Two-Unit Duplex
For Sale
$250,000
97 3rd Avenue, Albany, NY 12202
MultiFamily, Albany, NY
Property Size1,540 SF
Lot Size0.12 Acres
Price / SF$162.34
Days on Market73
Property Features for 97 3rd Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
Multi Residence
Bedrooms
5
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bedroom 5, Bedroom 1, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 2, Bedroom 4, Bathroom 3
Basement
Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Start at Albany City Hall, 24 Eagle Street. Head south on Eagle Street toward Howard Street. Turn left onto Madison Avenue. Continue for approximately 0.3 miles. Turn right onto South Pearl Street
Standard status
Active
APN
010100 76.64-2-65
Size
1,540 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
1480
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Building Details
Year built
1900
Number of units
2
Building materials
Vinyl Siding
Listing Agency:
Revision Real Estate
(518) 438-2221
Listed By:
Jerome P Newkirk · License #10371200504
(518) 229-0366
Added: Jul 21
Changed: Sep 24
Last Checked: Oct 1 at 10:06PM
MLS# 202622293
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-unit residential property in Albany contains 1,540 square feet on a 0.12-acre lot. The layout includes five bedrooms and three bathrooms, providing a distinct two-family configuration with current occupancy. Vinyl siding, natural gas heating, and public sewer service are among the documented property features. Built in 1900, the home offers an established residential setup within a Multi Residence zoning designation.
The property is located at 97 3rd Avenue in Albany, with access to the city’s shopping, dining, transportation, employment centers, and other area amenities. Its existing tenant occupancy and two-unit arrangement support both continued rental use and an owner-occupant format, as described in the property information.
The property is located at 97 3rd Avenue in Albany, with access to the city’s shopping, dining, transportation, employment centers, and other area amenities. Its existing tenant occupancy and two-unit arrangement support both continued rental use and an owner-occupant format, as described in the property information.
Key Highlights
- Two‑family property with current paying tenants
- 1,540 square feet on a 0.12‑acre lot
- Five bedrooms and three bathrooms
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
2
Residential units
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 residence with Multi Residence zoning, natural gas heat, and public sewer service.
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 property with current paying tenants; 1,540 square feet on a 0.12‑acre lot; Five bedrooms and three bathrooms
