Building Details

Year Built 1965

Buildings 1

Listing Agency: Cartier Real Estate Group LLC

Listed By: Michael Field · License #10491203035 Show Phone

Source: Fieldrealty

Added: Oct 19 Changed: Oct 21 Last Checked: Oct 20 at 7:50PM

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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 Cartier Real Estate Group LLC

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Investment Insights

Based on property information with market context.

This 1965 duplex contains two residences, each with approximately 1,100 square feet, two bedrooms, and one full bathroom. Hardwood flooring serves the main living areas, and each layout includes a living room, formal dining room, and eat-in kitchen. Separate utilities and central air conditioning are provided in both units. The property totals 2,208 square feet.

The property is at 506 Delaware Ave in Delmar, near a bus stop and within walking distance of the library and Four Corners. The roof was updated in 2019, the driveway in 2018, and air conditioning in April 2026.

Key Highlights

• Two residences of approximately 1,100 square feet each; 2,208 square feet total
• Each unit has two bedrooms and one full bathroom
• Separate utilities and central air conditioning in both units

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,495

Cap Rate

6.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$509,900 $509.9K

Cap Rate 7%

$364,214 $364.2K

Cap Rate 9%

$283,278 $283.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,208 SF

Gross rent

$38.4K $17.40/SF

− Vacancy

−$2.0K −$0.90/SF

EGI

$36.4K $16.50/SF

− OpEx

−$10.9K −$4.95/SF

NOI

$25.5K $11.55/SF

Area

Albany County, NY

Vacancy

5.20%

Lease Rate

$17.40 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$509,900

Cap Rate 7%

$364,214

Cap Rate 9%

$283,278

Alternative Uses

Best Use

Multifamily LT 5

$364.2K

$318.7K – $424.9K (±1% cap)

NOI $25,495 @ 7.0% cap · market cap 6.38%

Second Best

Apartment 5plus

$336.9K

$294.8K – $393.1K (±1% cap)

NOI $23,585 @ 7.0% cap · market cap 5.90%

Theoretical Best

Office A

$689.0K

$602.9K – $803.8K (±1% cap)

NOI $48,230 @ 7.0% cap · market cap 12.06%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

319

Businesses Nearby

Explore this area Business Placement

Demographics for 12054, NY

17,282

Population

7,221

Households

2.4

Avg Household Size

46

Median Age

68%

College-Educated

98%

High-School Grad

15.5 sq mi

ZIP Area

1,115

Density / Sq Mi

$128,684

Median Household Income

$69,853

Median Earnings

$1,658

Median Rent

$334,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Both residences include two bedrooms, a dining room, and central air conditioning.

Where is this duplex located?

The property is located at 506 Delaware Ave Delmar, NY.

What is the asking price?

The asking price for this property is $399,900.

What are key features of this property?

This property features: Two residences of approximately 1,100 square feet each; 2,208 square feet total; Each unit has two bedrooms and one full bathroom; Separate utilities and central air conditioning in both units