Mixed-Use Duplex
For Sale
$289,900
538 New Scotland Avenue, Albany, NY 12208
MULTI_FAMILY - Ranch - Albany, NY
Property Size1,720 SF
Lot Size0.26 Acres
Price / SF$168.55
Days on Market97
Property Features for 538 New Scotland Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Mixed
Bedrooms
5
Bathrooms
2
Full bathrooms
1
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 5, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 4
Parking
3
Basement
Full
Lot features
Corner Lot
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Corner of New Scotland and South Main
Standard status
Active
APN
75.25-1-17
Size
1,720 SF
Lot size
0.26 Acres
Taxes and HOA fees
Tax Annual Amount
6000
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1948
Number of units
2
Building materials
Aluminum Siding
Roof type
Asphalt
Architectural style
Ranch
Listing Agency:
Re Max Capital · RE/MAX International
(518) 724-6800
Listed By:
Steve Duggan · License #40DU1087381
(518) 210-3290
Added: May 28
Changed: Aug 11
Last Checked: Sep 1 at 12:06AM
MLS# 202618282
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 mixed-use property is currently configured with offices on the left side and a two-bedroom, one-bath apartment on the right. The building includes a full basement and separate utilities, which support the transition to a side-by-side two-family layout. With a total size of 1,720 square feet on a 0.26-acre lot, the opportunity is well-suited for buyers looking to re-purpose the existing structure rather than start from scratch.
The property is located at 538 New Scotland Avenue in Albany, positioned on a prime corner at the intersection of New Scotland and S. Main, per the provided remarks. Nearby daily-use amenities include hospitals, schools, restaurants, and shopping, offering convenient access for prospective occupants and tenants.
For buyers or owner-operators, the current split between office space and an apartment can streamline repositioning into a duplex format. The presence of a full basement and separate utilities also reduces operational complexity compared to properties that require extensive reworking of mechanical and utility systems to create independent living units.
The property is located at 538 New Scotland Avenue in Albany, positioned on a prime corner at the intersection of New Scotland and S. Main, per the provided remarks. Nearby daily-use amenities include hospitals, schools, restaurants, and shopping, offering convenient access for prospective occupants and tenants.
For buyers or owner-operators, the current split between office space and an apartment can streamline repositioning into a duplex format. The presence of a full basement and separate utilities also reduces operational complexity compared to properties that require extensive reworking of mechanical and utility systems to create independent living units.
Key Highlights
- Ranch home built in 1948 with aluminum siding, asphalt roof, and central air
- Heating includes natural gas forced air; cooling is central air
- Public utilities: public water and public sewer
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
$19,588
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
6.76%
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%
$391,760
$391.8K
Cap Rate 7%
$279,829
$279.8K
Cap Rate 9%
$217,644
$217.6K
Market Conditions
NOI Build-Up for 1,720 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
$29.9K $17.40/SF
− Vacancy
−$1.9K −$1.13/SF
EGI
$28.0K $16.27/SF
− OpEx
−$8.4K −$4.88/SF
NOI
$19.6K $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%
$391,760
Cap Rate 7%
$279,829
Cap Rate 9%
$217,644
Alternative Uses
Best Use
Multifamily LT 5
$279.8K
$244.9K – $326.5K
NOI $19,588 @ 7.0% cap · market cap 6.76%
Second Best
Apartment 5plus
$251.0K
$219.6K – $292.8K
NOI $17,569 @ 7.0% cap · market cap 6.06%
Theoretical Best
Office A
$453.8K
$397.1K – $529.4K
NOI $31,765 @ 7.0% cap · market cap 10.96%
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
1,129
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Existing office space paired with a residential unit offers a straightforward path to a side-by-side two-family configuration.
Where is this duplex located?
The property is located at 538 New Scotland Avenue Albany, NY.
What is the asking price?
The asking price for this property is $289,900.
What are key features of this property?
This property features: Ranch home built in 1948 with aluminum siding, asphalt roof, and central air; Heating includes natural gas forced air; cooling is central air; Public utilities: public water and public sewer
