Two-Unit Duplex with Updated
556 Washington Avenue, Albany, NY 12203
For Sale
$349,900
MultiFamily, Albany, NY
Property Size2,112 SF
Lot Size0.04 Acres
Price / SF$165.67
Days on Market55
Property Features for 556 Washington Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Basement
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Additional Details
Tenant in Place
Taxes and HOA fees
Tax Annual Amount
Utilities
Sewer type
Heating system
Water source
Amenities
basement laundry area
Building Details
Year built
Number of units
Building materials
Roof type
Architectural style
Buildings
Listing Agency:
Tailored Real Estate Group
(518) 400-2550
Listed By:
Rahul Aggarwal · License NY #10401282672
(916) 741-7698
Added: Sep 17
Changed: Oct 27
Last Checked: Nov 10 at 6:06AM
MLS# 202626450
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.
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Investment Insights
Based on property information with market context.
This 2,112-square-foot duplex contains two four-bedroom, one-bathroom apartments, with all eight bedrooms reflected in the unit mix. The first-floor apartment has updated flooring and fresh paint. Building details include brick and vinyl siding, a rubber roof, and forced-air heat. The property also has a basement laundry area, concrete paving, and an upgraded sump pump system with an additional pump in the backyard.
Built in 1904 on a 0.04-acre lot, the building is served by public water and public sewer. Both apartments are currently rented.
Built in 1904 on a 0.04-acre lot, the building is served by public water and public sewer. Both apartments are currently rented.
Key Highlights
- Two four‑bedroom, one‑bathroom apartments; both are rented
- 2,112 square feet on a 0.04‑acre lot
- First‑floor unit features updated flooring and fresh paint
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,052
Cap Rate
6.87%
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
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
NOI $24,052 @ 7.0% cap · market cap 6.87%
Second Best
Apartment 5plus
$308.2K
$269.7K – $359.6K
NOI $21,574 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$557.2K
$487.6K – $650.1K
NOI $39,004 @ 7.0% cap · market cap 11.15%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,582
Businesses Nearby
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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
$258,800
Median Home Value
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Market
Average Price Trend$/SF for Duplexes in Albany, NY
Properties on Market for Duplexes in Albany
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Both apartments are occupied, with four bedrooms and one bathroom in each unit.
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 $349,900.
What are key features of this property?
This property features: Two four‑bedroom, one‑bathroom apartments; both are rented; 2,112 square feet on a 0.04‑acre lot; First‑floor unit features updated flooring and fresh paint
