Turnkey Albany Multifamily Investment
For Sale
$410,000
499 Delaware Avenue, Albany, NY 12209
MULTI_FAMILY - Albany, NY
Property Size3,368 SF
Lot Size32,167.00 Acres
Price / SF$121.73
Days on Market134
Property Features for 499 Delaware Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi Residence
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 7, Bedroom 3, Bedroom 5, Bathroom 3, Bedroom 1, Bathroom 2, Bathroom 4, Bedroom 6, Bedroom 4, Bedroom 2, Bathroom 1
Parking
3
Parking features
Driveway
Patio and Porch features
Porch
Basement
Full
Lot features
Corner Lot
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Corner of Delaware ave. and Mapleridge ave.
Standard status
Active
APN
499
Size
3,368 SF
Lot size
32,167.00 Acres
Taxes and HOA fees
Tax Annual Amount
7631
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1910
Number of units
4
Flooring type
Laminate, Hardwood, Vinyl
Building materials
Wood Siding
Roof type
Asphalt
Listing Agency:
Red Door Realty NY Inc
(518) 899-9500
Listed By:
Robin R Boice · License #10401307703
(518) 932-1771
Added: Apr 9
Changed: Aug 15
Last Checked: Aug 20 at 1:06PM
MLS# 202614849
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 is a four-unit multifamily property located in Albany, NY. It is currently configured as a turnkey investment property. Each unit is equipped with new appliances and hardwood floors. The property includes off-street parking for at least three vehicles. All tenants are currently on month-to-month leases.
Key Highlights
- 4‑unit property with month‑to‑month tenants
- New appliances in all units
- Hardwood, vinyl, and laminate flooring throughout
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
$34,404
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
8.39%
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%
$688,080
$688.1K
Cap Rate 7%
$491,486
$491.5K
Cap Rate 9%
$382,267
$382.3K
Market Conditions
NOI Build-Up for 3,368 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
$66.7K $19.80/SF
− Vacancy
−$4.1K −$1.23/SF
EGI
$62.6K $18.57/SF
− OpEx
−$28.1K −$8.36/SF
NOI
$34.4K $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%
$688,080
Cap Rate 7%
$491,486
Cap Rate 9%
$382,267
Alternative Uses
Best Use
Multifamily LT 5
$547.9K
$479.5K – $639.3K
NOI $38,356 @ 7.0% cap · market cap 9.36%
Second Best
Apartment 5plus
$491.5K
$430.1K – $573.4K
NOI $34,404 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$888.6K
$777.5K – $1.04M
NOI $62,200 @ 7.0% cap · market cap 15.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit multifamily property with new appliances and off-street parking.
Where is this quadplex located?
The property is located at 499 Delaware Avenue Albany, NY.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: 4‑unit property with month‑to‑month tenants; New appliances in all units; Hardwood, vinyl, and laminate flooring throughout
