Three-Unit Brick
For Sale
$250,000
Pending
284 Lark Street, Albany, NY 12210
MultiFamily, Albany, NY
Property Size1,680 SF
Lot Size0.02 Acres
Days on Market168
Property Features for 284 Lark Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Residence
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 2, Bedroom 3, Bathroom 2
Basement
Apartment
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
DRIVE WEST ON MADISON AVE FROM STATE CAPITAL TO TURN RIGHT ON LARK ST. PROPERTY WILL BE ON NEXT CORNER ON THE RIGHT
Special listing conditions
Short Sale, In Foreclosure
Standard status
Pending
APN
010100 76.24-5-67
Size
1,680 SF
Lot size
0.02 Acres
Taxes and HOA fees
Tax Annual Amount
2741
Utilities
Heating system
Electric (Heating)
Water source
Public
Building Details
Year built
1853
Number of units
3
Flooring type
Vinyl, Hardwood
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
Revision Real Estate
(518) 438-2221
Listed By:
Jerome P Newkirk · License #10371200504
(518) 229-0366
Added: Mar 31
Changed: Sep 12
Last Checked: Sep 14 at 5:06PM
MLS# 202614208
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 1,680-square-foot triplex contains three one-bedroom units within a brick building constructed in 1853. Two apartments are in move-in condition, while the basement unit requires rehabilitation. Existing finishes include vinyl and hardwood flooring, with electric heating, public water, and a rubber roof. The property is zoned Multi Residence and occupies 0.02 acres.
The Albany property is near Albany Medical Center, the University at Albany, and the New York State Capitol. Schools, dining, shopping, and public transportation are also identified in the surrounding area. The three-unit configuration supports either owner occupancy with additional units or continued residential rental use.
The Albany property is near Albany Medical Center, the University at Albany, and the New York State Capitol. Schools, dining, shopping, and public transportation are also identified in the surrounding area. The three-unit configuration supports either owner occupancy with additional units or continued residential rental use.
Key Highlights
- Three‑unit triplex with one bedroom in each unit
- 1,680 square feet on 0.02 acres
- Two units are in move‑in condition
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
$19,132
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
7.65%
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%
$382,640
$382.6K
Cap Rate 7%
$273,314
$273.3K
Cap Rate 9%
$212,578
$212.6K
Market Conditions
NOI Build-Up for 1,680 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
$29.2K $17.40/SF
− Vacancy
−$1.9K −$1.13/SF
EGI
$27.3K $16.27/SF
− OpEx
−$8.2K −$4.88/SF
NOI
$19.1K $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%
$382,640
Cap Rate 7%
$273,314
Cap Rate 9%
$212,578
Alternative Uses
Best Use
Multifamily LT 5
$273.3K
$239.2K – $318.9K
NOI $19,132 @ 7.0% cap · market cap 7.65%
Second Best
Apartment 5plus
$245.2K
$214.5K – $286.0K
NOI $17,161 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$443.2K
$387.8K – $517.1K
NOI $31,026 @ 7.0% cap · market cap 12.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,281
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
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Three one-bedroom units include two in move-in condition and a basement apartment requiring rehabilitation.
Where is this triplex located?
The property is located at 284 Lark Street 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: Three‑unit triplex with one bedroom in each unit; 1,680 square feet on 0.02 acres; Two units are in move‑in condition
