Duplex with Two Four-Bedroom
New
For Sale
$365,000
556 Washington Avenue, Albany, NY 12203
MultiFamily, Albany, NY
Property Size2,112 SF
Lot Size0.04 Acres
Price / SF$172.82
Days on Market6
Property Features for 556 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 8, Bedroom 2, Bedroom 6, Bedroom 5, Bedroom 7, Bathroom 2, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 3
Basement
Full, Unfinished
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
I-90 to Washington Ave. Between Ontario and Quail Streets.
Standard status
Active
APN
010100 65.54-3-6
Size
2,112 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3744
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1904
Number of units
2
Building materials
Brick, Vinyl Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
Tailored Real Estate Group
(518) 400-2550
Listed By:
Rahul Aggarwal · License #10401282672
(916) 741-7698
Added: Sep 17
Changed: Sep 19
Last Checked: Sep 22 at 7:06PM
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.
Investment Insights
Based on property information with market context.
This 2,112-square-foot duplex contains two 4-bedroom, 1-bath units, for a combined total of 8 bedrooms and 2 bathrooms. Both residences are fully rented. The 1904 property features brick and vinyl siding, forced-air heat, a rubber roof, and concrete pavement around the house. Recent work includes refreshed flooring and paint in the first-floor unit, new siding on the left side, and an upgraded sump pump system with a second pump in the backyard.
Located at 556 Washington Avenue in Albany, the property occupies a 0.04-acre lot and is served by public water and public sewer. A basement laundry area adds practical support space for the two-unit configuration.
Located at 556 Washington Avenue in Albany, the property occupies a 0.04-acre lot and is served by public water and public sewer. A basement laundry area adds practical support space for the two-unit configuration.
Key Highlights
- Two 4‑bedroom, 1‑bath units with 8 bedrooms and 2 bathrooms total
- Both units are fully rented
- 2,112 square feet on a 0.04‑acre lot
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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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 finishes, basement laundry, and public water and sewer service.
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 with 8 bedrooms and 2 bathrooms total; Both units are fully rented; 2,112 square feet on a 0.04‑acre lot
