Building Details

Year Built 1915

Listing Agency: Next Chapter Real Estate Advisors

Listed By: Clancy Real Estate, Inc Show Phone

Source: Clancyrealestate

Added: Jul 29 Changed: Oct 16 Last Checked: Oct 16 at 9:19AM

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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.

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 / Yr

$26,232

Cap Rate

8.74%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$524,640 $524.6K

Cap Rate 7%

$374,743 $374.7K

Cap Rate 9%

$291,467 $291.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,568 SF

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 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 (±1% cap)

NOI $29,245 @ 7.0% cap · market cap 9.75%

Second Best

Apartment 5plus

$374.7K

$327.9K – $437.2K (±1% cap)

NOI $26,232 @ 7.0% cap · market cap 8.74%

Theoretical Best

Office A

$677.5K

$592.8K – $790.4K (±1% cap)

NOI $47,426 @ 7.0% cap · market cap 15.81%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Duplexes

Suggested Use

Top Pick Real Estate Agency (Bike/Boat/Book/etc) Store Furniture & Home Goods Gym & Fitness Center Veterinary Clinic Butcher

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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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