Two-Unit Duplex with Detached
New
For Sale
$235,000
476 Delaware Avenue, Albany, NY 12209
MultiFamily, Albany, NY
Property Size1,328 SF
Lot Size0.06 Acres
Price / SF$176.96
Days on Market3
Property Features for 476 Delaware Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 2, Bedroom 1
Parking
1
Patio and Porch features
Porch
Interior features
Built-in Features
Fencing
Chain Link
Basement
Unfinished
Lot features
Landscaped, Cleared
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Kenwood to Delaware Ave.
Standard status
Active
APN
010100 75.76-2-1 02
Size
1,328 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
3499
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
hardwood floors
built-ins
tile flooring
front sitting porch
partially finished basement
walk-up attic
fenced yard
Building Details
Year built
1925
Number of units
2
Flooring type
Carpet, Tile - Ceramic, Laminate, Hardwood
Building materials
Wood Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Gabler Realty LLC
(518) 935-4800
Listed By:
Christina A Center · License #40CE1129368
(518) 573-5635
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 18 at 2:06PM
MLS# 202626306
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 1925 wood-sided duplex contains two separate apartments totaling 1,328 square feet. The first-floor residence has one bedroom and one bathroom, with hardwood flooring, built-in features, living and dining rooms, and a tiled kitchen. Upstairs, the two-bedroom, one-bath unit includes hardwood floors, a living room, and an open kitchen and dining arrangement.
The property includes a detached one-car garage, front porch, partially finished basement, walk-up attic, and chain-link fenced yard. Public water and public sewer serve the home, while hot-water heating is fueled by natural gas. Located on Delaware Avenue in Albany, the property has bus-line access and is near restaurants and parks. It is being offered in its current condition and is also available as part of a five-property portfolio.
The property includes a detached one-car garage, front porch, partially finished basement, walk-up attic, and chain-link fenced yard. Public water and public sewer serve the home, while hot-water heating is fueled by natural gas. Located on Delaware Avenue in Albany, the property has bus-line access and is near restaurants and parks. It is being offered in its current condition and is also available as part of a five-property portfolio.
Key Highlights
- Two separate apartments: one bedroom and one bathroom downstairs; two bedrooms and one bathroom upstairs
- 1,328 square feet on a 0.06‑acre lot
- Detached one‑car garage, front porch, fenced yard, partially finished basement, and walk‑up attic
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 with distinct one- and two-bedroom apartments, a fenced yard, porch, and bus-line access.
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: one bedroom and one bathroom downstairs; two bedrooms and one bathroom upstairs; 1,328 square feet on a 0.06‑acre lot; Detached one‑car garage, front porch, fenced yard, partially finished basement, and walk‑up attic
