Two-Unit Duplex with Hardwood
For Sale
$315,000
587 Washington Avenue, Albany, NY 12206
MultiFamily, Albany, NY
Property Size2,438 SF
Lot Size0.08 Acres
Price / SF$129.20
Days on Market129
Property Features for 587 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Laundry Room, Bedroom 1, Bathroom 2, Bathroom 1, Bedroom 2, Bedroom 6, Bedroom 4, Bedroom 5, Bedroom 3
Parking
1
Parking features
Driveway, Off Street
Patio and Porch features
Porch
Fencing
Chain Link
Basement
Full, Unfinished
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Washington Ave between Partridge & Ontario
Standard status
Active
APN
010100 65.53-1-49
Size
2,438 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
5591
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1920
Number of units
2
Flooring type
Tile - Ceramic, Hardwood
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Lisa Patentreger · License #10401373194
(518) 852-8616
Added: Jun 18
Changed: Oct 22
Last Checked: Oct 24 at 12:06AM
MLS# 202619937
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.
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Investment Insights
Based on property information with market context.
This Albany duplex contains two residences, each configured with three bedrooms and one full bathroom. Hardwood and ceramic tile flooring are among the interior finishes. The 2,438-square-foot property was built in 1920 and occupies a 0.08-acre lot. One unit is leased, while the other is vacant. Tenants pay their own utilities.
A new sewer line runs from the property to the city connection. The building has public water and sewer service, driveway and off-street parking, and a porch. Exterior materials include aluminum and vinyl siding.
A new sewer line runs from the property to the city connection. The building has public water and sewer service, driveway and off-street parking, and a porch. Exterior materials include aluminum and vinyl siding.
Key Highlights
- Two residences, each with 3 bedrooms and 1 full bath
- 2,438 square feet on a 0.08‑acre lot
- One unit leased; the second unit is 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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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 - Each residence has three bedrooms and one full bath, and tenants pay their own utilities.
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 on a 0.08‑acre lot; One unit leased; the second unit is vacant
