Duplex with Student
For Sale
$349,900
81 N Allen Street, Albany, NY 12203
Two residential units include a rented lower apartment and a vacant upper residence arranged across two floors.
Property Size2,166 SF
Price / SF$161.54
Days on Market24
Property Features for 81 N Allen Street
General Information
Standard status
Active
Size
2,166 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 2BR/1BA, 1 x 4BR/1BA
Multifamily Units
2
Amenities
laundry room
backyard
Building Details
Year Built
1900
Buildings
1
Listing Agency:
KW Platform
Listed By:
Jeury Lugo
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jul 28
Changed: Aug 19
Last Checked: Aug 20 at 8:53AM
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 KW Platform
Investment Insights
Based on property information with market context.
This two-family property contains 2,166 square feet and was built in 1900. The lower apartment has two bedrooms, plank flooring, an updated oversized bathroom finished with travertine tile, and an eat-in kitchen with granite tile counters and a center island. It is currently leased to students.
The upper unit is vacant and occupies two floors, with four bedrooms, a den, hardwood, ceramic tile, and plank flooring, plus an eat-in kitchen, full bathroom, and additional storage. A basement laundry room includes washer and dryer hookups. The property also has a backyard suited to outdoor use.
The home is located near Albany colleges and universities, hospitals, restaurants, shopping, parks, and downtown.
The upper unit is vacant and occupies two floors, with four bedrooms, a den, hardwood, ceramic tile, and plank flooring, plus an eat-in kitchen, full bathroom, and additional storage. A basement laundry room includes washer and dryer hookups. The property also has a backyard suited to outdoor use.
The home is located near Albany colleges and universities, hospitals, restaurants, shopping, parks, and downtown.
Key Highlights
- 2,166‑square‑foot duplex with two separate residential units
- Lower unit has 2 bedrooms and is currently rented to students
- Vacant upper unit spans two floors with 4 bedrooms and a den
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
$24,667
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
7.05%
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%
$493,340
$493.3K
Cap Rate 7%
$352,386
$352.4K
Cap Rate 9%
$274,078
$274.1K
Market Conditions
NOI Build-Up for 2,166 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
$37.7K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$35.2K $16.27/SF
− OpEx
−$10.6K −$4.88/SF
NOI
$24.7K $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%
$493,340
Cap Rate 7%
$352,386
Cap Rate 9%
$274,078
Alternative Uses
Best Use
Multifamily LT 5
$352.4K
$308.3K – $411.1K
NOI $24,667 @ 7.0% cap · market cap 7.05%
Second Best
Apartment 5plus
$316.1K
$276.6K – $368.8K
NOI $22,125 @ 7.0% cap · market cap 6.32%
Theoretical Best
Office A
$571.5K
$500.0K – $666.7K
NOI $40,002 @ 7.0% cap · market cap 11.43%
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
1,041
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 - Two residential units include a rented lower apartment and a vacant upper residence arranged across two floors.
Where is this duplex located?
The property is located at 81 N Allen Street Albany, NY.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 2,166‑square‑foot duplex with two separate residential units; Lower unit has 2 bedrooms and is currently rented to students; Vacant upper unit spans two floors with 4 bedrooms and a den
