Remodeled Two-Unit
For Sale
$325,000
Pending
507 Central Avenue, Albany, NY 12206
MULTI_FAMILY - Albany, NY
Property Size2,100 SF
Lot Size0.04 Acres
Days on Market100
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 3, Bedroom 2, Bedroom 6, Bedroom 1, Bedroom 7, Bathroom 1, Bathroom 2, Bedroom 4
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
Added: May 13
Changed: Aug 3
Last Checked: Aug 20 at 8:06PM
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.
Completely remodeled two-family duplex built in 1925 featuring a first-floor 4-bedroom, 1-bath layout and a second-floor 3-bedroom, 1-bath layout. The property includes formal dining rooms, full kitchens, basement storage, and attic space. Utilities are separate for electric and gas, supporting month-to-month rental flexibility. Heating is provided via electric service with baseboard heat.
The building sits on a 0.04-acre lot and totals 2,100 square feet. Improvements include new heating systems, new windows, and newly redone kitchens and baths. The roof is asphalt, and the property is served by public water.
Set up as a two-unit income property, the duplex is described as a convenient option near downtown Albany, shopping, restaurants, parks, public transportation, and major highways within the Albany School District, with an estimated CAP rate over 14%.
The building sits on a 0.04-acre lot and totals 2,100 square feet. Improvements include new heating systems, new windows, and newly redone kitchens and baths. The roof is asphalt, and the property is served by public water.
Set up as a two-unit income property, the duplex is described as a convenient option near downtown Albany, shopping, restaurants, parks, public transportation, and major highways within the Albany School District, with an estimated CAP rate over 14%.
Key Highlights
- 0.04‑acre lot and 2,100 SF two‑unit duplex
- First floor: 4 bedrooms, 1 bath; second floor: 3 bedrooms, 1 bath
- Estimated CAP rate over 14%
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
Multi-tenant
Tenancy
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 - Completely remodeled duplex with separate electric and gas utilities, baseboard heat, and updated kitchens and baths.
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: 0.04‑acre lot and 2,100 SF two‑unit duplex; First floor: 4 bedrooms, 1 bath; second floor: 3 bedrooms, 1 bath; Estimated CAP rate over 14%
