Renovated Two-Unit
New
For Sale
$365,000
556 Washington Avenue, Albany, NY 12203
Fully leased duplex with updated interiors, basement laundry, and recent exterior and site improvements.
Property Size2,112 SF
Price / SF$172.82
Days on Market7
Property Features for 556 Washington Avenue
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
Additional Details
Road Access
Yes
Amenities
basement laundry area
Building Details
Year Built
1904
Buildings
1
Tenancy
Multi
Listing Agency:
Tailored Real Estate Group
Listed By:
Rahul Aggarwal · License #10401282672
(916) 741-7698
Source:
Signatureonerealtygroup
Added: Sep 16
Changed: Sep 21
Last Checked: Sep 22 at 5:54PM
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
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.
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 = 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
Current Use
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
Questions? Ask Rey
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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
