Two-Unit Duplex
For Sale
$329,900
Pending
610-612 Morris Street, Albany, NY 12208
MultiFamily, Albany, NY
Property Size2,544 SF
Lot Size0.08 Acres
Days on Market58
Property Features for 610-612 Morris Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
8
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 2, Bedroom 6, Bedroom 5, Bathroom 2, Bedroom 7, Bathroom 1, Bedroom 8, Bedroom 4, Bedroom 1
Window features
Aluminum Frames, Wood Frames
Patio and Porch features
Porch
Interior features
Walk-In Closet(s), Built-in Features
Basement
Unfinished, Full
Lot features
Level
Elementary school
Pine Hills
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Between Partridge St and S. Main St on Morris St.
Standard status
Pending
APN
010100 64.67-2-22
Size
2,544 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
7230
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Radiant, Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1925
Number of units
2
Flooring type
Hardwood, Tile - Ceramic
Building materials
Aluminum Siding
Roof type
Shingle, Asphalt
Listing Agency:
Homecoin.com
(888) 400-2513
Listed By:
Jonathan Minerick · License #10311209448
(888) 400-2513
Added: Jun 24
Changed: Aug 20
Last Checked: Aug 20 at 7:06PM
MLS# 202620286
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 2,544-square-foot duplex, built in 1925, contains two residential units with four bedrooms and one bathroom per unit. The property includes separate gas and electric meters, hardwood and ceramic tile flooring, walk-in closets, built-in features, porches, aluminum siding, and shingle/asphalt roofing. Public water and public sewer serve the building, with natural-gas radiant hot-water heat.
The property is located at 610-612 Morris Street in Albany, across from the Albany County Sheriff HQ and other government offices. Albany Med and St. Peter's Hospital are each 1.3 miles away by foot, while bus stops are approximately five minutes away on foot. The site measures 0.08 acres and carries Multi Residence zoning. Recent rents were reported at $4,000-$4,200/mo, and the listing indicates a 10%+ cap rate.
The property is located at 610-612 Morris Street in Albany, across from the Albany County Sheriff HQ and other government offices. Albany Med and St. Peter's Hospital are each 1.3 miles away by foot, while bus stops are approximately five minutes away on foot. The site measures 0.08 acres and carries Multi Residence zoning. Recent rents were reported at $4,000-$4,200/mo, and the listing indicates a 10%+ cap rate.
Key Highlights
- 2,544 SF duplex with two units, each offering 4 bedrooms and 1 bathroom
- Separate gas and electric meters for the two residential units
- Across from Albany County Sheriff HQ and other government offices
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
$28,972
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
8.78%
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%
$579,440
$579.4K
Cap Rate 7%
$413,886
$413.9K
Cap Rate 9%
$321,911
$321.9K
Market Conditions
NOI Build-Up for 2,544 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
$44.3K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$41.4K $16.27/SF
− OpEx
−$12.4K −$4.88/SF
NOI
$29.0K $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 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%
$579,440
Cap Rate 7%
$413,886
Cap Rate 9%
$321,911
Alternative Uses
Best Use
Multifamily LT 5
$413.9K
$362.2K – $482.9K
NOI $28,972 @ 7.0% cap · market cap 8.78%
Second Best
Apartment 5plus
$371.2K
$324.8K – $433.1K
NOI $25,987 @ 7.0% cap · market cap 7.88%
Theoretical Best
Office A
$671.2K
$587.3K – $783.1K
NOI $46,983 @ 7.0% cap · market cap 14.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,063
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Eight-bedroom residential asset with separate utility metering and a two-unit layout near Albany medical and government facilities.
Where is this duplex located?
The property is located at 610-612 Morris Street Albany, NY.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: 2,544 SF duplex with two units, each offering 4 bedrooms and 1 bathroom; Separate gas and electric meters for the two residential units; Across from Albany County Sheriff HQ and other government offices
