2-Unit Albany
New
For Sale
$315,000
587 Washington Avenue, Albany, NY 12206
Each residence has tenant-paid utilities, with one unit leased and the other vacant.
Property Size2,438 SF
Price / SF$129.20
Days on Market5
Property Features for 587 Washington Avenue
General Information
Standard status
Active
Size
2,438 SF
Property subtype
Multi-family
Additional Details
Gross Income
$39,600
Utilities to Site
Yes
Tenant in Place
Yes
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Howard Hanna Capital Inc
Listed By:
Lisa Patentreger · License #10401373194
(518) 852-8616
Source:
Signatureonerealtygroup
Added: Oct 20
Changed: Oct 23
Last Checked: Oct 23 at 9:38AM
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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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1920, this 2,438-square-foot duplex contains two three-bedroom, one-bathroom residences. Hardwood floors are among the interior features, and Unit 2 has been updated. Unit 1 is occupied under a lease; Unit 2 is vacant. Utilities are paid separately by the tenants.
The property has public water and sewer, off-street parking, and a recently installed sewer line that extends to the city connection. Downtown Albany, colleges, hospitals, retail, dining, and major commuter routes are described as accessible from the property.
The property has public water and sewer, off-street parking, and a recently installed sewer line that extends to the city connection. Downtown Albany, colleges, hospitals, retail, dining, and major commuter routes are described as accessible from the property.
Key Highlights
- Two residences, each with 3 bedrooms and 1 full bath
- 2,438 square feet; built in 1920
- Unit 1 is leased; Unit 2 is vacant and updated
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.
How Realmo checks its estimates
Property Analytics
Lease Details
Multi-tenant
Tenancy
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
Frequently Asked Questions
What type of property is this?
Duplex - Each residence has tenant-paid utilities, with one unit leased and the other vacant.
Where is this duplex located?
The property is located at 587 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 residences, each with 3 bedrooms and 1 full bath; 2,438 square feet; built in 1920; Unit 1 is leased; Unit 2 is vacant and updated
