Two-Unit Duplex with Central
New
For Sale
$399,900
506 Delaware Avenue, Delmar, NY 12054
MultiFamily, Delmar, NY
Property Size2,208 SF
Lot Size0.21 Acres
Price / SF$181.11
Days on Market6
Property Features for 506 Delaware Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 2
Parking
10
Parking features
Off Street, Driveway, Garage, Open
Basement
Interior Entry, Full, Unfinished
Lot features
Level
Elementary school
Eagle
High school
Bethlehem Central
Elementary school district
Bethlehem
Middle school district
Bethlehem
High school district
Bethlehem
Directions
Kenwood Ave to 506 Delaware Ave
Standard status
Active
APN
012200 85.15-5-8
Size
2,208 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
6761
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Amenities
central air conditioning
Building Details
Year built
1965
Number of units
2
Flooring type
Vinyl, Hardwood, Tile
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Gabler Realty LLC
(518) 935-4800
Listed By:
Mary Canova · License #10401235596
(518) 928-9797
Added: Oct 16
Changed: Oct 19
Last Checked: Oct 21 at 8:06AM
MLS# 202628446
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.
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Investment Insights
Based on property information with market context.
This 1965 duplex contains two residences, each with two bedrooms, one full bathroom, a formal dining room and an eat-in kitchen. Hardwood floors are found in the main living areas, and both units have central air conditioning and separate utilities. The property includes a driveway and garage, with public water and sewer service. Updates include a driveway completed in 2018, a roof replaced in 2019 and air conditioning work in April 2026.
The 0.21-acre property is in Delmar, near a bus stop and within walking distance of the library and Four Corners. Each residence offers approximately 1,100 square feet of living area; total building area is 2,208 square feet.
The 0.21-acre property is in Delmar, near a bus stop and within walking distance of the library and Four Corners. Each residence offers approximately 1,100 square feet of living area; total building area is 2,208 square feet.
Key Highlights
- Two residences, each with 2 bedrooms and 1 full bathroom
- 2,208 square feet of building area on a 0.21‑acre lot
- Approximately 1,100 square feet of living space in each unit
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
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
NOI $25,495 @ 7.0% cap · market cap 6.38%
Second Best
Apartment 5plus
$336.9K
$294.8K – $393.1K
NOI $23,585 @ 7.0% cap · market cap 5.90%
Theoretical Best
Office A
$689.0K
$602.9K – $803.8K
NOI $48,230 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Separate utilities and two-bedroom layouts give each residence independent, practical living space.
Where is this duplex located?
The property is located at 506 Delaware Avenue 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, each with 2 bedrooms and 1 full bathroom; 2,208 square feet of building area on a 0.21‑acre lot; Approximately 1,100 square feet of living space in each unit
