508 Albany Street, Utica, NY 13501
- Added:
- Jun 3, 2026
- Days on Market:
- 2
- Last Refresh:
- Jun 4 at 10:06 am
Property Features for 508 Albany Street
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 6
- Bathrooms
- 4
- Rooms
- Bedroom 5, Bedroom 4, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3, Bedroom 6, Bathroom 3, Bathroom 4, Bedroom 2, Basement
- 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
- Forced Air, Hot Water(Heating), Other (Heating), Baseboard, Natural Gas
- Water source
- Public
Building Details
- Year built
- 1900
- Floors in Building
- 2
- Number of units
- 2
- Flooring type
- Tile, Varies, Vinyl
- Building materials
- BlownInInsulation, VinylSiding
Listing agent Khai Vuong License #10401387938 (315) 922-4747
Listing office Assist2Sell Buyers & Sellers 1st Choice 2704 Genesee St, Utica, NY (315) 735-9244
Listing date Jun 3, 2026
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.
HighLights
- 2‑unit multifamily in Utica with nearly 2,000 sq ft total living space across two floors (983 sq ft per unit)
- Unit 1 is tenant‑occupied at $1,300/month with strong payment history
- Unit 2 is vacant and features 3 beds and 1.5 bath—available to rent immediately or owner‑occupy
- Both units have been completely updated with new kitchens, tiled bathrooms, and vinyl flooring
- Each unit has its own furnace and water heater, plus 3 separate electric meters
- 1900‑built home on a 30 x 101 lot with public water; parking includes a driveway and on‑street spaces
Overview
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.
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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Utica
- County
- Oneida
- State
- New York
- Longitude
- -75.217494
- Latitude
- 43.097739
