Duplex with Off-Street
For Sale
$274,900
511 Morris Street, Albany, NY 12208
MultiFamily, Albany, NY
Property Size2,103 SF
Lot Size0.11 Acres
Price / SF$130.72
Days on Market163
Property Features for 511 Morris Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 2, Bedroom 4, Bedroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Parking features
Driveway, Off Street
Patio and Porch features
Porch
Interior features
Built-in Features
Basement
Full
Lot features
Rolling Slope, Cleared
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From Western Ave, turn onto Ontario St, then right onto Morris St. Property is on the right.
Standard status
Active
APN
010100 64.76-1-65
Size
2,103 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
4857
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard
Cooling system
Window Unit(s)
Water source
Public
Amenities
driveway
backyard
coin-operated washer/dryer
Building Details
Year built
1880
Number of units
2
Flooring type
Laminate, Carpet, Tile - Ceramic
Building materials
Aluminum Siding, Drywall, Vinyl Siding
Roof type
Shingle, Asphalt
Architectural style
Other
Additional Structures
Gazebo
Listing Agency:
Venture Fox Realty Group LLC
(518) 290-1070
Listed By:
Hany Y Ayoub · License #30AY0937221
(518) 429-6966
Added: Mar 11
Changed: Aug 20
Last Checked: Aug 20 at 11:06AM
MLS# 202613146
Copyright © 2026 Global MLS, Inc. 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 2,103-square-foot duplex, built in 1880, contains two residential units with five bedrooms and two bathrooms overall. The upper unit has undergone a full renovation, while the other has newer paint and restored flooring. Separate utility systems serve each unit, and a basement laundry area includes coin-operated machines. Interior finishes include laminate, carpet, ceramic tile, drywall, and built-in features. The property also includes a porch, shingle and asphalt roofing, public water, and public sewer.
A driveway and additional off-street parking support the two-unit layout, with a small backyard area providing outdoor space. Both apartments are occupied by established tenants who have indicated an interest in extending their leases. The property is located at 511 Morris Street in Albany, NY 12208, near colleges, hospitals, shopping, and restaurants.
A driveway and additional off-street parking support the two-unit layout, with a small backyard area providing outdoor space. Both apartments are occupied by established tenants who have indicated an interest in extending their leases. The property is located at 511 Morris Street in Albany, NY 12208, near colleges, hospitals, shopping, and restaurants.
Key Highlights
- 2,103‑square‑foot duplex on a 0.11‑acre lot
- Two units with five bedrooms and two bathrooms overall
- Upper unit fully renovated; other unit freshly painted with refinished floors
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
$23,950
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
8.71%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,670
Businesses Nearby
Explore this area
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
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 - Two occupied units offer separate utilities, driveway parking, and basement laundry.
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: 2,103‑square‑foot duplex on a 0.11‑acre lot; Two units with five bedrooms and two bathrooms overall; Upper unit fully renovated; other unit freshly painted with refinished floors
