Turnkey Duplex with Separate
For Sale
$199,900
Pending
508 Albany Street, Utica, NY 13501
MULTI_FAMILY - Utica, NY
Property Size1,966 SF
Lot Size0.07 Acres
Days on Market82
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 3, Bedroom 5, Basement, Bathroom 1, Bathroom 4, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 6
Parking features
Driveway, On Street
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
Natural Gas, Hot Water(Heating), Forced Air, Baseboard, Other (Heating)
Water source
Public
Building Details
Year built
1900
Floors in Building
2
Number of units
2
Flooring type
Tile, Vinyl, Varies
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: Aug 4
Last Checked: Aug 23 at 12:06PM
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.
Turnkey two-unit duplex in Utica featuring a complete interior refresh. Both units have been updated with new kitchens, tiled bathrooms, and vinyl flooring. Unit 1 is tenant-occupied, and Unit 2 is vacant, offering flexibility for immediate rental or owner-occupancy. Each unit has its own furnace and water heater, and there are 3 separate electric meters servicing the property.
The home includes nearly 2,000 square feet of living space across two floors, with about 983 square feet per unit, and sits on a 30x101 lot (0.0696 acres). Parking is available via a driveway and on-street spaces. Constructed in 1900, the property includes a basement and public water service.
Seller will deliver a clean basement and backyard at closing.
The home includes nearly 2,000 square feet of living space across two floors, with about 983 square feet per unit, and sits on a 30x101 lot (0.0696 acres). Parking is available via a driveway and on-street spaces. Constructed in 1900, the property includes a basement and public water service.
Seller will deliver a clean basement and backyard at closing.
Key Highlights
- Nearly 2,000 SF across two floors, about 983 SF per unit
- 30x101 lot (0.0696 acres) with clean basement and backyard delivered at closing
- Both units remodeled with new kitchens, tiled bathrooms, and vinyl flooring
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
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
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 - Fully remodeled two-unit duplex in Utica with separate furnaces, water heaters, and multiple electric meters.
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: Nearly 2,000 SF across two floors, about 983 SF per unit; 30x101 lot (0.0696 acres) with clean basement and backyard delivered at closing; Both units remodeled with new kitchens, tiled bathrooms, and vinyl flooring
