507 Central Avenue, Albany, NY 12206
- Added:
- May 13, 2026
- Days on Market:
- 55
- Last Refresh:
- Jul 6 at 5:06 am
Property Features for 507 Central Avenue
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 7
- Bathrooms
- 2
- Rooms
- Bathroom 1, Bedroom 2, Bedroom 7, Bedroom 6, Bathroom 2, Bedroom 3, Bedroom 1, Bedroom 5, Bedroom 4
- Standard status
- Pending
- Size
- 2,100 SF
- Lot size
- 0.04 Acres
Utilities
- Heating system
- Baseboard, Electric (Heating)
- Water source
- Public
Building Details
- Year built
- 1925
- Floors in Building
- 2
- Roof type
- Asphalt
Listing agent Joseph Cardinale License #10401290174
Listing office HOWARD HANNA CAPITAL INC 1547 RTE 9, CLIFTON PARK, NY (518) 371-4500
Listing date May 13, 2026
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.
HighLights
- Completely remodeled 2‑unit duplex in Albany School District
- Unit 1: 1st floor offers 4 bedrooms and 1 bathroom
- Unit 2: 2nd floor offers 3 bedrooms and 1 bathroom
- New heating systems and new windows
- Separate utilities for each unit (electric and gas)
- Public water; asphalt roof; baseboard electric heat
Overview
Located at 507 Central Avenue in Albany, NY, the property is described as being convenient to downtown Albany, shopping, restaurants, parks, public transportation, and major highways. It is also within the Albany School District. The duplex is positioned on a small lot and is presented as an income-producing residential investment with flexible tenancy terms.
Each unit has separate electric and gas utilities, supporting independent occupancy and easier unit-level management. The listing is offered for sale as both an investment opportunity and an owner-occupy option, with month-to-month rental flexibility called out in the remarks. The current presentation also notes an estimated cap rate over 14%, based on information provided with the listing.
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
- -73.777848
- Latitude
- 42.669769
