Renovated Duplex with Shared
For Sale
$179,000
512 1ST Street, Albany, NY 12206
Vacant two-unit property with a rear deck, shared backyard, and access to shopping, dining, transit, and I-90.
Property Size1,447 SF
Price / SF$123.70
Days on Market51
Property Features for 512 1ST Street
General Information
Standard status
Active
Size
1,447 SF
Property subtype
Multi-family
Building Details
Year Built
1900
Listing Agency:
Laviano & Associates Real Estate Group
Listed By:
Nedim Alivodic
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jul 13
Changed: Aug 31
Last Checked: Aug 31 at 7:22PM
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 Laviano & Associates Real Estate Group
Investment Insights
Based on property information with market context.
This 2-unit duplex, built in 1900 and renovated, offers 1,447 square feet across two residential flats. Both units have generous layouts, while the property also includes a new rear deck and shared backyard. The building is currently vacant, allowing an owner to occupy one unit while leasing the other or place both units with tenants.
The property is located in Albany near shopping, dining, and a bus line, with I-90 minutes away. Its two-unit configuration, existing outdoor improvements, and vacant status provide a straightforward residential income property format.
The property is located in Albany near shopping, dining, and a bus line, with I-90 minutes away. Its two-unit configuration, existing outdoor improvements, and vacant status provide a straightforward residential income property format.
Key Highlights
- 2‑unit duplex with 1,447 square feet
- Built in 1900 and renovated
- Vacant and ready for occupancy or tenant placement
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
$14,781
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
8.26%
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%
$295,620
$295.6K
Cap Rate 7%
$211,157
$211.2K
Cap Rate 9%
$164,233
$164.2K
Market Conditions
NOI Build-Up for 1,447 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
$28.7K $19.80/SF
− Vacancy
−$1.8K −$1.23/SF
EGI
$26.9K $18.57/SF
− OpEx
−$12.1K −$8.36/SF
NOI
$14.8K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$295,620
Cap Rate 7%
$211,157
Cap Rate 9%
$164,233
Alternative Uses
Best Use
Multifamily LT 5
$235.4K
$206.0K – $274.7K
NOI $16,479 @ 7.0% cap · market cap 9.21%
Second Best
Apartment 5plus
$211.2K
$184.8K – $246.4K
NOI $14,781 @ 7.0% cap · market cap 8.26%
Theoretical Best
Office A
$381.8K
$334.0K – $445.4K
NOI $26,723 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,540
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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 - Vacant two-unit property with a rear deck, shared backyard, and access to shopping, dining, transit, and I-90.
Where is this duplex located?
The property is located at 512 1ST Street Albany, NY.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 2‑unit duplex with 1,447 square feet; Built in 1900 and renovated; Vacant and ready for occupancy or tenant placement
