Two-Family Duplex with Student
For Sale
$349,900
81 N Allen Street, Albany, NY 12203
MULTI_FAMILY - Other - Albany, NY
Property Size2,166 SF
Lot Size0.09 Acres
Price / SF$161.54
Days on Market8
Property Features for 81 N Allen Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1, Laundry Room, Bedroom 4, Bathroom 2, Bedroom 2
Patio and Porch features
Porch
Basement
Full, Unfinished
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Head west on Washington Avenue. Continue for about 2 miles. Turn right onto North Allen Street. Continue about 0.2 miles. 81 N. Allen Street will be on your left, between Western Avenue and Washington Avenue, near Lancaster Street.
Standard status
Active
APN
010100 64.51-3-63
Size
2,166 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
9620
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Radiant, Natural Gas
Water source
Public
Building Details
Year built
1900
Number of units
2
Flooring type
Wood, Tile - Ceramic, Vinyl, Laminate, Hardwood
Building materials
Block
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Jeury Lugo · License #10401347643
(518) 335-1032
Added: Aug 7
Changed: Aug 8
Last Checked: Aug 14 at 2:06PM
MLS# 202623558
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 2,166-square-foot duplex, built in 1900, contains two separate residential units. The first-floor apartment has two bedrooms, an eat-in kitchen with granite tile counters and an island, plank flooring, and an updated oversized bathroom with travertine tile. It is currently rented to students. The upper residence occupies two floors and includes four bedrooms plus a den, a full bathroom, eat-in kitchen, hardwood and ceramic tile flooring, plank flooring, and additional storage.
A basement laundry room provides washer and dryer hookups, while the property also includes a backyard and front porch. Public water and public sewer serve the building. The home sits on 0.09 acres in Albany's Pine Hills neighborhood, with colleges and universities, hospitals, restaurants, shopping, parks, and downtown described as minutes away.
A basement laundry room provides washer and dryer hookups, while the property also includes a backyard and front porch. Public water and public sewer serve the building. The home sits on 0.09 acres in Albany's Pine Hills neighborhood, with colleges and universities, hospitals, restaurants, shopping, parks, and downtown described as minutes away.
Key Highlights
- Two‑family duplex with 2,166 square feet of living area
- First‑floor unit has 2 bedrooms and is currently rented to students
- Upper unit offers 4 bedrooms plus a den across two floors
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 unit with flexible bedroom capacity.
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: Two‑family duplex with 2,166 square feet of living area; First‑floor unit has 2 bedrooms and is currently rented to students; Upper unit offers 4 bedrooms plus a den across two floors
