Mixed-Use Office and Two-Unit
For Sale
$485,000
Pending
342 Hamilton Street, Albany, NY 12210
MULTI_FAMILY - Albany, NY
Property Size3,649 SF
Lot Size0.11 Acres
Days on Market45
Property Features for 342 Hamilton Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
1
Rooms
Bathroom 2, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 1
Parking
6
Parking features
Off Street, Driveway
Interior features
Wall Paneling, Vaulted Ceiling(s), Built-in Features
Exterior features
Garden
Basement
Unfinished, Full
View
City
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Take I-787 North toward Albany, then take the Broadway/Columbia Street exit. Turn right onto Hamilton Street, and the property will be on your left at 342 Hamilton St.
Standard status
Pending
APN
010100 76.32-3-2
Size
3,649 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
3462
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas, Hot Water(Heating), Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1847
Number of units
3
Flooring type
Carpet, Hardwood
Building materials
Brick
Roof type
Flat, Rubber
Listing Agency:
Kellie Kieley Realty LLC
(518) 225-0454
Listed By:
Mark A Calicchia · License #10401348007
(518) 320-6377
Added: Jul 16
Changed: Aug 14
Last Checked: Aug 29 at 1:06PM
MLS# 202622063
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.
342-346 Hamilton Street is a mixed-use property combining professional office space with two residential apartments above. The first floor is currently configured as office space with three private offices, a conference room, and a kitchenette, featuring original woodwork. Newer central air serves the office area.
The upper floors include a two-bedroom, one-bath apartment on both the second and third floors; the second-floor unit is vacant and the third-floor unit is rented on a month-to-month basis at $600 per month. The property includes separate utilities and panels, and the water service line has been replaced in recent years.
A private parking lot with six spaces supports the property’s day-to-day operations. The parking area is associated with 346 Hamilton Street, while the building at 342 Hamilton Street contains the office and residential space.
The upper floors include a two-bedroom, one-bath apartment on both the second and third floors; the second-floor unit is vacant and the third-floor unit is rented on a month-to-month basis at $600 per month. The property includes separate utilities and panels, and the water service line has been replaced in recent years.
A private parking lot with six spaces supports the property’s day-to-day operations. The parking area is associated with 346 Hamilton Street, while the building at 342 Hamilton Street contains the office and residential space.
Key Highlights
- Mixed‑use building with first‑floor professional office space plus two 2‑bedroom residential units
- Private parking lot with 6 off‑street spaces (342 Hamilton St building; 346 Hamilton St parking lot)
- Upper floors include a vacant 2BR unit and a 2BR unit rented month‑to‑month for $600/month
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
$41,556
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
8.57%
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%
$831,120
$831.1K
Cap Rate 7%
$593,657
$593.7K
Cap Rate 9%
$461,733
$461.7K
Market Conditions
NOI Build-Up for 3,649 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
$63.5K $17.40/SF
− Vacancy
−$4.1K −$1.13/SF
EGI
$59.4K $16.27/SF
− OpEx
−$17.8K −$4.88/SF
NOI
$41.6K $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%
$831,120
Cap Rate 7%
$593,657
Cap Rate 9%
$461,733
Alternative Uses
Best Use
Office B
$713.4K
$624.3K – $832.4K
NOI $49,941 @ 7.0% cap · market cap 10.30%
Second Best
Multifamily LT 5
$593.7K
$519.5K – $692.6K
NOI $41,556 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$962.7K
$842.4K – $1.12M
NOI $67,390 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
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
Market
Vacancy Rate% for Office in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - Downtown Albany mixed-use property includes ground-floor professional offices, plus two residential units and a six-space private parking lot.
Where is this triplex located?
The property is located at 342 Hamilton Street Albany, NY.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Mixed‑use building with first‑floor professional office space plus two 2‑bedroom residential units; Private parking lot with 6 off‑street spaces (342 Hamilton St building; 346 Hamilton St parking lot); Upper floors include a vacant 2BR unit and a 2BR unit rented month‑to‑month for $600/month
