Remodeled Duplex with Basement
For Sale
$325,000
Pending
507 Central Avenue, Albany, NY 12206
MultiFamily, Albany, NY
Property Size2,100 SF
Lot Size0.04 Acres
Days on Market146
Property Features for 507 Central Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 7, Bedroom 4, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 1, Bedroom 1, Bathroom 2
Basement
Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Central Av (Rt 5) 1 block east of Manning Blvd.
Standard status
Pending
APN
010100 65.37-2-13
Size
2,100 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3674
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1925
Number of units
2
Roof type
Asphalt
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Joseph P Cardinale · License #10401290174
(518) 755-2064
Added: May 13
Changed: Sep 12
Last Checked: Oct 5 at 1:06PM
MLS# 202617063
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.
Investment Insights
Based on property information with market context.
This 2,100-square-foot duplex, built in 1925, contains two residential units with a four-bedroom, one-bath layout on the first floor and a three-bedroom, one-bath layout above. Both units feature full kitchens and formal dining rooms, while basement storage and attic space add practical utility. Recent improvements include new kitchens and bathrooms, replacement windows, and new heating systems. Baseboard heat serves the property, with electric heating noted, and the roof is asphalt.
Separate electric and gas utilities support independent unit operations, and month-to-month rental arrangements provide leasing flexibility. The property sits on a 0.04-acre lot with public water and public sewer service. Its Albany location places it near downtown, shopping, restaurants, parks, public transportation, and major highways, within the Albany School District.
Separate electric and gas utilities support independent unit operations, and month-to-month rental arrangements provide leasing flexibility. The property sits on a 0.04-acre lot with public water and public sewer service. Its Albany location places it near downtown, shopping, restaurants, parks, public transportation, and major highways, within the Albany School District.
Key Highlights
- 2,100 SF duplex with two residential units
- First floor includes 4 bedrooms and 1 bath; second floor includes 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
Highway access
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
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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 - Two-unit residential property with separate utilities, flexible month-to-month leasing, and updated kitchens, baths, windows, and heating systems.
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: 2,100 SF duplex with two residential units; First floor includes 4 bedrooms and 1 bath; second floor includes 3 bedrooms and 1 bath; New kitchens, bathrooms, windows, and heating systems
