Renovated Two-Family
For Sale
$274,900
Pending
647 State Street, Albany, NY 12203
MultiFamily, Albany, NY
Property Size2,228 SF
Lot Size0.05 Acres
Days on Market47
Property Features for 647 State Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
7
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 1, Bathroom 2, Bedroom 6, Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 5, Bedroom 7, Bathroom 1
Basement
Full
Lot features
Cul-De-Sac
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Western Ave to Cortland Pl to State St
Standard status
Pending
APN
010100 65.62-3-43
Size
2,228 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
5975
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
small backyard
laundry in basement
Building Details
Year built
1900
Number of units
2
Flooring type
Wood, Vinyl
Building materials
Wood Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
Madison Park Real Estate
Listed By:
Shane Mahar · License #10491207239
(518) 281-5336
Added: Aug 21
Changed: Sep 12
Last Checked: Oct 6 at 7:06AM
MLS# 202624509
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 two-family duplex contains 2,228 square feet with four bedrooms and one bathroom in the upper unit, plus three bedrooms and one bathroom on the lower level. The property was renovated in 2018 and includes a basement laundry area, a small backyard, separate utilities, wood and vinyl flooring, rubber roofing, and wood siding. Heating is provided by hot water and natural gas.
Built in 1900, the property sits on 0.05 acres and is served by public water and public sewer. It is located across from a church, with on-street parking described as easy to access. Both units are occupied under month-to-month leases.
Built in 1900, the property sits on 0.05 acres and is served by public water and public sewer. It is located across from a church, with on-street parking described as easy to access. Both units are occupied under month-to-month leases.
Key Highlights
- Two‑family duplex with 2,228 square feet
- Upper unit has 4 bedrooms and 1 bathroom; lower unit has 3 bedrooms and 1 bathroom
- Renovated in 2018 with separate utilities
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.
Property Analytics
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Current Use
Lease Details
2
Residential units
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
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Frequently Asked Questions
What type of property is this?
Duplex - Two residential units offer separate utilities, basement laundry, and month-to-month occupancy.
Where is this duplex located?
The property is located at 647 State Street 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: Two‑family duplex with 2,228 square feet; Upper unit has 4 bedrooms and 1 bathroom; lower unit has 3 bedrooms and 1 bathroom; Renovated in 2018 with separate utilities
