Two-Unit Duplex
For Sale
$329,900
664 Myrtle Avenue, Albany, NY 12208
Fully leased two-family property with updated roof, siding, windows, and water heaters.
Property Size2,570 SF
Price / SF$128.37
Days on Market8
Property Features for 664 Myrtle Avenue
General Information
Standard status
Active
Size
2,570 SF
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 3BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$6,937
Building Details
Year Built
1913
Listing Agency:
Laviano & Associates Real Estate Group
Listed By:
Christopher J Laviano · License #10491206463
(518) 461-4157
Source:
Capmarkrealty
Added: Sep 16
Changed: Sep 19
Last Checked: Sep 22 at 1:45PM
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 Laviano & Associates Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1913, this 2,570-square-foot duplex contains two separate residential units, each with three bedrooms and one bathroom. The property is fully leased and offers a configuration suited to rental ownership or an owner-occupant arrangement.
Several significant improvements have been completed. Both water heaters are new, while the first-floor furnace is approximately 9 years old. The roof, siding, and windows are approximately 12 years old. The property is located near shopping, dining, schools, transportation, and downtown Albany.
Several significant improvements have been completed. Both water heaters are new, while the first-floor furnace is approximately 9 years old. The roof, siding, and windows are approximately 12 years old. The property is located near shopping, dining, schools, transportation, and downtown Albany.
Key Highlights
- Fully leased duplex with 2 separate units
- Each unit includes 3 bedrooms and 1 bathroom
- 2,570 square feet on a 1913‑built property
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
$29,268
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
8.87%
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%
$585,360
$585.4K
Cap Rate 7%
$418,114
$418.1K
Cap Rate 9%
$325,200
$325.2K
Market Conditions
NOI Build-Up for 2,570 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
$44.7K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$41.8K $16.27/SF
− OpEx
−$12.5K −$4.88/SF
NOI
$29.3K $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%
$585,360
Cap Rate 7%
$418,114
Cap Rate 9%
$325,200
Alternative Uses
Best Use
Multifamily LT 5
$418.1K
$365.9K – $487.8K
NOI $29,268 @ 7.0% cap · market cap 8.87%
Second Best
Apartment 5plus
$375.0K
$328.2K – $437.5K
NOI $26,252 @ 7.0% cap · market cap 7.96%
Theoretical Best
Office A
$678.0K
$593.3K – $791.1K
NOI $47,463 @ 7.0% cap · market cap 14.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
2,670
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
Check the figures for this property
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 - Fully leased two-family property with updated roof, siding, windows, and water heaters.
Where is this duplex located?
The property is located at 664 Myrtle Avenue 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: Fully leased duplex with 2 separate units; Each unit includes 3 bedrooms and 1 bathroom; 2,570 square feet on a 1913‑built property
