Duplex Investment
For Sale
$324,900
Pending
569 Washington Avenue, Albany, NY 12206
Two residential units offer separate utilities, off-street parking, and established lease occupancy.
Property Size2,556 SF
Days on Market223
Property Features for 569 Washington Avenue
General Information
Standard status
Pending
Size
2,556 SF
Total Parking Spaces
2
Property subtype
Multi Family / Duplex
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,789
Amenities
Asphalt
None, No
Hot Water, Natural Gas, Yes
Full, Unfinished
Wood, Laminate
Solid Surface Counters, Paddle Fan, High Speed Internet
Aluminum Siding
Yes
Porch, Rear Porch, Enclosed, Front Porch
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Clancy Real Estate
(518) 461-9937
Listed By:
Kevin Clancy · License #35CL0831623
(518) 461-9937
Source:
Compass
Added: Jan 21
Changed: Aug 30
Last Checked: Aug 31 at 10:21PM
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 Clancy Real Estate
Investment Insights
Based on property information with market context.
This 2,556 SF duplex, built in 1920, contains two residential units and is being offered as-is. Each unit has separate utilities, while off-street parking supports tenant access. Interior features include wood and laminate flooring, solid surface counters, paddle fans, high-speed internet, natural-gas hot water, and full unfinished basement space. The property also includes an enclosed rear porch and a front porch.
Located at 569 Washington Avenue in Albany, the property is near Albany High School and provides access to shopping, dining, public transportation, and major routes. Long-term tenants and leases in place provide established occupancy. The property may also be sold as part of a package with 693 State Street.
Located at 569 Washington Avenue in Albany, the property is near Albany High School and provides access to shopping, dining, public transportation, and major routes. Long-term tenants and leases in place provide established occupancy. The property may also be sold as part of a package with 693 State Street.
Key Highlights
- 2,556 SF duplex with two residential units
- Built in 1920
- Separate utilities serving each unit
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
$29,108
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
8.96%
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%
$582,160
$582.2K
Cap Rate 7%
$415,829
$415.8K
Cap Rate 9%
$323,422
$323.4K
Market Conditions
NOI Build-Up for 2,556 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
$44.5K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$41.6K $16.27/SF
− OpEx
−$12.5K −$4.88/SF
NOI
$29.1K $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%
$582,160
Cap Rate 7%
$415,829
Cap Rate 9%
$323,422
Alternative Uses
Best Use
Multifamily LT 5
$415.8K
$363.9K – $485.1K
NOI $29,108 @ 7.0% cap · market cap 8.96%
Second Best
Apartment 5plus
$373.0K
$326.4K – $435.2K
NOI $26,109 @ 7.0% cap · market cap 8.04%
Theoretical Best
Office A
$674.3K
$590.1K – $786.7K
NOI $47,204 @ 7.0% cap · market cap 14.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
409
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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 - Two residential units offer separate utilities, off-street parking, and established lease occupancy.
Where is this duplex located?
The property is located at 569 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: 2,556 SF duplex with two residential units; Built in 1920; Separate utilities serving each unit
