Two-Unit Duplex with Vacant Second
For Sale
$259,000
8 Delaware Terrace, Albany, NY 12209
MULTI_FAMILY - Other - Albany, NY
Property Size2,056 SF
Lot Size0.07 Acres
Price / SF$125.97
Days on Market8
Property Features for 8 Delaware Terrace
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
6
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 2, Bedroom 4, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 3
Patio and Porch features
Porch
Exterior features
Garden
Basement
Full
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From downtown Albany, Lark St continuing on Delaware Ave toward Delmar. Delaware Terr is on the right hand side.
Standard status
Active
APN
010100 76.46-3-53
Size
2,056 SF
Lot size
0.07 Acres
Taxes and HOA fees
Tax Annual Amount
4991
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1900
Number of units
2
Flooring type
Tile - Ceramic, Wood
Building materials
Aluminum Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
Re Max Capital · RE/MAX International
(518) 724-6800
Listed By:
Carmen Rau · License #10401282342
(518) 810-9403
Added: Aug 8
Changed: Aug 11
Last Checked: Aug 15 at 11:06AM
MLS# 202623608
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.
This two-family duplex contains 2,056 square feet and provides three bedrooms in each unit. The second floor is vacant, while the property is currently owner occupied. Built in 1900, the home features aluminum siding, ceramic tile and wood flooring, a porch, and a garden area. Heating is provided by natural gas and hot water, with public water and public sewer service. The roof is rubber, and the property is situated on 0.07 acres.
Zoned Multi Residence, the property is located a few blocks from downtown Albany, hospitals, and schools. Its two-unit configuration supports both owner-occupant and rental property use, subject to applicable requirements.
Zoned Multi Residence, the property is located a few blocks from downtown Albany, hospitals, and schools. Its two-unit configuration supports both owner-occupant and rental property use, subject to applicable requirements.
Key Highlights
- Two‑family duplex with 3 bedrooms in each unit
- 2,056 square feet on a 0.07‑acre lot
- Second floor is vacant; property is currently owner occupied
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
$23,414
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
9.04%
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%
$468,280
$468.3K
Cap Rate 7%
$334,486
$334.5K
Cap Rate 9%
$260,156
$260.2K
Market Conditions
NOI Build-Up for 2,056 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
$35.8K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$33.4K $16.27/SF
− OpEx
−$10.0K −$4.88/SF
NOI
$23.4K $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%
$468,280
Cap Rate 7%
$334,486
Cap Rate 9%
$260,156
Alternative Uses
Best Use
Multifamily LT 5
$334.5K
$292.7K – $390.2K
NOI $23,414 @ 7.0% cap · market cap 9.04%
Second Best
Apartment 5plus
$300.0K
$262.5K – $350.0K
NOI $21,002 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$542.4K
$474.6K – $632.8K
NOI $37,970 @ 7.0% cap · market cap 14.66%
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
2,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - The property contains two residential units, with the upper level currently vacant and available for occupancy.
Where is this duplex located?
The property is located at 8 Delaware Terrace Albany, NY.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: Two‑family duplex with 3 bedrooms in each unit; 2,056 square feet on a 0.07‑acre lot; Second floor is vacant; property is currently owner occupied
