Remodeled Duplex with Separate
For Sale
$199,900
Pending
508 Albany Street, Utica, NY 13501
Residential, Utica, NY
Property Size1,966 SF
Lot Size0.07 Acres
Days on Market104
Property Features for 508 Albany Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
6
Bathrooms
4
Full bathrooms
2
Half bathrooms
2
Rooms
Bathroom 4, Basement, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 4, Bathroom 3, Bedroom 3, Bedroom 2
Parking features
On Street, Driveway
Appliances
ElectricWaterHeater
Lot features
Near Public Transit, Rectangular, Rectangular Lot, Residential Lot
Elementary school district
Utica
Middle school district
Utica
High school district
Utica
Directions
Bleecker to Albany
Subdivision
Utica-City-301600
Standard status
Pending
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
Forced Air, Natural Gas, Other (Heating), Hot Water(Heating), Baseboard
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Varies, Tile, Vinyl
Building materials
BlownInInsulation, VinylSiding
Listing Agency:
Assist2Sell Buyers & Sellers 1st Choice · Assist-2-Sell
(315) 735-9244
Listed By:
Khai Vuong · License #10401387938
(315) 922-4747
Added: Jun 3
Changed: Sep 12
Last Checked: Sep 14 at 7:06AM
MLS# S1685912
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 duplex contains 1,966 square feet of living space across two floors, with 983 square feet per unit. Both apartments have updated kitchens, tiled bathrooms, and vinyl flooring. Each unit is equipped with its own furnace and water heater, while three separate electric meters support independent utility management. One apartment is occupied, and the second is vacant for immediate occupancy or owner use.
The property sits on a 30x101 lot and includes a basement, backyard, driveway parking, and on-street parking. Public water serves the property. Built in 1900, the building has vinyl siding and blown-in insulation.
The property sits on a 30x101 lot and includes a basement, backyard, driveway parking, and on-street parking. Public water serves the property. Built in 1900, the building has vinyl siding and blown-in insulation.
Key Highlights
- Two‑unit multifamily property with 1,966 square feet of living space
- Each unit measures 983 square feet across two floors
- Updated kitchens, tiled bathrooms, and vinyl flooring in both units
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
$17,806
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
8.91%
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%
$356,120
$356.1K
Cap Rate 7%
$254,371
$254.4K
Cap Rate 9%
$197,844
$197.8K
Market Conditions
NOI Build-Up for 1,966 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
$27.1K $13.80/SF
− Vacancy
−$1.7K −$0.86/SF
EGI
$25.4K $12.94/SF
− OpEx
−$7.6K −$3.88/SF
NOI
$17.8K $9.06/SF
Area
Oneida County, NY
Vacancy
6.24%
Lease Rate
$13.80 /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%
$356,120
Cap Rate 7%
$254,371
Cap Rate 9%
$197,844
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 authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,013
Businesses Nearby
Explore this area
Business Placement
Demographics for 13501, NY
40,885
Population
17,071
Households
2.4
Avg Household Size
35
Median Age
22%
College-Educated
78%
High-School Grad
8.8 sq mi
ZIP Area
4,646
Density / Sq Mi
$49,771
Median Household Income
$33,632
Median Earnings
$865
Median Rent
$136,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated apartments with separate heating equipment, individual electric metering, and a vacant unit available for 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 property with 1,966 square feet of living space; Each unit measures 983 square feet across two floors; Updated kitchens, tiled bathrooms, and vinyl flooring in both units
