Remodeled Two-Unit
For Sale
$325,000
Pending
507 Central Avenue, 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 Market57
Property Features for 507 Central Avenue
General Information
Standard status
Pending
Size
2,100 SF
Property subtype
Multi-Family
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
Building Details
Year Built
1925
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Joseph P Cardinale · License #10401290174
(518) 755-2064
Source:
Capmarkrealty
Added: Aug 10
Changed: Oct 3
Last Checked: Oct 4 at 6:43AM
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 / Yr
$23,915
Cap Rate
7.36%
Suggested Prices Based on Cap Rates
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
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 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
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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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 Avenue 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
