Historic 46-Unit Multifamily
For Sale
$8,750,000
201 Park Ave, Albany, NY 12202
COMMERCIAL - Albany, NY
Property Size65,000 SF
Lot Size1.96 Acres
Price / SF$134.62
Days on Market41
Property Features for 201 Park Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Subdivision
Capitol Hill
Directions
Park Ave Albany
Standard status
Active
Size
65,000 SF
Lot size
1.96 Acres
Taxes and HOA fees
Tax Annual Amount
104210
Amenities
updated kitchens
updated baths
stainless steel appliances
in-unit washer and dryers
new flooring
modern lighting
Building Details
Year built
1880
Listing Agency:
REALTY ONE GROUP KEY
(518) 630-0360
Listed By:
Leah Witko · License #10401256547
(518) 630-0360
Added: Jul 21
Changed: Aug 4
Last Checked: Aug 30 at 10:06PM
MLS# 11896413
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 fully renovated, stabilized multifamily investment consists of 46 apartments housed within a historic brewery building. Renovations completed in 2023 include updated kitchens and baths, stainless steel appliances, in-unit washer and dryers, new flooring, modern lighting, and contemporary finishes throughout. The unit mix offers one-, two-, and three-bedroom apartments with distinctive layouts.
The property is located at 201 Park Ave in Albany, New York (12202), within a landmark-style structure that preserves its architectural character while operating as a modern apartment community.
The building’s configuration supports a turnkey residential income use, with apartment interiors refreshed throughout and in-unit laundry amenities as part of the renovation scope.
The property is located at 201 Park Ave in Albany, New York (12202), within a landmark-style structure that preserves its architectural character while operating as a modern apartment community.
The building’s configuration supports a turnkey residential income use, with apartment interiors refreshed throughout and in-unit laundry amenities as part of the renovation scope.
Key Highlights
- 46‑unit multifamily property in a historic brewery building with Year Built 1880
- Renovations completed in 2023 with updated kitchens and baths throughout
- Stainless steel appliances and modern lighting plus new flooring and contemporary finishes
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
$663,963
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
7.59%
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%
$13,279,260
$13.3M
Cap Rate 7%
$9,485,186
$9.5M
Cap Rate 9%
$7,377,367
$7.4M
Market Conditions
NOI Build-Up for 65,000 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
$1.29M $19.80/SF
− Vacancy
−$79.8K −$1.23/SF
EGI
$1.21M $18.57/SF
− OpEx
−$543.2K −$8.36/SF
NOI
$664.0K $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%
$13,279,260
Cap Rate 7%
$9,485,186
Cap Rate 9%
$7,377,367
Alternative Uses
Best Use
Apartment 5plus
$9.49M
$8.30M – $11.07M
NOI $663,963 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.15M
$15.01M – $20.01M
NOI $1,200,420 @ 7.0% cap · market cap 13.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
46
Residential units
Location Intelligence
Trade Area within ½ mile
3,883
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?
Apartment building - Fully renovated, stabilized 46-unit multifamily property in a distinctive historic building, with updated in-unit amenities.
Where is this apartment building located?
The property is located at 201 Park Ave Albany, NY.
What is the asking price?
The asking price for this property is $8,750,000.
What are key features of this property?
This property features: 46‑unit multifamily property in a historic brewery building with Year Built 1880; Renovations completed in 2023 with updated kitchens and baths throughout; Stainless steel appliances and modern lighting plus new flooring and contemporary finishes
