Remodeled Two-Unit
For Sale
$325,000
Pending
507 Central Ave, Albany, NY 12206
Updated two-family property with separate utilities, flexible month-to-month occupancy, and storage across multiple levels.
Property Size2,100 SF
Days on Market100
Property Features for 507 Central Ave
General Information
Standard status
Pending
Size
2,100 SF
Property subtype
Residential Income
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 4BR/1BA, 1 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$3,674
Listing Agency:
Howard Hanna Capital Inc
(518) 755-2064
Listed By:
Joseph P Cardinale · License #10401290174
(518) 755-2064
Source:
Exprealty
Added: May 13
Changed: Aug 20
Last Checked: Aug 20 at 11:51AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This 2,100-square-foot duplex contains two separate residences. The first floor offers four bedrooms and one bathroom, while the second floor includes three bedrooms and one bathroom. Both units feature full kitchens and formal dining rooms, with basement storage and attic space adding useful support areas. Improvements include new windows, kitchens, bathrooms, and heating systems, along with baseboard heat.
Separate electric and gas utilities support independent unit operations, and month-to-month rental arrangements provide leasing flexibility. The property is located at 507 Central Ave in Albany, near downtown, shopping, restaurants, parks, public transportation, and major highways. It is within the Albany School District and is described as having an estimated cap rate over 14%.
Separate electric and gas utilities support independent unit operations, and month-to-month rental arrangements provide leasing flexibility. The property is located at 507 Central Ave in Albany, near downtown, shopping, restaurants, parks, public transportation, and major highways. It is within the Albany School District and is described as having an estimated cap rate over 14%.
Key Highlights
- Two‑unit duplex totaling 2100 square feet
- First‑floor unit with 4 bedrooms and 1 bath; second‑floor unit with 3 bedrooms and 1 bath
- New kitchens, bathrooms, windows, and heating systems
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
$23,915
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
7.36%
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%
$478,300
$478.3K
Cap Rate 7%
$341,643
$341.6K
Cap Rate 9%
$265,722
$265.7K
Market Conditions
NOI Build-Up for 2,100 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
$36.5K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$34.2K $16.27/SF
− OpEx
−$10.2K −$4.88/SF
NOI
$23.9K $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%
$478,300
Cap Rate 7%
$341,643
Cap Rate 9%
$265,722
Alternative Uses
Best Use
Multifamily LT 5
$341.6K
$298.9K – $398.6K
NOI $23,915 @ 7.0% cap · market cap 7.36%
Second Best
Apartment 5plus
$306.4K
$268.1K – $357.5K
NOI $21,451 @ 7.0% cap · market cap 6.60%
Theoretical Best
Office A
$554.0K
$484.8K – $646.4K
NOI $38,783 @ 7.0% cap · market cap 11.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,441
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-family property with separate utilities, flexible month-to-month occupancy, and storage across multiple levels.
Where is this duplex located?
The property is located at 507 Central Ave Albany, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex totaling 2100 square feet; First‑floor unit with 4 bedrooms and 1 bath; second‑floor unit with 3 bedrooms and 1 bath; New kitchens, bathrooms, windows, and heating systems
