Two-Family Residential Income
For Sale
$274,900
511 Morris Street, Albany, NY 12208
Well-maintained two-unit investment with separate utilities, ample off-street parking, and coin laundry in the basement.
Property Size2,103 SF
Price / SF$130.72
Days on Market451
Property Features for 511 Morris Street
General Information
Standard status
Active
Size
2,103 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
2
Building Details
Year Built
1880
Tenancy
Multi
Listing Agency:
Venture Fox Realty Group LLC
Listed By:
Hany Y Ayoub · License #30AY0937221
(518) 429-6966
Source:
Signatureonerealtygroup
Added: Aug 6, 2025
Changed: Oct 29
Last Checked: Oct 28 at 9:15AM
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 Venture Fox Realty Group LLC
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Investment Insights
Based on property information with market context.
This well-maintained two-family residential income property offers a practical duplex-style setup with separate utilities for each unit. The building includes a basement with coin-operated washer and dryer service. Exterior features include a large driveway providing ample off-street parking, along with a small backyard area for outdoor space. Unit updates include a recently fully renovated second unit, while the first unit has been freshly painted with refinished floors.
Located at 511 Morris Street in Albany’s Pine Hills area, the property is described as convenient to colleges, hospitals, shopping, and restaurants. The two units are currently occupied by long-term tenants who are interested in renewing their leases.
For prospective owners, this layout can suit an investor or operator seeking a two-unit asset with income continuity and independent utility arrangements. The combination of updated interiors, on-site coin laundry, and off-street parking supports straightforward day-to-day tenancy, while the small backyard adds modest usable outdoor space for residents.
Located at 511 Morris Street in Albany’s Pine Hills area, the property is described as convenient to colleges, hospitals, shopping, and restaurants. The two units are currently occupied by long-term tenants who are interested in renewing their leases.
For prospective owners, this layout can suit an investor or operator seeking a two-unit asset with income continuity and independent utility arrangements. The combination of updated interiors, on-site coin laundry, and off-street parking supports straightforward day-to-day tenancy, while the small backyard adds modest usable outdoor space for residents.
Key Highlights
- Well‑maintained two‑family investment property built in 1880
- Both units currently have long‑term tenants interested in renewing leases
- Separate utilities for the two units
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,950
Cap Rate
8.71%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$479,000
$479.0K
Cap Rate 7%
$342,143
$342.1K
Cap Rate 9%
$266,111
$266.1K
Market Conditions
NOI Build-Up for 2,103 SF
Gross rent
$36.6K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$34.2K $16.27/SF
− OpEx
−$10.3K −$4.88/SF
NOI
$23.9K $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%
$479,000
Cap Rate 7%
$342,143
Cap Rate 9%
$266,111
Alternative Uses
Best Use
Multifamily LT 5
$342.1K
$299.4K – $399.2K
NOI $23,950 @ 7.0% cap · market cap 8.71%
Second Best
Apartment 5plus
$306.9K
$268.5K – $358.0K
NOI $21,482 @ 7.0% cap · market cap 7.81%
Theoretical Best
Office A
$554.8K
$485.5K – $647.3K
NOI $38,838 @ 7.0% cap · market cap 14.13%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,670
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 - Well-maintained two-unit investment with separate utilities, ample off-street parking, and coin laundry in the basement.
Where is this duplex located?
The property is located at 511 Morris Street Albany, NY.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: Well‑maintained two‑family investment property built in 1880; Both units currently have long‑term tenants interested in renewing leases; Separate utilities for the two units
