Updated Two-Unit
New
For Sale
$329,000
860 Washington Ave, Albany, NY 12203
Vacant two-family property with new appliances, refreshed finishes, and naturally bright interiors.
Property Size2,051 SF
Price / SF$160.41
Days on Market2
Property Features for 860 Washington Ave
General Information
Standard status
Active
Size
2,051 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
2
Building Details
Year Built
1907
Listing Agency:
Country Boy Realty
Listed By:
Brian Walters · License #30WA0832219
(518) 526-1800
Source:
Albanyprimeproperties
Added: Sep 8
Last Checked: Sep 9 at 7:26AM
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 Country Boy Realty
Investment Insights
Based on property information with market context.
This vacant duplex, built in 1907, offers 2,051 square feet across two residential floors. The first floor includes 3 bedrooms, 1 bathroom, and a kitchen. The second floor provides 2 bedrooms, 1 bathroom, and a living area with dining space. An additional bedroom is located in the attic. Updates include new appliances, hardwood flooring, tile, vinyl flooring, and interiors with abundant natural light.
The property is located at 860 Washington Ave in Albany’s Upper Washington area. Its two-floor configuration and vacant condition provide flexibility for continued two-family use or an owner-occupied arrangement, as supported by the existing layout.
The property is located at 860 Washington Ave in Albany’s Upper Washington area. Its two-floor configuration and vacant condition provide flexibility for continued two-family use or an owner-occupied arrangement, as supported by the existing layout.
Key Highlights
- 2,051‑square‑foot duplex built in 1907
- Two‑floor layout with 3‑bedroom and 2‑bedroom units
- First floor includes 3 bedrooms, 1 bathroom, and kitchen
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
$23,357
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
7.10%
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%
$467,140
$467.1K
Cap Rate 7%
$333,671
$333.7K
Cap Rate 9%
$259,522
$259.5K
Market Conditions
NOI Build-Up for 2,051 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
$35.7K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$33.4K $16.27/SF
− OpEx
−$10.0K −$4.88/SF
NOI
$23.4K $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%
$467,140
Cap Rate 7%
$333,671
Cap Rate 9%
$259,522
Alternative Uses
Best Use
Multifamily LT 5
$333.7K
$292.0K – $389.3K
NOI $23,357 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$299.3K
$261.9K – $349.2K
NOI $20,951 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$541.1K
$473.5K – $631.3K
NOI $37,878 @ 7.0% cap · market cap 11.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Duplex - Vacant two-family property with new appliances, refreshed finishes, and naturally bright interiors.
Where is this duplex located?
The property is located at 860 Washington Ave Albany, NY.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: 2,051‑square‑foot duplex built in 1907; Two‑floor layout with 3‑bedroom and 2‑bedroom units; First floor includes 3 bedrooms, 1 bathroom, and kitchen
