Two-Family Property Near Albany
For Sale
$295,000
Pending
59 Dana Avenue, Albany, NY 12208
MULTI_FAMILY - Other - Albany, NY
Property Size2,552 SF
Lot Size0.04 Acres
Days on Market102
Property Features for 59 Dana Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bedroom 6, Bedroom 5, Bedroom 3, Bedroom 1, Bedroom 8, Bathroom 2, Bedroom 7, Bathroom 1
Basement
Full
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
New Scotland Ave to Dana Ave.
Standard status
Pending
APN
010100 76.23-1-34
Size
2,552 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
3438
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1900
Number of units
2
Flooring type
Tile, Hardwood
Building materials
Aluminum Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
Coldwell Banker Prime Properties · Coldwell Banker Real Estate
(518) 439-9600
Listed By:
Paul T Fontane · License #40FO0943140
(518) 506-6937
Added: May 11
Changed: Jul 24
Last Checked: Aug 20 at 5:06PM
MLS# 202616845
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 well-maintained two-family property presents a strong income-producing opportunity. The property generates $4,521 per month and features separate utilities, updated kitchens, and baths. Long-term Section 8 tenants are currently on month-to-month leases, offering both stability and flexibility for potential investors. The property is centrally located just blocks from Albany Medical Center, St. Peter's Hospital, Albany Law School, and Albany College of Pharmacy. The lot size is 0.04 acres, and the property size is 2,552 square feet. It is located in Albany, NY.
Key Highlights
- Two‑family home generating $4,521/month with separate utilities
- Long‑term Section 8 tenants on a month‑to‑month basis
- Updated kitchens and baths
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
$26,068
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
8.84%
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%
$521,360
$521.4K
Cap Rate 7%
$372,400
$372.4K
Cap Rate 9%
$289,644
$289.6K
Market Conditions
NOI Build-Up for 2,552 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
$50.5K $19.80/SF
− Vacancy
−$3.1K −$1.23/SF
EGI
$47.4K $18.57/SF
− OpEx
−$21.3K −$8.36/SF
NOI
$26.1K $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%
$521,360
Cap Rate 7%
$372,400
Cap Rate 9%
$289,644
Alternative Uses
Best Use
Multifamily LT 5
$415.2K
$363.3K – $484.4K
NOI $29,063 @ 7.0% cap · market cap 9.85%
Second Best
Apartment 5plus
$372.4K
$325.9K – $434.5K
NOI $26,068 @ 7.0% cap · market cap 8.84%
Theoretical Best
Office A
$673.3K
$589.1K – $785.5K
NOI $47,130 @ 7.0% cap · market cap 15.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,701
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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 - Well-maintained two-family property near Albany Medical Center.
Where is this duplex located?
The property is located at 59 Dana Avenue Albany, NY.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Two‑family home generating $4,521/month with separate utilities; Long‑term Section 8 tenants on a month‑to‑month basis; Updated kitchens and baths
