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 Market15
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 20
Changed: Jul 31
Last Checked: Aug 2 at 3:45PM
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 For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.8k | $17.40 |
| − Vacancy | −$1.7k | −$1.13 |
| EGI | $25.1k | $16.27 |
| − OpEx | −$7.5k | −$4.88 |
| NOI | $17.5k | $11.39 |
1,540 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
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
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
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 - 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
