Two-Unit Duplex with Separate
For Sale
$300,000
Pending
698 Central Ave, Albany, NY 12206
Each residence includes three bedrooms, a kitchen, living room, and full bath.
Property Size2,568 SF
Lot Size0.11 Acres
Days on Market35
Property Features for 698 Central Ave
General Information
Standard status
Pending
Size
2,568 SF
Lot size
0.11 Acres
Property subtype
Multi-Family
Units
Unit Mix
2 x 3BR
Multifamily Units
2
Building Details
Year Built
1915
Listing Agency:
Country Boy Realty
(518) 861-7016
Listed By:
Clancy Real Estate, Inc · License #10401388050
(518) 861-7016
Source:
Clancyrealestate
Added: Jul 29
Changed: Aug 31
Last Checked: Aug 31 at 2:59PM
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 Country Boy Realty
Investment Insights
Based on property information with market context.
Built in 1915, this duplex contains two separate residential units totaling approximately 2,568 square feet. Both apartments offer three bedrooms, a living room, a kitchen, and a full bathroom, creating a consistent layout across the property. Separate utilities serve each unit.
The property occupies a 0.11-acre lot at 698 Central Avenue in Albany, New York 12206. Its two-unit configuration and defined apartment layouts provide a straightforward residential income property profile for an investor or owner-occupant.
The property occupies a 0.11-acre lot at 698 Central Avenue in Albany, New York 12206. Its two-unit configuration and defined apartment layouts provide a straightforward residential income property profile for an investor or owner-occupant.
Key Highlights
- Two‑unit duplex with approximately 2,568 square feet
- Each apartment includes three bedrooms, a living room, kitchen, and full bath
- Separate utilities for each apartment
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
$26,232
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
8.74%
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%
$524,640
$524.6K
Cap Rate 7%
$374,743
$374.7K
Cap Rate 9%
$291,467
$291.5K
Market Conditions
NOI Build-Up for 2,568 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
$50.8K $19.80/SF
− Vacancy
−$3.2K −$1.23/SF
EGI
$47.7K $18.57/SF
− OpEx
−$21.5K −$8.36/SF
NOI
$26.2K $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%
$524,640
Cap Rate 7%
$374,743
Cap Rate 9%
$291,467
Alternative Uses
Best Use
Multifamily LT 5
$417.8K
$365.6K – $487.4K
NOI $29,245 @ 7.0% cap · market cap 9.75%
Second Best
Apartment 5plus
$374.7K
$327.9K – $437.2K
NOI $26,232 @ 7.0% cap · market cap 8.74%
Theoretical Best
Office A
$677.5K
$592.8K – $790.4K
NOI $47,426 @ 7.0% cap · market cap 15.81%
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
1,122
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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 - Each residence includes three bedrooms, a kitchen, living room, and full bath.
Where is this duplex located?
The property is located at 698 Central Ave Albany, NY.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two‑unit duplex with approximately 2,568 square feet; Each apartment includes three bedrooms, a living room, kitchen, and full bath; Separate utilities for each apartment
