Renovated
New
For Sale
$245,000
478 1st Street, Albany, NY 12206
Both apartments are occupied by long-term tenants.
Property Size1,672 SF
Price / SF$146.53
Days on Market7
Property Features for 478 1st Street
General Information
Standard status
Active
Size
1,672 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Tenant in Place
Yes
Building Details
Year Built
1910
Tenancy
Multi
Listing Agency:
Venture Fox Realty Group LLC
Listed By:
Donna Clanton · License #22667
(518) 986-2305
Source:
Heerrealty
Added: Oct 24
Changed: Oct 26
Last Checked: Oct 26 at 1:07PM
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 Venture Fox Realty Group LLC
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Investment Insights
Based on property information with market context.
Built in 1910, this 1,672-square-foot duplex contains two residential units. Both were renovated within the past two years and are occupied by long-term tenants. The property is located at 478 1st Street in Albany, New York.
Key Highlights
- Two‑unit duplex with 1,672 square feet
- Built in 1910
- Both units renovated within the past two years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,041
Cap Rate
7.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$380,820
$380.8K
Cap Rate 7%
$272,014
$272.0K
Cap Rate 9%
$211,567
$211.6K
Market Conditions
NOI Build-Up for 1,672 SF
Gross rent
$29.1K $17.40/SF
− Vacancy
−$1.9K −$1.13/SF
EGI
$27.2K $16.27/SF
− OpEx
−$8.2K −$4.88/SF
NOI
$19.0K $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%
$380,820
Cap Rate 7%
$272,014
Cap Rate 9%
$211,567
Alternative Uses
Best Use
Multifamily LT 5
$272.0K
$238.0K – $317.4K
NOI $19,041 @ 7.0% cap · market cap 7.77%
Second Best
Apartment 5plus
$244.0K
$213.5K – $284.7K
NOI $17,079 @ 7.0% cap · market cap 6.97%
Theoretical Best
Office A
$441.1K
$386.0K – $514.6K
NOI $30,878 @ 7.0% cap · market cap 12.60%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,447
Businesses Nearby
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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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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are occupied by long-term tenants.
Where is this duplex located?
The property is located at 478 1st Street Albany, NY.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Two‑unit duplex with 1,672 square feet; Built in 1910; Both units renovated within the past two years
