Remodeled Two-Unit
For Sale
$325,000
Pending
507 Central Avenue, Albany, NY 12206
Residential Income, 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
Other
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 5, Bedroom 4, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 7, Bedroom 6, Bedroom 2, Bedroom 3
Subdivision
West Hill
High school district
ALBANY CITY SCHOOL DISTRICT
Standard status
Pending
APN
010100 65.37-2-13
Size
2,100 SF
Lot size
0.04 Acres
Utilities
Heating system
Electric (Heating), Baseboard
Water source
Public
Building Details
Year built
1925
Floors in Building
2
Roof type
Asphalt
Listing Agency:
HOWARD HANNA CAPITAL INC
(518) 371-4500
Listed By:
Joseph Cardinale · License #10401290174
(518) 755-2064
Added: May 13
Changed: Sep 15
Last Checked: Oct 5 at 2:06PM
MLS# 11738668
Copyright © 2026 My State MLS. 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 1925 duplex contains 2,100 square feet across two residential units. The first-floor unit offers 4 bedrooms and 1 bathroom, while the second-floor unit includes 3 bedrooms and 1 bathroom. Both units feature formal dining rooms and full kitchens, with additional storage in the basement and attic. Recent improvements include new heating systems, windows, kitchens, and bathrooms. Baseboard heating, electric heating service, an asphalt roof, and public water are also in place.
Each unit has separate electric and gas utilities, and the month-to-month rental structure provides flexibility for occupancy arrangements. The property sits on a 0.04-acre lot near downtown Albany, shopping, restaurants, parks, public transportation, and major highways. It is located within the Albany School District and has an estimated cap rate over 14%.
Each unit has separate electric and gas utilities, and the month-to-month rental structure provides flexibility for occupancy arrangements. The property sits on a 0.04-acre lot near downtown Albany, shopping, restaurants, parks, public transportation, and major highways. It is located within the Albany School District and has an estimated cap rate over 14%.
Key Highlights
- 2,100‑square‑foot duplex with 2 residential units
- First floor: 4 bedrooms and 1 bathroom; second floor: 3 bedrooms and 1 bathroom
- Estimated cap rate over 14%
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
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 duplex with separate electric and gas utilities, flexible month-to-month rental arrangements, and basement storage.
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‑square‑foot duplex with 2 residential units; First floor: 4 bedrooms and 1 bathroom; second floor: 3 bedrooms and 1 bathroom; Estimated cap rate over 14%
