Mixed-Use Duplex
New
For Sale
$279,900
538 New Scotland Avenue, Albany, NY 12208
MultiFamily, Albany, NY
Property Size1,720 SF
Lot Size0.26 Acres
Price / SF$162.73
Days on Market2
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 1, Bathroom 3, Bedroom 5, Bedroom 4, Bedroom 3, Bathroom 2, Bedroom 2, Bathroom 1
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: Sep 21
Last Checked: Sep 22 at 5:06AM
MLS# 202626548
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 1,720-square-foot mixed-use property is configured with office space on one side and a two-bedroom, one-bath apartment on the other. The building includes a full basement and separate utilities, supporting a potential conversion to a two-family layout. Built in 1948, the ranch-style structure has aluminum siding, an asphalt roof, forced-air natural gas heat, central air, public water, and public sewer.
The 0.26-acre property is located at the corner of New Scotland Avenue and S. Main in Albany. Hospitals, schools, restaurants, and shopping are within walking distance. Mixed zoning and the existing combination of office and residential space provide a flexible physical configuration for continued mixed use or the proposed residential conversion.
The 0.26-acre property is located at the corner of New Scotland Avenue and S. Main in Albany. Hospitals, schools, restaurants, and shopping are within walking distance. Mixed zoning and the existing combination of office and residential space provide a flexible physical configuration for continued mixed use or the proposed residential conversion.
Key Highlights
- 1,720 square feet on a 0.26‑acre lot
- Existing layout includes office space and a 2 bedroom/1 bath apartment
- Full basement and separate utilities
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
$20,272
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
7.24%
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%
$405,440
$405.4K
Cap Rate 7%
$289,600
$289.6K
Cap Rate 9%
$225,244
$225.2K
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
$36.1K $21.00/SF
− Vacancy
−$3.7K −$2.14/SF
EGI
$32.4K $18.86/SF
− OpEx
−$12.2K −$7.07/SF
NOI
$20.3K $11.79/SF
Area
Albany, NY
Vacancy
10.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$405,440
Cap Rate 7%
$289,600
Cap Rate 9%
$225,244
Alternative Uses
Best Use
Mixed Use
$289.6K
$253.4K – $337.9K
NOI $20,272 @ 7.0% cap · market cap 7.24%
Second Best
Multifamily LT 5
$279.8K
$244.9K – $326.5K
NOI $19,588 @ 7.0% cap · market cap 7.00%
Theoretical Best
Office A
$453.8K
$397.1K – $529.4K
NOI $31,765 @ 7.0% cap · market cap 11.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Mixed-use building with office space, a two-bedroom apartment, and separate utilities.
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 $279,900.
What are key features of this property?
This property features: 1,720 square feet on a 0.26‑acre lot; Existing layout includes office space and a 2 bedroom/1 bath apartment; Full basement and separate utilities
