Turnkey Two-Unit Residential
508 Albany St Utica, NY 13501
For Sale
$199,900
Fully remodeled two-unit property with separate utilities, offering flexible occupancy for tenants or an owner-occupant.
Property Size2,000 SF
Lot Size0.17 Acres
Price / SF$99.95
Days on Market55
Property Features for 508 Albany St
General Information
Standard status
Active
Size
2,000 SF
Lot size
0.17 Acres
Property subtype
Multi Family
Building Details
Year Built
1900
Listing Agency:
Assist2Sell Buyer's & Seller's 1st Choice
(315) 922-4747
Listed By:
Khai Vuong · License #10401387938
(315) 922-4747
Source:
Elliman
Added: Jun 4
Changed: Jul 10
Last Checked: Jul 28 at 9:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Assist2Sell Buyer's & Seller's 1st Choice
Investment Insights
Based on property information with market context.
This turnkey two-unit residential income property has been fully remodeled and is ready for immediate use. Each unit features new kitchens, tiled bathrooms, and vinyl flooring throughout. The layout provides living space across two floors, with each unit having its own furnace and water heater, along with three separate electric meters supporting independent utilities. One unit is currently tenant-occupied, while the second unit is vacant and can be rented immediately or used by an owner-occupant. The seller will deliver a clean basement and backyard at closing.
The property sits on a 30 x 101 lot and contains nearly 2,000 sq. ft. of living space total, divided evenly between the two units. Bike and walk scores listed for the area are 42 and 48, respectively, indicating a car-dependent setting.
For investors, the updated interiors and independently metered systems help support straightforward operations. For owner-occupants, the vacant second unit provides an option to move in while maintaining a separate unit for rental income.
The property sits on a 30 x 101 lot and contains nearly 2,000 sq. ft. of living space total, divided evenly between the two units. Bike and walk scores listed for the area are 42 and 48, respectively, indicating a car-dependent setting.
For investors, the updated interiors and independently metered systems help support straightforward operations. For owner-occupants, the vacant second unit provides an option to move in while maintaining a separate unit for rental income.
Key Highlights
- Turnkey two‑unit multifamily in Utica built in 1900 with nearly 2,000 sq ft across two floors
- Each unit has its own furnace and water heater plus 3 separate electric meters for independent utilities
- Unit 1 is tenant‑occupied at $1,300/month with a strong payment history
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 | $27.6k | $13.80 |
| − Vacancy | −$1.7k | −$0.86 |
| EGI | $25.9k | $12.94 |
| − OpEx | −$7.8k | −$3.88 |
| NOI | $18.1k | $9.06 |
2,000 SF · lease $13.80/SF/yr · vacancy 6.24% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$258.8K
$226.4K – $301.9K
NOI $18,114 @ 7.0% cap · market cap 9.06%
Second Best
Apartment 5plus
$237.8K
$208.1K – $277.5K
NOI $16,649 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$527.0K
$461.2K – $614.9K
NOI $36,893 @ 7.0% cap · market cap 18.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Fully remodeled two-unit property with separate utilities, offering flexible occupancy for tenants or an owner-occupant.
Where is this duplex located?
The property is located at 508 Albany St Utica, NY.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: Turnkey two‑unit multifamily in Utica built in 1900 with nearly 2,000 sq ft across two floors; Each unit has its own furnace and water heater plus 3 separate electric meters for independent utilities; Unit 1 is tenant‑occupied at $1,300/month with a strong payment history
