Renovated Duplex with Separate
For Sale
$274,900
Pending
647 State St, Albany, NY 12203
Two separately metered units include basement laundry and a small backyard.
Property Size2,228 SF
Days on Market50
Property Features for 647 State St
General Information
Standard status
Pending
Size
2,228 SF
Property subtype
Multi-Family
Building Details
Year Built
1900
Listing Agency:
Coldwell Banker Prime Properties
Listed By:
Brian Walters · License #30WA0832219
(518) 526-1800
Source:
Albanyprimeproperties
Added: Aug 29
Changed: Oct 16
Last Checked: Oct 16 at 8:28AM
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 Coldwell Banker Prime Properties
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Investment Insights
Based on property information with market context.
This two-family property contains 2,228 square feet, with four bedrooms and one bathroom on the upper level and three bedrooms with one bathroom below. The building was renovated in 2018 and includes laundry facilities in the basement. Each unit has separate utilities, and the property includes a small backyard.
The property is located at 647 State St in Albany, NY, across from a church. On-street parking is described as readily available. The building is occupied by long-term tenants under month-to-month leases.
The property is located at 647 State St in Albany, NY, across from a church. On-street parking is described as readily available. The building is occupied by long-term tenants under month-to-month leases.
Key Highlights
- 2,228‑square‑foot two‑family property
- Four bedrooms and one bathroom upstairs; three bedrooms and one bathroom downstairs
- Renovated in 2018
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,759
Cap Rate
8.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$455,180
$455.2K
Cap Rate 7%
$325,129
$325.1K
Cap Rate 9%
$252,878
$252.9K
Market Conditions
NOI Build-Up for 2,228 SF
Gross rent
$44.1K $19.80/SF
− Vacancy
−$2.7K −$1.23/SF
EGI
$41.4K $18.57/SF
− OpEx
−$18.6K −$8.36/SF
NOI
$22.8K $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 Rate 5%
$455,180
Cap Rate 7%
$325,129
Cap Rate 9%
$252,878
Alternative Uses
Best Use
Multifamily LT 5
$362.5K
$317.2K – $422.9K
NOI $25,373 @ 7.0% cap · market cap 9.23%
Second Best
Apartment 5plus
$325.1K
$284.5K – $379.3K
NOI $22,759 @ 7.0% cap · market cap 8.28%
Theoretical Best
Office A
$587.8K
$514.3K – $685.8K
NOI $41,147 @ 7.0% cap · market cap 14.97%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
2,371
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Two separately metered units include basement laundry and a small backyard.
Where is this duplex located?
The property is located at 647 State St Albany, NY.
What is the asking price?
The asking price for this property is $274,900.
What are key features of this property?
This property features: 2,228‑square‑foot two‑family property; Four bedrooms and one bathroom upstairs; three bedrooms and one bathroom downstairs; Renovated in 2018
