507 Central Avenue, Albany, NY 12206
MULTI_FAMILY - Albany, NY
- Added:
- May 13, 2026
- Days on Market:
- 55
- Last Refresh:
- Jul 6 at 4:06 am
Property Features for 507 Central Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 5
- Bathrooms
- 2
- Rooms
- Bedroom 2, Bedroom 1, Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 5, Bedroom 4
- Basement
- Full
- Standard status
- Active
- 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 agent Joseph P Cardinale License #10401290174 (518) 755-2064
Listing office Howard Hanna Capital Inc 1547 Route 9, Clifton Park, NY (518) 371-4500
Listing date May 13, 2026
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.
HighLights
- Completely remodeled 2‑unit duplex: 1st floor offers 4 bedrooms and 1 bath; 2nd floor offers 3 bedrooms and 1 bath
- New heating systems and baseboard heat with electric heat
- New windows, plus new kitchens and baths throughout
- Separate utilities noted (electric and gas) with month‑to‑month rental flexibility
- Public water and public sewer; asphalt roof
- Basement storage and attic space included
Overview
Located at 507 Central Avenue in Albany, NY 12206, the property is described as conveniently positioned near downtown Albany and close to shopping, restaurants, parks, public transportation, and major highways, within the Albany School District. The duplex provides separate electric and gas utilities, supporting independent tenant billing and day-to-day management.
From a tenant or owner-occupant standpoint, the building’s two separate units and formal dining room layouts can support a range of household needs. The current setup is also presented as offering month-to-month rental flexibility. For buyers considering an investment approach, the listing notes an estimated CAP rate over 14% as part of the property’s investment positioning, alongside the extensive interior and mechanical renovations.
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $36.5k | $17.40 |
| − Vacancy | −$2.4k | −$1.13 |
| EGI | $34.2k | $16.27 |
| − OpEx | −$10.2k | −$4.88 |
| NOI | $23.9k | $11.39 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Albany
- County
- Albany
- State
- New York
- Longitude
- -73.777784
- Latitude
- 42.66978
