Albany Two-Family Investment
For Sale
$350,000
Pending
85 South Pine Avenue, Albany, NY 12208
Well-kept two-family property in Albany's Pine Hills neighborhood.
Property Size2,356 SF
Days on Market145
Property Features for 85 South Pine Avenue
General Information
Standard status
Pending
Size
2,356 SF
Property subtype
Multi Family / Duplex
Taxes and HOA fees
Annual Taxes
$6,257
Amenities
Slate, Asphalt
None, No
Hot Water, Natural Gas, Yes
Full
Circuit Breakers
Tile, Wood, Carpet, Ceramic Tile
Yes
Aluminum Siding, Vinyl Siding
Wire, Back Yard, Gate
Rear Porch, Covered, Enclosed, Front Porch
Building Details
Year Built
1907
Listing Agency:
Miuccio Real Estate Group
(518) 330-2814
Listed By:
Nicholas W Miuccio · License #10491207444
(518) 330-2814
Source:
Compass
Added: Mar 31
Changed: Aug 8
Last Checked: Jul 22 at 9:34AM
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 Miuccio Real Estate Group
Investment Insights
Based on property information with market context.
This well-maintained two-family property is located in Albany's Pine Hills neighborhood, situated on a quiet, tree-lined street. The property is conveniently located minutes from colleges, hospitals, and local shopping. The first-floor unit features three bedrooms, a full bath, hardwood and ceramic tile flooring, plus a rear den. The first floor unit is currently occupied by a tenant with a lease in place through April 2027, providing consistent income. The second-floor unit includes two bedrooms with spacious living and dining areas and a bright, open layout. The second floor unit's lease is in place through June 2026. Each unit has separate utilities, natural gas heat, and washer/dryer setups in the basement. Updates include a newer boiler and solid, well-maintained porches. The property has public water and sewer. The property size is 2356 square feet. This property, with a proven rental track record, is suitable for both investors and owner-occupants.
Key Highlights
- Income‑producing property with tenants in place, providing consistent cash flow through April 2027 and June 2026.
- Two separate units with separate utilities offer flexibility.
- Prime location in Albany's Pine Hills, close to colleges, hospitals, and shopping.
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
$26,831
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
7.67%
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%
$536,620
$536.6K
Cap Rate 7%
$383,300
$383.3K
Cap Rate 9%
$298,122
$298.1K
Market Conditions
NOI Build-Up for 2,356 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
$41.0K $17.40/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$38.3K $16.27/SF
− OpEx
−$11.5K −$4.88/SF
NOI
$26.8K $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%
$536,620
Cap Rate 7%
$383,300
Cap Rate 9%
$298,122
Alternative Uses
Best Use
Multifamily LT 5
$383.3K
$335.4K – $447.2K
NOI $26,831 @ 7.0% cap · market cap 7.67%
Second Best
Apartment 5plus
$343.8K
$300.8K – $401.1K
NOI $24,066 @ 7.0% cap · market cap 6.88%
Theoretical Best
Office A
$621.6K
$543.9K – $725.2K
NOI $43,511 @ 7.0% cap · market cap 12.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
845
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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 - Well-kept two-family property in Albany's Pine Hills neighborhood.
Where is this duplex located?
The property is located at 85 South Pine Avenue Albany, NY.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Income‑producing property with tenants in place, providing consistent cash flow through April 2027 and June 2026.; Two separate units with separate utilities offer flexibility.; Prime location in Albany's Pine Hills, close to colleges, hospitals, and shopping.
