Up/Down Duplex with Off-Street
For Sale
$325,000
Pending
631 Washington Avenue, Albany, NY 12206
MultiFamily, Albany, NY
Property Size2,272 SF
Lot Size0.09 Acres
Days on Market95
Property Features for 631 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
5
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 3, Bedroom 5
Parking
3
Parking features
Off Street, Driveway
Patio and Porch features
Deck, Porch
Interior features
Paddle Fan, High Speed Internet
Basement
Full
View
City
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Washington Ave, across from Albany High football field
Standard status
Pending
APN
010100 65.45-3-31
Size
2,272 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
6659
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
washer/dryer hookups
off-street parking
Building Details
Year built
1900
Number of units
2
Flooring type
Carpet, Vinyl, Hardwood
Building materials
Wood Siding
Roof type
Slate
Architectural style
Other
Listing Agency:
Gabler Realty LLC
(518) 935-4800
Listed By:
Jennifer Eitleman · License #10301220319
(518) 364-7393
Added: Jun 12
Changed: Sep 12
Last Checked: Sep 14 at 2:06PM
MLS# 202619557
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.
Located at 631 Washington Avenue in Albany, this 2,272-square-foot duplex contains one first-floor residence with three bedrooms and one full bath, along with a second-floor residence offering two bedrooms and one full bath. The up-and-down configuration is supported by separate utility and hot water systems for each unit.
Recent property improvements include a new boiler and water heater serving the first-floor unit and an updated second-floor bathroom. The basement provides two washer/dryer hookups, while the site includes off-street parking, a driveway, a porch, and a deck. A former garage pad remains in the backyard. Built in 1900, the property has wood siding, a slate roof, public water, public sewer, and Multi Residence zoning.
Recent property improvements include a new boiler and water heater serving the first-floor unit and an updated second-floor bathroom. The basement provides two washer/dryer hookups, while the site includes off-street parking, a driveway, a porch, and a deck. A former garage pad remains in the backyard. Built in 1900, the property has wood siding, a slate roof, public water, public sewer, and Multi Residence zoning.
Key Highlights
- 2,272‑square‑foot duplex with three‑bedroom and two‑bedroom units
- 631 Washington Avenue location in Albany, NY 12206
- Separate utilities and hot water systems for each unit
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
$25,874
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
7.96%
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%
$517,480
$517.5K
Cap Rate 7%
$369,629
$369.6K
Cap Rate 9%
$287,489
$287.5K
Market Conditions
NOI Build-Up for 2,272 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
$39.5K $17.40/SF
− Vacancy
−$2.6K −$1.13/SF
EGI
$37.0K $16.27/SF
− OpEx
−$11.1K −$4.88/SF
NOI
$25.9K $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%
$517,480
Cap Rate 7%
$369,629
Cap Rate 9%
$287,489
Alternative Uses
Best Use
Multifamily LT 5
$369.6K
$323.4K – $431.2K
NOI $25,874 @ 7.0% cap · market cap 7.96%
Second Best
Apartment 5plus
$331.5K
$290.1K – $386.8K
NOI $23,208 @ 7.0% cap · market cap 7.14%
Theoretical Best
Office A
$599.4K
$524.5K – $699.3K
NOI $41,959 @ 7.0% cap · market cap 12.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - The two-unit layout includes separate utilities and basement washer/dryer hookups.
Where is this duplex located?
The property is located at 631 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 2,272‑square‑foot duplex with three‑bedroom and two‑bedroom units; 631 Washington Avenue location in Albany, NY 12206; Separate utilities and hot water systems for each unit
