Duplex with Detached
New
For Sale
$369,000
51 Forest Ave, Albany, NY 12208
Both apartments are vacant, with separate electric, gas, heating, and water-heating systems for each unit.
Property Size2,640 SF
Price / SF$139.77
Days on Market4
Property Features for 51 Forest Ave
General Information
Standard status
Active
Size
2,640 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Individually Metered Utilities
electric, gas
Additional Details
Public Transit
Yes
Amenities
full basement
Building Details
Year Built
1935
Buildings
1
Listing Agency:
Kearney Brown Realty
Listed By:
Brian Walters · License #30WA0832219
(518) 526-1800
Source:
Albanyprimeproperties
Added: Nov 1
Changed: Nov 4
Last Checked: Nov 4 at 1:15PM
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 Kearney Brown Realty
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Investment Insights
Based on property information with market context.
Built in 1935, this two-unit duplex contains 2,640 square feet arranged as an upper and lower apartment. Each unit has three bedrooms and one full bathroom. Interior features include hardwood floors and fresh paint, while a full basement adds storage space. Both apartments are vacant. Electric, gas, heating, and water-heating systems are separate by unit; both water heaters were installed within the past 24 months.
The property is at 51 Forest Avenue in Albany, just off New Scotland Avenue. Parking includes a detached two-car garage and a driveway with capacity for up to six vehicles total. The zoning is Multi Residence.
The property is at 51 Forest Avenue in Albany, just off New Scotland Avenue. Parking includes a detached two-car garage and a driveway with capacity for up to six vehicles total. The zoning is Multi Residence.
Key Highlights
- Two apartments, each with 3 bedrooms and 1 full bathroom
- 2,640 square feet; built in 1935
- Separate electric, gas, heating, and water heaters for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,065
Cap Rate
8.15%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$601,300
$601.3K
Cap Rate 7%
$429,500
$429.5K
Cap Rate 9%
$334,056
$334.1K
Market Conditions
NOI Build-Up for 2,640 SF
Gross rent
$45.9K $17.40/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$43.0K $16.27/SF
− OpEx
−$12.9K −$4.88/SF
NOI
$30.1K $11.39/SF
Area
Albany, NY
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$601,300
Cap Rate 7%
$429,500
Cap Rate 9%
$334,056
Alternative Uses
Best Use
Multifamily LT 5
$429.5K
$375.8K – $501.1K
NOI $30,065 @ 7.0% cap · market cap 8.15%
Second Best
Apartment 5plus
$385.2K
$337.1K – $449.5K
NOI $26,967 @ 7.0% cap · market cap 7.31%
Theoretical Best
Office A
$696.5K
$609.5K – $812.6K
NOI $48,756 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
699
Businesses Nearby
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Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are vacant, with separate electric, gas, heating, and water-heating systems for each unit.
Where is this duplex located?
The property is located at 51 Forest Ave Albany, NY.
What is the asking price?
The asking price for this property is $369,000.
What are key features of this property?
This property features: Two apartments, each with 3 bedrooms and 1 full bathroom; 2,640 square feet; built in 1935; Separate electric, gas, heating, and water heaters for each unit
