Two-Unit Duplex with Finished
New
For Sale
$298,000
8 Leonard Place, Albany, NY 12202
One renovated apartment is vacant, while its larger counterpart is occupied and currently producing rental income.
Property Size2,198 SF
Price / SF$135.58
Days on Market1
Property Features for 8 Leonard Place
General Information
Standard status
Active
Size
2,198 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Tenant in Place
Yes
Building Details
Year Built
1920
Listing Agency:
Epik Realty Group LLC
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Oct 26
Last Checked: Oct 26 at 2:22PM
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 Epik Realty Group LLC
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Investment Insights
Based on property information with market context.
This two-unit duplex in Albany contains 2,198 square feet and was built in 1920. One apartment is vacant and updated. The second, larger unit is occupied and includes a finished attic, adding living area within the unit.
The property is across from a school, with a park nearby and local amenities a short drive away. The two-unit configuration includes one vacant apartment and one occupied apartment generating current rental income.
The property is across from a school, with a park nearby and local amenities a short drive away. The two-unit configuration includes one vacant apartment and one occupied apartment generating current rental income.
Key Highlights
- 2,198‑square‑foot duplex with two residential units
- Updated vacant apartment
- Larger occupied unit includes a finished attic
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$25,031
Cap Rate
8.40%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$500,620
$500.6K
Cap Rate 7%
$357,586
$357.6K
Cap Rate 9%
$278,122
$278.1K
Market Conditions
NOI Build-Up for 2,198 SF
Gross rent
$38.2K $17.40/SF
− Vacancy
−$2.5K −$1.13/SF
EGI
$35.8K $16.27/SF
− OpEx
−$10.7K −$4.88/SF
NOI
$25.0K $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 Rate 5%
$500,620
Cap Rate 7%
$357,586
Cap Rate 9%
$278,122
Alternative Uses
Best Use
Multifamily LT 5
$357.6K
$312.9K – $417.2K
NOI $25,031 @ 7.0% cap · market cap 8.40%
Second Best
Apartment 5plus
$320.7K
$280.7K – $374.2K
NOI $22,452 @ 7.0% cap · market cap 7.53%
Theoretical Best
Office A
$579.9K
$507.4K – $676.6K
NOI $40,593 @ 7.0% cap · market cap 13.62%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,640
Businesses Nearby
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Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - One renovated apartment is vacant, while its larger counterpart is occupied and currently producing rental income.
Where is this duplex located?
The property is located at 8 Leonard Place Albany, NY.
What is the asking price?
The asking price for this property is $298,000.
What are key features of this property?
This property features: 2,198‑square‑foot duplex with two residential units; Updated vacant apartment; Larger occupied unit includes a finished attic
