Two-Unit Duplex with Detached
For Sale
$235,000
476 Delaware Avenue, Albany, NY 12209
Well-kept duplex offering separate one- and two-bedroom residences, a fenced yard, and a detached garage.
Property Size1,328 SF
Price / SF$176.96
Days on Market10
Property Features for 476 Delaware Avenue
General Information
Standard status
Active
Size
1,328 SF
Total Parking Spaces
1
Property subtype
Multi-family
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
2
Additional Details
Public Transit
Yes
Building Details
Year Built
1925
Buildings
1
Stories
2
Listing Agency:
Gabler Realty LLC
Listed By:
Christina A Center · License #40CE1129368
(518) 573-5635
Source:
Signatureonerealtygroup
Added: Sep 14
Changed: Sep 21
Last Checked: Sep 22 at 6:22PM
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 Gabler Realty LLC
Investment Insights
Based on property information with market context.
This 1925 duplex contains two separate residences within 1,328 square feet. The first-floor apartment has one bedroom, one bathroom, hardwood flooring, built-in features, living and dining rooms, and a tiled kitchen. Upstairs, the two-bedroom, one-bath apartment includes hardwood floors, a living room, and an open kitchen and dining area.
The property also includes a one-car detached garage, front sitting porch, partially finished basement, walk-up attic, and fenced yard. It is located on a bus line in Albany’s Delaware Avenue neighborhood, near restaurants and parks. The home is being offered in its current condition and has been well cared for overall. It is also available as part of a five-property portfolio.
The property also includes a one-car detached garage, front sitting porch, partially finished basement, walk-up attic, and fenced yard. It is located on a bus line in Albany’s Delaware Avenue neighborhood, near restaurants and parks. The home is being offered in its current condition and has been well cared for overall. It is also available as part of a five-property portfolio.
Key Highlights
- Two separate apartments with one- and two‑bedroom layouts
- 1,328 square feet in a 1925‑built duplex
- One‑car detached garage, fenced yard, and front sitting porch
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
$15,124
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
6.44%
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%
$302,480
$302.5K
Cap Rate 7%
$216,057
$216.1K
Cap Rate 9%
$168,044
$168.0K
Market Conditions
NOI Build-Up for 1,328 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
$23.1K $17.40/SF
− Vacancy
−$1.5K −$1.13/SF
EGI
$21.6K $16.27/SF
− OpEx
−$6.5K −$4.88/SF
NOI
$15.1K $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%
$302,480
Cap Rate 7%
$216,057
Cap Rate 9%
$168,044
Alternative Uses
Best Use
Multifamily LT 5
$216.1K
$189.1K – $252.1K
NOI $15,124 @ 7.0% cap · market cap 6.44%
Second Best
Apartment 5plus
$193.8K
$169.6K – $226.1K
NOI $13,565 @ 7.0% cap · market cap 5.77%
Theoretical Best
Office A
$350.4K
$306.6K – $408.8K
NOI $24,526 @ 7.0% cap · market cap 10.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
706
Businesses Nearby
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Well-kept duplex offering separate one- and two-bedroom residences, a fenced yard, and a detached garage.
Where is this duplex located?
The property is located at 476 Delaware Avenue Albany, NY.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: Two separate apartments with one- and two‑bedroom layouts; 1,328 square feet in a 1925‑built duplex; One‑car detached garage, fenced yard, and front sitting porch
