-street parking. Public water and public sewer serve the property. Built in 1900, the building is located at 473 Washington Avenue in Albany, near shopping, dining, entertainment, major roadways, and the University at Albany's downtown campus.
Key Highlights
- Two‑unit property with 1,786 square feet of building area
- Each unit includes 2 bedrooms and 1 full bathroom
- 10‑space parking lot with driveway and 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
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two residential units each include two bedrooms and one full bath.
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 property with 1,786 square feet of building area; Each unit includes 2 bedrooms and 1 full bathroom; 10‑space parking lot with driveway and off‑street parking
