Updated Two-Unit
New
For Sale
$425,000
69 S Lake Avenue, Albany, NY 12203
MultiFamily, Albany, NY
Property Size2,212 SF
Lot Size0.06 Acres
Price / SF$192.13
Days on Market4
Property Features for 69 S Lake Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 1, Bedroom 4, Bedroom 3, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2
Parking
2
Parking features
Off Street
Patio and Porch features
Patio, Deck, Porch
Interior features
Paddle Fan, Ceramic Tile Bath
Fireplace
1
Basement
Interior Entry, Unfinished, Exterior Entry, Full
Lot features
Landscaped
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Western Ave to South Lake, opposite Washington Park
Standard status
Active
APN
010100 65.70-2-24
Size
2,212 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
8116
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Ductless (Heating), Hot Water(Heating)
Cooling system
Ductless
Water source
Public
Building Details
Year built
1890
Number of units
2
Flooring type
Tile, Wood, Laminate
Building materials
Brick
Roof type
Asphalt, Rubber
Listing Agency:
Staged Nest Real Estate LLC
(518) 369-8441
Listed By:
Frances P Callahan · License #30CA0949290
(518) 265-9295
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 10:06PM
MLS# 202625510
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.
Built in 1890, this brick duplex contains two townhome-style units within 2,212 square feet. The property includes four bedrooms, three bathrooms, wood, tile, and laminate flooring, ceramic tile baths, a fireplace, and ductless cooling and heating alongside natural-gas hot water heat. Public water and sewer serve the building, with cable available.
Recent work includes a new 200 amp electrical service in 2018, replacement of all but three windows with Anderson windows, mini-split installation, a 2020 backyard patio, and plumbing improvements to the water heater and boiler in 2023. A new roof was installed across all sections in 2024/2025. The rear fence was relocated to create two off-street parking spaces. The property is located opposite Washington Park at 69 S Lake Avenue in Albany.
Recent work includes a new 200 amp electrical service in 2018, replacement of all but three windows with Anderson windows, mini-split installation, a 2020 backyard patio, and plumbing improvements to the water heater and boiler in 2023. A new roof was installed across all sections in 2024/2025. The rear fence was relocated to create two off-street parking spaces. The property is located opposite Washington Park at 69 S Lake Avenue in Albany.
Key Highlights
- Two‑unit brick duplex totaling 2,212 square feet
- Located opposite Washington Park at 69 S Lake Avenue
- New 200 amp electric 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
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 - Brick duplex with separate townhome-style units, off-street parking, patios, decks, and porches near Washington Park.
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 brick duplex totaling 2,212 square feet; Located opposite Washington Park at 69 S Lake Avenue; New 200 amp electric service installed in 2018
