Turnkey Two-Unit
508 Albany Street Utica, NY 13501
508 Albany Street, Utica, NY, 13501
$199,900
For Sale
$199,900
MULTI_FAMILY - Utica, NY
Property Size1,966 SF
Lot Size0.07 Acres
Price / SF$101.68
Days on Market48
Property Features for 508 Albany Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 4
- Rooms
- Bathroom 4, Bedroom 2, Bedroom 3, Basement, Bedroom 1, Bathroom 1, Bedroom 6, Bedroom 4, Bathroom 3, Bathroom 2, Bedroom 5
- Parking features
- Driveway, On Street
- Appliances
- ElectricWaterHeater
- Standard status
- Active
- APN
- 301600-319-053-0001-014-000-0000
- Size
- 1,966 SF
- Lot size
- 0.07 Acres
Taxes and HOA fees
- Tax Annual Amount
- 1543
Utilities
- Heating system
- Other (Heating), Hot Water(Heating), Natural Gas, Forced Air, Baseboard
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Vinyl, Varies, Tile
- Building materials
- BlownInInsulation, VinylSiding
Listing Agency
Assist2Sell Buyers & Sellers 1st Choice
(315) 735-9244
2704 Genesee St, Utica, NY
Listed by
Khai Vuong · License #10401387938
(315) 922-4747
Added: Jun 3 Updated: Jul 12 at 9:35 am Checked: Jul 20 at 2:06 pm
MLS# S1685912
Listing URL
Copyright © 2026 New York State Alliance of MLSs, LLC. 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 turnkey two-unit multifamily property offers a straightforward two-family layout with nearly 2,000 square feet of living space across two floors. Each unit has been completely updated with new kitchens, tiled bathrooms, and vinyl flooring throughout. Unit 1 is currently tenant-occupied, while Unit 2 is vacant and can be rented immediately or used for owner occupancy. The property also includes separate heating and hot water systems for each unit, with its own furnace and water heater serving each home.
The building sits on a 30 x 101 lot at 508 Albany Street in Utica, NY (Oneida County). There is a clean basement and backyard space that the seller will deliver at closing. Separate electric metering is in place, with three electric meters serving the property.
For buyers and operators, the appeal is the combination of updated interiors and practical separation of services, since both units have individual furnaces and water heaters and are served with separate electric metering. With one unit already occupied and the second unit available, the property supports flexible use—either continuing as an income-producing duplex or transitioning to owner occupancy with rental of the other unit.
The building sits on a 30 x 101 lot at 508 Albany Street in Utica, NY (Oneida County). There is a clean basement and backyard space that the seller will deliver at closing. Separate electric metering is in place, with three electric meters serving the property.
For buyers and operators, the appeal is the combination of updated interiors and practical separation of services, since both units have individual furnaces and water heaters and are served with separate electric metering. With one unit already occupied and the second unit available, the property supports flexible use—either continuing as an income-producing duplex or transitioning to owner occupancy with rental of the other unit.
Key Highlights
- Two‑unit multifamily in Utica with nearly 2,000 sq ft across two floors (983 sq ft per unit)
- Completely updated units with new kitchens, tiled bathrooms, and vinyl flooring throughout
- Unit 1 is tenant‑occupied at $1,300/month with a strong payment history; Unit 2 is vacant (3 beds, 1.5 bath)
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 | $27.1k | $13.80 |
| − Vacancy | −$1.7k | −$0.86 |
| EGI | $25.4k | $12.94 |
| − OpEx | −$7.6k | −$3.88 |
| NOI | $17.8k | $9.06 |
1,966 SF · lease $13.80/SF/yr · vacancy 6.24% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$254.4K
$222.6K – $296.8K
NOI $17,806 @ 7.0% cap · market cap 8.91%
Second Best
Apartment 5plus
$233.8K
$204.6K – $272.8K
NOI $16,366 @ 7.0% cap · market cap 8.19%
Theoretical Best
Office A
$518.1K
$453.3K – $604.4K
NOI $36,266 @ 7.0% cap · market cap 18.14%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Fully remodeled duplex with separate utilities, updated interiors, and one unit ready for immediate occupancy.
Where is this duplex located?
The property is located at 508 Albany Street 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: Two‑unit multifamily in Utica with nearly 2,000 sq ft across two floors (983 sq ft per unit); Completely updated units with new kitchens, tiled bathrooms, and vinyl flooring throughout; Unit 1 is tenant‑occupied at $1,300/month with a strong payment history; Unit 2 is vacant (3 beds, 1.5 bath)
