Albany Two-Family
For Sale
$315,000
Pending
579 Washington Avenue, Albany, NY 12206
MULTI_FAMILY - Albany, NY
Property Size2,624 SF
Lot Size0.07 Acres
Days on Market206
Property Features for 579 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bathroom 1, Bedroom 5, Bedroom 3, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 6, Bedroom 2
Parking
1
Parking features
Driveway
Basement
Unfinished
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Heading downtown on Washington, you will pass Albany High School on your righthand side. Go past the light, and the destination will be on the left, across from Beverwyck Park. This block of Washington is in between Partridge St and Ontario St.
Standard status
Pending
APN
010100 65.53-1-45
Size
2,624 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
6429
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1920
Number of units
2
Building materials
Drywall
Listing Agency:
Reiser Realty
(518) 441-9375
Listed By:
Salvatore Campanelli · License #10401374941
(347) 899-1350
Added: Jan 26
Changed: Jul 24
Last Checked: Aug 20 at 8:06PM
MLS# 202611124
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 two-family house is located on Washington Avenue in Albany, NY. Each unit features three bedrooms, one full bathroom, and stackable laundry machines. The property has separate gas and electric meters for each unit. Both units are currently rented, with the first floor renting for $1,650 and the second floor for $1,575, generating a total monthly rental income of $3,225. The second-floor apartment includes an additional attic space accessible via a staircase from the living room, providing extra storage. A driveway is located on the property. The property size is 2,624 square feet and the lot size is 0.07 acres.
Key Highlights
- Two‑family home built in 1920 with a driveway on the property
- Each unit has 3 bedrooms and 1 full bathroom plus stackable laundry machines
- Separate gas and electric meters for both units
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
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,624
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Two-unit property with rental income in Albany, NY.
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 home built in 1920 with a driveway on the property; Each unit has 3 bedrooms and 1 full bathroom plus stackable laundry machines; Separate gas and electric meters for both units
