10-Unit Multifamily
For Sale
$1,250,000
34-36 Sparkill, Albany, NY 12208
Commercial Sale, Call Listing Agent, NY
Property Size10,817 SF
Price / SF$115.56
Days on Market15
Property Features for 34-36 Sparkill
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking features
Driveway
Basement
Unfinished
Elementary school
Delaware Community School
Middle school
STEPHEN AND HARRIET MYERS MIDDLE SCHOOL
High school
Albany High School
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Standard status
Active
Taxes and HOA fees
Tax Year
1929
Tax Annual Amount
22704
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Steam
Water source
Public
Building Details
Year built
1929
Floors in Building
2
Number of units
10
Building materials
Brick, Vinyl Siding
Architectural style
Other
Listing Agency:
DiMatteo Realty LLC
(914) 443-8077
Listed By:
Jean M DiMatteo
(845) 342-5766
Added: Aug 30
Changed: Sep 12
Last Checked: Sep 13 at 5:06AM
MLS# 1044479
Copyright © 2026 OneKey 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 multifamily offering includes two apartment buildings with 10 residential units and approximately 10,817 combined square feet. The 34-36 Sparkill property contains 6,608 Sq. Ft. across four two-bedroom apartments and one one-bedroom basement apartment. Tenants at that building pay their own utilities. The second property at 287 Mrytle Ave. contains 4,209 Sq. Ft. with three one-bedroom apartments, one two-bedroom apartment, and one studio.
Both properties are in Albany County, NY, and are served by public water and public sewer. Construction includes brick and vinyl siding, with steam and baseboard heating. Each property contributes to a diversified multifamily portfolio, with a combined 7.5% cap rate and driveway parking.
Both properties are in Albany County, NY, and are served by public water and public sewer. Construction includes brick and vinyl siding, with steam and baseboard heating. Each property contributes to a diversified multifamily portfolio, with a combined 7.5% cap rate and driveway parking.
Key Highlights
- 10 residential units across two multifamily buildings
- Approximately 10,817 combined Sq. Ft.
- 34‑36 Sparkill property includes 6,608 Sq. Ft. and 5 units
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
$110,494
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
8.84%
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%
$2,209,880
$2.2M
Cap Rate 7%
$1,578,486
$1.6M
Cap Rate 9%
$1,227,711
$1.2M
Market Conditions
NOI Build-Up for 10,817 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
$214.2K $19.80/SF
− Vacancy
−$13.3K −$1.23/SF
EGI
$200.9K $18.57/SF
− OpEx
−$90.4K −$8.36/SF
NOI
$110.5K $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%
$2,209,880
Cap Rate 7%
$1,578,486
Cap Rate 9%
$1,227,711
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.38M – $1.84M
NOI $110,494 @ 7.0% cap · market cap 8.84%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.85M
$2.50M – $3.33M
NOI $199,768 @ 7.0% cap · market cap 15.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
596
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Two apartment buildings combine varied unit layouts, brick and vinyl siding, public utilities, and driveway parking.
Where is this apartment building located?
The property is located at 34-36 Sparkill Albany, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 10 residential units across two multifamily buildings; Approximately 10,817 combined Sq. Ft.; 34‑36 Sparkill property includes 6,608 Sq. Ft. and 5 units
