Updated Two-Unit
New
For Sale
$425,000
69 S Lake Avenue, Albany, NY 12203
Duplex with upgraded electrical, plumbing, roofing, mini splits, a rear patio, and two parking spaces.
Property Size2,212 SF
Price / SF$192.13
Days on Market7
Property Features for 69 S Lake Avenue
General Information
Standard status
Active
Size
2,212 SF
Total Parking Spaces
2
Property subtype
Multi-family
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Amenities
back yard patio
Building Details
Year Built
1890
Buildings
1
Listing Agency:
Staged Nest Real Estate LLC
Listed By:
Frances P Callahan · License #5051
(518) 265-9295
Source:
Signatureonerealtygroup
Added: Sep 2
Changed: Sep 7
Last Checked: Sep 8 at 6:22AM
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 Staged Nest Real Estate LLC
Investment Insights
Based on property information with market context.
This two-unit townhome was designed by architect Albert W Fuller and dates to 1890. Improvements include a 200-amp electrical service installed in 2018, Anderson windows replacing all but 3 original windows, and mini splits. A rear patio was added in 2020, while the rear fence was repositioned to create two parking spaces. Plumbing work serving the water heater and boiler was completed in 2023, followed by a new roof across all sections in 2024/2025.
The property is located at 69 S Lake Avenue in Albany, opposite Washington Park. Its two-unit configuration, off-street parking, updated building systems, and architectural provenance provide a clear profile for residential income ownership.
The property is located at 69 S Lake Avenue in Albany, opposite Washington Park. Its two-unit configuration, off-street parking, updated building systems, and architectural provenance provide a clear profile for residential income ownership.
Key Highlights
- Two‑unit townhome designed by architect Albert W Fuller
- Located opposite Washington Park at 69 S Lake Avenue
- 200‑amp electrical service installed 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
$25,191
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
5.93%
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%
$503,820
$503.8K
Cap Rate 7%
$359,871
$359.9K
Cap Rate 9%
$279,900
$279.9K
Market Conditions
NOI Build-Up for 2,212 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
$38.5K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$36.0K $16.27/SF
− OpEx
−$10.8K −$4.88/SF
NOI
$25.2K $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%
$503,820
Cap Rate 7%
$359,871
Cap Rate 9%
$279,900
Alternative Uses
Best Use
Multifamily LT 5
$359.9K
$314.9K – $419.9K
NOI $25,191 @ 7.0% cap · market cap 5.93%
Second Best
Apartment 5plus
$322.8K
$282.4K – $376.6K
NOI $22,595 @ 7.0% cap · market cap 5.32%
Theoretical Best
Office A
$583.6K
$510.6K – $680.9K
NOI $40,851 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,487
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 - Duplex with upgraded electrical, plumbing, roofing, mini splits, a rear patio, and two parking spaces.
Where is this duplex located?
The property is located at 69 S Lake Avenue Albany, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit townhome designed by architect Albert W Fuller; Located opposite Washington Park at 69 S Lake Avenue; 200‑amp electrical service installed in 2018
