Duplex with Hardwood
New
For Sale
$315,000
587 Washington Ave, Albany, NY 12206
The two apartments have separate tenant-paid utilities, and one is vacant for occupancy or leasing.
Property Size2,438 SF
Price / SF$129.20
Days on Market2
Property Features for 587 Washington Ave
General Information
Standard status
Active
Size
2,438 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Tenant in Place
Yes
Building Details
Year Built
1920
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Brian Walters · License #30WA0832219
(518) 526-1800
Source:
Albanyprimeproperties
Added: Oct 23
Last Checked: Oct 23 at 5:53PM
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 Howard Hanna Capital Inc
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Investment Insights
Based on property information with market context.
This 2,438-square-foot duplex at 587 Washington Ave in Albany was built in 1920. Its two apartments each contain three bedrooms and one full bathroom, with hardwood floors. One unit is leased; the other is vacant. Utilities are separately paid by tenants.
The property has off-street parking, public water and sewer, and a new sewer line extending to the city connection. Downtown Albany, colleges, hospitals, shopping, dining, and major commuter routes are noted nearby.
The property has off-street parking, public water and sewer, and a new sewer line extending to the city connection. Downtown Albany, colleges, hospitals, shopping, dining, and major commuter routes are noted nearby.
Key Highlights
- Two apartments, each with 3 bedrooms and 1 full bath
- 2,438 square feet; built in 1920
- One unit leased and one vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,765
Cap Rate
8.81%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$555,300
$555.3K
Cap Rate 7%
$396,643
$396.6K
Cap Rate 9%
$308,500
$308.5K
Market Conditions
NOI Build-Up for 2,438 SF
Gross rent
$42.4K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$39.7K $16.27/SF
− OpEx
−$11.9K −$4.88/SF
NOI
$27.8K $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%
$555,300
Cap Rate 7%
$396,643
Cap Rate 9%
$308,500
Alternative Uses
Best Use
Multifamily LT 5
$396.6K
$347.1K – $462.8K
NOI $27,765 @ 7.0% cap · market cap 8.81%
Second Best
Apartment 5plus
$355.8K
$311.3K – $415.1K
NOI $24,904 @ 7.0% cap · market cap 7.91%
Theoretical Best
Office A
$643.2K
$562.8K – $750.4K
NOI $45,025 @ 7.0% cap · market cap 14.29%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
Yes
Utilities to site
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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - The two apartments have separate tenant-paid utilities, and one is vacant for occupancy or leasing.
Where is this duplex located?
The property is located at 587 Washington Ave 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 apartments, each with 3 bedrooms and 1 full bath; 2,438 square feet; built in 1920; One unit leased and one vacant
