Income-Generating Duplex
500 Washington Avenue Albany, NY 12203
500 Washington Avenue, Albany, NY, 12203
$275,000
For Sale
$275,000
Duplex with recent bathroom and flooring upgrades, plus a new high-efficiency boiler installed December 2025.
Property Size1,920 SF
Price / SF$143.23
Days on Market193
Property Features for 500 Washington Avenue
General Information
- Standard status
- Active
- Size
- 1,920 SF
- Property subtype
- Multi Family / Duplex
Building Details
- Year Built
- 1900
Listing agency
Picket Fence Properties
(518) 786-7007
Listed by
Peter Melito · License #10401224973
(518) 786-7007
Source
Compass
Added: Jan 9 Updated: Jul 21 at 12:00AM Checked: Jul 21 at 12:00AM
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 Picket Fence Properties
Investment Insights
Based on property information with market context.
This income-generating duplex offers two rental units designed for consistent occupancy and rental income. Upgrades completed within the last three years include new bathrooms and new flooring, and a new high-efficiency boiler was installed in December 2025.
The property is located at 500 Washington Avenue in Albany, NY, with SUNY Albany, Albany Medical Center, and major employers nearby, supporting steady year-round rental demand.
For investors seeking a property that has been recently improved, or owner-occupants looking to offset a mortgage with rental income, this duplex provides practical, move-in-ready updates alongside a recently installed heating system.
The property is located at 500 Washington Avenue in Albany, NY, with SUNY Albany, Albany Medical Center, and major employers nearby, supporting steady year-round rental demand.
For investors seeking a property that has been recently improved, or owner-occupants looking to offset a mortgage with rental income, this duplex provides practical, move-in-ready updates alongside a recently installed heating system.
Key Highlights
- Income‑generating duplex on Washington Avenue
- Upgrades completed in the last three years: new bathrooms and flooring
- New high‑efficiency boiler installed December 2025
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $33.4k | $17.40 |
| − Vacancy | −$2.2k | −$1.13 |
| EGI | $31.2k | $16.27 |
| − OpEx | −$9.4k | −$4.88 |
| NOI | $21.9k | $11.39 |
1,920 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$312.4K
$273.3K – $364.4K
NOI $21,866 @ 7.0% cap · market cap 7.95%
Second Best
Apartment 5plus
$280.2K
$245.2K – $326.9K
NOI $19,612 @ 7.0% cap · market cap 7.13%
Theoretical Best
Office A
$506.6K
$443.2K – $591.0K
NOI $35,459 @ 7.0% cap · market cap 12.89%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Duplex - Duplex with recent bathroom and flooring upgrades, plus a new high-efficiency boiler installed December 2025.
Where is this duplex located?
The property is located at 500 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Income‑generating duplex on Washington Avenue; Upgrades completed in the last three years: new bathrooms and flooring; New high‑efficiency boiler installed December 2025
