Two-Unit Residential
For Sale
$315,000
Pending
579 Washington Avenue, Albany, NY 12206
Both apartments are rented and separately metered for gas and electricity.
Property Size2,624 SF
Days on Market218
Property Features for 579 Washington Avenue
General Information
Standard status
Pending
Size
2,624 SF
Total Parking Spaces
1
Property subtype
Multi Family / Duplex
Occupancy
100%
Site & Location
Road Access
Yes
Utilities to Site
Yes
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,429
Amenities
stackable laundry machines
driveway
attic storage
Natural Gas, Yes
Bilco Doors, Unfinished
Drywall
Other
Building Details
Year Built
1920
Buildings
1
Listing Agency:
Reiser Realty
(347) 899-1350
Listed By:
Salvatore Campanelli · License #10401374941
(347) 899-1350
Source:
Compass
Added: Jan 26
Changed: Aug 31
Last Checked: Aug 30 at 11:26PM
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 Reiser Realty
Investment Insights
Based on property information with market context.
This two-family residential property contains 2,624 square feet and was built in 1920. Each apartment offers three bedrooms, one full bathroom, and stackable laundry machines. Separate gas and electric meters serve the units, and both are currently rented.
The second-floor apartment includes staircase access from the living room to unfinished attic space, providing additional storage. A driveway is also located on the property. Interior features include drywall, natural gas, and Bilco doors.
The second-floor apartment includes staircase access from the living room to unfinished attic space, providing additional storage. A driveway is also located on the property. Interior features include drywall, natural gas, and Bilco doors.
Key Highlights
- Two‑family property with 2,624 square feet, built in 1920
- Each unit has 3 bedrooms and 1 full bathroom
- Both units are currently rented
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
$26,804
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
8.51%
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%
$536,080
$536.1K
Cap Rate 7%
$382,914
$382.9K
Cap Rate 9%
$297,822
$297.8K
Market Conditions
NOI Build-Up for 2,624 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
$52.0K $19.80/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$48.7K $18.57/SF
− OpEx
−$21.9K −$8.36/SF
NOI
$26.8K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$536,080
Cap Rate 7%
$382,914
Cap Rate 9%
$297,822
Alternative Uses
Best Use
Multifamily LT 5
$426.9K
$373.5K – $498.1K
NOI $29,883 @ 7.0% cap · market cap 9.49%
Second Best
Apartment 5plus
$382.9K
$335.1K – $446.7K
NOI $26,804 @ 7.0% cap · market cap 8.51%
Theoretical Best
Office A
$692.3K
$605.8K – $807.7K
NOI $48,460 @ 7.0% cap · market cap 15.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Paved road access
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 - Both apartments are rented and separately metered for gas and electricity.
Where is this duplex located?
The property is located at 579 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $315,000.
What are key features of this property?
This property features: Two‑family property with 2,624 square feet, built in 1920; Each unit has 3 bedrooms and 1 full bathroom; Both units are currently rented
