Building Details

Year Built 1929

Listing Agency: Coldwell Banker Prime Properties

Listed By: Brian Walters · License #30WA0832219 Show Phone

Source: Albanyprimeproperties

Added: Sep 1 Changed: Oct 16 Last Checked: Oct 16 at 8:55AM

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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 Coldwell Banker Prime Properties

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Investment Insights

Based on property information with market context.

This 2,208-square-foot duplex, constructed in 1929, includes two residential units arranged across the first and second floors. The lower-level residence has been updated and is vacant, allowing a new owner to occupy it or place it into service. The upper unit is currently leased to a tenant.

The property is located on Washington Avenue in Albany, near Albany High School, public transportation, national retail chains, and the University at Albany. Its two-unit configuration provides flexibility for an owner occupant or an investor seeking a residential income property.

Key Highlights

• 2,208‑square‑foot duplex built in 1929
• Updated first‑floor unit is vacant
• Second‑floor unit is currently leased

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$25,145

Cap Rate

6.80%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$502,900 $502.9K

Cap Rate 7%

$359,214 $359.2K

Cap Rate 9%

$279,389 $279.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,208 SF

Gross rent

$38.4K $17.40/SF

− Vacancy

−$2.5K −$1.13/SF

EGI

$35.9K $16.27/SF

− OpEx

−$10.8K −$4.88/SF

NOI

$25.1K $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%

$502,900

Cap Rate 7%

$359,214

Cap Rate 9%

$279,389

Alternative Uses

Best Use

Multifamily LT 5

$359.2K

$314.3K – $419.1K (±1% cap)

NOI $25,145 @ 7.0% cap · market cap 6.80%

Second Best

Apartment 5plus

$322.2K

$281.9K – $375.9K (±1% cap)

NOI $22,554 @ 7.0% cap · market cap 6.10%

Theoretical Best

Office A

$582.5K

$509.7K – $679.6K (±1% cap)

NOI $40,777 @ 7.0% cap · market cap 11.02%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency Acupuncture Carpet & Flooring Store (Bike/Boat/Book/etc) Store Furniture & Home Goods Home Appliance Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,743

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Duplex - Two-story duplex with an updated first-floor residence and a second unit currently occupied by a tenant.

Where is this duplex located?

The property is located at 545 Washington Ave Albany, NY.

What is the asking price?

The asking price for this property is $369,900.

What are key features of this property?

This property features: 2,208‑square‑foot duplex built in 1929; Updated first‑floor unit is vacant; Second‑floor unit is currently leased