Two-Family Duplex with Double
For Sale
$250,000
97 3RD Avenue, Albany, NY 12202
Occupied two-family property with added outdoor space and convenient access to major Capital Region routes.
Property Size1,540 SF
Price / SF$162.34
Days on Market66
Property Features for 97 3RD Avenue
General Information
Standard status
Active
Size
1,540 SF
Property subtype
Multi-family
Additional Details
Highway Access
Yes
Building Details
Year Built
1900
Listing Agency:
Revision Real Estate
Listed By:
Jerome P Newkirk
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jul 22
Changed: Sep 24
Last Checked: Sep 24 at 10:21AM
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 Revision Real Estate
Investment Insights
Based on property information with market context.
Located at 97 Third Avenue in Albany, this two-family property includes 1,540 square feet and was built in 1900. The property is currently occupied and has been carefully maintained, offering the flexibility to continue generating rental income or support an owner-occupied arrangement with tenant income. A double lot provides additional outdoor space, enhanced privacy, and room for potential outdoor improvements or expanded parking.
The property is situated minutes from Downtown Albany, the New York State Capitol, Empire State Plaza, and state office buildings. It also offers access to I-787, I-90, and the New York State Thruway, with restaurants, shopping, parks, schools, entertainment, and public transportation nearby.
The property is situated minutes from Downtown Albany, the New York State Capitol, Empire State Plaza, and state office buildings. It also offers access to I-787, I-90, and the New York State Thruway, with restaurants, shopping, parks, schools, entertainment, and public transportation nearby.
Key Highlights
- Two‑family duplex at 97 Third Avenue in Albany
- 1,540 square feet; built in 1900
- Currently occupied and carefully maintained
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
$17,538
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
7.02%
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%
$350,760
$350.8K
Cap Rate 7%
$250,543
$250.5K
Cap Rate 9%
$194,867
$194.9K
Market Conditions
NOI Build-Up for 1,540 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
$26.8K $17.40/SF
− Vacancy
−$1.7K −$1.13/SF
EGI
$25.1K $16.27/SF
− OpEx
−$7.5K −$4.88/SF
NOI
$17.5K $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%
$350,760
Cap Rate 7%
$250,543
Cap Rate 9%
$194,867
Alternative Uses
Best Use
Multifamily LT 5
$250.5K
$219.2K – $292.3K
NOI $17,538 @ 7.0% cap · market cap 7.02%
Second Best
Apartment 5plus
$224.7K
$196.6K – $262.2K
NOI $15,731 @ 7.0% cap · market cap 6.29%
Theoretical Best
Office A
$406.3K
$355.5K – $474.0K
NOI $28,441 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
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 - Occupied two-family property with added outdoor space and convenient access to major Capital Region routes.
Where is this duplex located?
The property is located at 97 3RD Avenue Albany, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Two‑family duplex at 97 Third Avenue in Albany; 1,540 square feet; built in 1900; Currently occupied and carefully maintained
