Building Details

Year Built 1904

Buildings 1

Tenancy Multi

Listing Agency: Tailored Real Estate Group

Listed By: Rahul Aggarwal · License #10401282672 Show Phone

Source: Signatureonerealtygroup

Added: Aug 23 Changed: Oct 15 Last Checked: Oct 14 at 11:10PM

Report an Issue

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 Tailored Real Estate Group

Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Investment Insights

Based on property information with market context.

Located at 556 Washington Avenue in Albany, this two-unit duplex was built in 1904 and contains 2,112 square feet. Each residence offers four bedrooms and one bathroom, for a combined total of 8 bedrooms and 2 bathrooms. Both units are currently rented, providing an established income-producing configuration.

Recent work includes flooring and paint upgrades in the first-floor unit, new siding on the left side of the house, and concrete pavement around the property. Additional features include a basement laundry area and a new sump pump system supplemented by a second pump in the backyard. The property presents a straightforward multifamily layout with existing occupancy and completed improvements.

Key Highlights

• Two 4‑bedroom, 1‑bath units
• 8 bedrooms and 2 bathrooms total
• 2,112 square feet built in 1904

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,052

Cap Rate

6.59%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$481,040 $481.0K

Cap Rate 7%

$343,600 $343.6K

Cap Rate 9%

$267,244 $267.2K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,112 SF

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 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 (±1% cap)

NOI $24,052 @ 7.0% cap · market cap 6.59%

Second Best

Apartment 5plus

$308.2K

$269.7K – $359.6K (±1% cap)

NOI $21,574 @ 7.0% cap · market cap 5.91%

Theoretical Best

Office A

$557.2K

$487.6K – $650.1K (±1% cap)

NOI $39,004 @ 7.0% cap · market cap 10.69%

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

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Restaurant Building Supply Big Box & Wholesale Store Auto Repair Shop HVAC Service Auto Parts 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.

Lease Details

2

Residential units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

416

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

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Similar For Sale Nearby

See more

Two-Unit Duplex with Basement Laundry

556 Washington Ave, Albany, NY 12203

$365,000

2,112 SF

View details

Renovated Two-Family Duplex

52-54 Southern Boulevard, Albany, NY 12209

$358,550

2,176 SF

View details

Historic Duplex with Fenced Yard

282 Lark St, Albany, NY 12210

$368,000

2,016 SF

View details

Updated Duplex with Vacant Unit

545 Washington Ave, Albany, NY 12206

$369,900

2,208 SF

View details

Duplex with Updated First-Floor Unit

545 Washington Avenue, Albany, NY 12206

$369,900

2,208 SF

View details

Updated Two-Family Duplex

157 Myrtle Ave, Albany, NY 12202

$399,000

2,172 SF

View details

Updated Two-Unit Duplex

860 Washington Ave, Albany, NY 12203

$329,000

2,051 SF

View details

Renovated Two-Family Home

16 Harris Avenue, Albany, NY 12208

$374,900

2,258 SF

View details

Duplex with Separate-Entry Basement

16 Benson Street, Albany, NY 12206

$289,000

2,112 SF

View details

Duplex with Off-Street Parking

511 Morris Street, Albany, NY 12208

$274,900

2,103 SF

View details

Pine Hills Multifamily Opportunity

75 S Pine Avenue, Albany, NY 12208

$390,000

2,356 SF

View details

Fully Occupied Duplex with Mirrored Layouts

88 Woodlawn Avenue, Albany, NY 12208

$299,000

2,228 SF

View details

Frequently Asked Questions

What type of property is this?

Duplex - Fully leased duplex with updated interiors, basement laundry, and recent exterior and site improvements.

Where is this duplex located?

The property is located at 556 Washington Avenue 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 4‑bedroom, 1‑bath units; 8 bedrooms and 2 bathrooms total; 2,112 square feet built in 1904