Renovated Two-Unit
For Sale
$449,000
85 S Lake Avenue, Albany, NY 12203
Each residence spans two levels and contains three bedrooms and two full bathrooms.
Property Size2,036 SF
Price / SF$220.53
Days on Market15
Property Features for 85 S Lake Avenue
General Information
Standard status
Active
Size
2,036 SF
Property subtype
Multi-family
Units
Unit Mix
2 x 3BR/2BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
washer and dryer hook-ups
Building Details
Year Built
1897
Buildings
1
Construction
rowhouse
Listing Agency:
Owner Entry.com
Listed By:
David L White · License #10371201849
(617) 542-9300
Source:
Signatureonerealtygroup
Added: Oct 10
Changed: Oct 23
Last Checked: Oct 23 at 10:01AM
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 Owner Entry.com
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Investment Insights
Based on property information with market context.
This 1897-built duplex rowhouse contains two renovated residences, each arranged across two floors with three bedrooms and two full bathrooms. Improvements include updated kitchens, plumbing, electrical systems and bathrooms, along with new water and sewer lines, windows, insulation, exterior stairs and washer/dryer hookups. The main roof and furnace are approximately 10 years old; the front porch and kitchen roof are less than two years old. Utilities are not separately metered between the units.
The building fronts Washington Park on South Lake Avenue in Albany. Both residences are currently vacant following renovation. The property has recorded a 98% occupancy rate over the last 30 years.
The building fronts Washington Park on South Lake Avenue in Albany. Both residences are currently vacant following renovation. The property has recorded a 98% occupancy rate over the last 30 years.
Key Highlights
- Two residences, each with three bedrooms and two full bathrooms
- Each unit has two floors of living space
- Renovations include kitchens, plumbing, electrical, bathrooms, windows and insulation
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,187
Cap Rate
5.16%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$463,740
$463.7K
Cap Rate 7%
$331,243
$331.2K
Cap Rate 9%
$257,633
$257.6K
Market Conditions
NOI Build-Up for 2,036 SF
Gross rent
$35.4K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$33.1K $16.27/SF
− OpEx
−$9.9K −$4.88/SF
NOI
$23.2K $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%
$463,740
Cap Rate 7%
$331,243
Cap Rate 9%
$257,633
Alternative Uses
Best Use
Multifamily LT 5
$331.2K
$289.8K – $386.5K
NOI $23,187 @ 7.0% cap · market cap 5.16%
Second Best
Apartment 5plus
$297.1K
$260.0K – $346.6K
NOI $20,797 @ 7.0% cap · market cap 4.63%
Theoretical Best
Office A
$537.2K
$470.0K – $626.7K
NOI $37,601 @ 7.0% cap · market cap 8.37%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,225
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Duplex - Each residence spans two levels and contains three bedrooms and two full bathrooms.
Where is this duplex located?
The property is located at 85 S Lake Avenue Albany, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Two residences, each with three bedrooms and two full bathrooms; Each unit has two floors of living space; Renovations include kitchens, plumbing, electrical, bathrooms, windows and insulation
