Renovated Duplex with Separate
For Sale
$274,900
647 State St, Albany, NY 12203
Two separately metered units include basement laundry and a small backyard.
Property Size2,228 SF
Price / SF$123.38
Days on Market13
Property Features for 647 State St
General Information
Standard status
Active
Size
2,228 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$5,974
Listing Agency:
Madison Park Real Estate
Listed By:
Shane Mahar · License #10491207239
(518) 281-5336
Source:
Exprealty
Added: Aug 21
Changed: Sep 1
Last Checked: Sep 1 at 8:31PM
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 Madison Park Real Estate
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 = 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
$22,759
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
8.28%
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%
$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
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
$44.1K $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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
