5-Unit Brick Apartment
For Sale
$584,000
169 Elk St, Albany, NY 12210
Business Opportunity, Albany, NY
Property Size3,600 SF
Price / SF$162.22
Days on Market27
Property Features for 169 Elk St
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 4, Bathroom 5, Bathroom 1, Bathroom 2, Bathroom 3
High school district
ALBANY CITY SCHOOL DISTRICT
Standard status
Active
APN
000000-065.000-0004-006.000
Size
3,600 SF
Taxes and HOA fees
Tax Annual Amount
4097
Utilities
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Building Details
Year built
1950
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
Statewide Properties LLC
(347) 560-4024
Listed By:
Vitaly Isaacs · License #10401300688
(917) 620-3605
Added: Sep 5
Changed: Oct 1
Last Checked: Oct 1 at 9:06PM
MLS# 11968354
Copyright © 2026 My State MLS. 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 3,600-square-foot, five-unit apartment building was constructed of brick in 1950. Interior finishes include hardwood and tile flooring. The property has a natural-gas hot-water heating system, one boiler, and one hot water heater. Replacement windows have been installed throughout, and the building has been freshly painted. Certificates of Occupancy are current through 10/2027.
Gas and electric service are separately metered for the apartments. Tenants pay for their own electricity and cooking gas; the owner covers heat and hot water. The building is located at 169 Elk St in Albany, one block from Center Square and behind the Public Library on Washington Ave.
Gas and electric service are separately metered for the apartments. Tenants pay for their own electricity and cooking gas; the owner covers heat and hot water. The building is located at 169 Elk St in Albany, one block from Center Square and behind the Public Library on Washington Ave.
Key Highlights
- Five‑unit brick apartment property
- 3,600 square feet; built in 1950
- Certificates of Occupancy current through 10/2027
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
$36,773
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
6.30%
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%
$735,460
$735.5K
Cap Rate 7%
$525,329
$525.3K
Cap Rate 9%
$408,589
$408.6K
Market Conditions
NOI Build-Up for 3,600 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
$71.3K $19.80/SF
− Vacancy
−$4.4K −$1.23/SF
EGI
$66.9K $18.57/SF
− OpEx
−$30.1K −$8.36/SF
NOI
$36.8K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$735,460
Cap Rate 7%
$525,329
Cap Rate 9%
$408,589
Alternative Uses
Best Use
Apartment 5plus
$525.3K
$459.7K – $612.9K
NOI $36,773 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$949.8K
$831.1K – $1.11M
NOI $66,485 @ 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
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,039
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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?
Apartment building - Five apartments have separate gas and electric meters, while the owner supplies heat and hot water.
Where is this apartment building located?
The property is located at 169 Elk St Albany, NY.
What is the asking price?
The asking price for this property is $584,000.
What are key features of this property?
This property features: Five‑unit brick apartment property; 3,600 square feet; built in 1950; Certificates of Occupancy current through 10/2027
