Two-Unit Duplex with Basement
New
For Sale
$365,000
556 Washington Ave, Albany, NY 12203
Fully leased duplex with updated flooring, fresh paint, exterior improvements, and a basement laundry area.
Property Size2,112 SF
Price / SF$172.82
Days on Market4
Property Features for 556 Washington Ave
General Information
Standard status
Active
Size
2,112 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 4BR/1BA
Multifamily Units
2
Amenities
basement laundry area
Building Details
Year Built
1904
Listing Agency:
Nicole Mclenithan Real Estate
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Sep 20
Changed: Sep 21
Last Checked: Sep 22 at 4:05PM
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 Nicole Mclenithan Real Estate
Investment Insights
Based on property information with market context.
This 1904 duplex at 556 Washington Ave, Albany, NY 12203 contains two four-bedroom, one-bath units totaling 2,112 square feet. Both residences are leased, and the first-floor unit has been refreshed with new flooring and fresh paint. Additional improvements include new siding on the left side of the house, concrete pavement around the property, and a basement laundry area.
The property also includes a new sump pump system with an additional pump in the backyard. With eight bedrooms and two bathrooms across the two units, the building offers a straightforward two-unit configuration for an income property portfolio.
The property also includes a new sump pump system with an additional pump in the backyard. With eight bedrooms and two bathrooms across the two units, the building offers a straightforward two-unit configuration for an income property portfolio.
Key Highlights
- Two four‑bedroom, one‑bath units totaling 8 bedrooms and 2 bathrooms
- 2,112 square feet in a duplex built in 1904
- Both units are fully rented
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
$24,052
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
6.59%
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%
$481,040
$481.0K
Cap Rate 7%
$343,600
$343.6K
Cap Rate 9%
$267,244
$267.2K
Market Conditions
NOI Build-Up for 2,112 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
$36.7K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$34.4K $16.27/SF
− OpEx
−$10.3K −$4.88/SF
NOI
$24.1K $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 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%
$481,040
Cap Rate 7%
$343,600
Cap Rate 9%
$267,244
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.7K – $400.9K
NOI $24,052 @ 7.0% cap · market cap 6.59%
Second Best
Apartment 5plus
$308.2K
$269.7K – $359.6K
NOI $21,574 @ 7.0% cap · market cap 5.91%
Theoretical Best
Office A
$557.2K
$487.6K – $650.1K
NOI $39,004 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,582
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Fully leased duplex with updated flooring, fresh paint, exterior improvements, and a basement laundry area.
Where is this duplex located?
The property is located at 556 Washington Ave Albany, NY.
What is the asking price?
The asking price for this property is $365,000.
What are key features of this property?
This property features: Two four‑bedroom, one‑bath units totaling 8 bedrooms and 2 bathrooms; 2,112 square feet in a duplex built in 1904; Both units are fully rented
