Apartment Building with Rooftop
New
For Sale
$624,900
531 Western Avenue, Albany, NY 12203
MultiFamily, Albany, NY
Property Size3,414 SF
Lot Size0.18 Acres
Price / SF$183.04
Days on Market2
Property Features for 531 Western Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
10
Full bathrooms
10
Rooms
Bathroom 4, Bathroom 3, Bathroom 2, Bathroom 7, Bedroom 5, Bathroom 5, Bathroom 1, Bedroom 1, Bedroom 2, Bedroom 9, Bathroom 9, Bathroom 8, Bedroom 3, Bedroom 6, Bedroom 10, Bedroom 4, Bedroom 8, Bathroom 10, Bathroom 6, Bedroom 7
Parking
7
Patio and Porch features
Porch, Deck
Interior features
Paddle Fan, High Speed Internet, Built-in Features
Fencing
Privacy
Fireplace
1
Basement
Interior Entry, Walk-Out Access, Full
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
North Allen St to right on Western Ave house is on the right
Standard status
Active
APN
010100 64.51-2-40
Size
3,414 SF
Lot size
0.18 Acres
Taxes and HOA fees
Tax Annual Amount
13575
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
gas fireplaces
covered front porch
side porch
rooftop deck
updated eat in kitchen
laundry
interconnected fire system
Building Details
Year built
1900
Number of units
10
Flooring type
Tile, Wood
Building materials
Stone, Vinyl Siding
Roof type
Asphalt, Shingle
Architectural style
Other
Listing Agency:
Gabler Realty LLC
(518) 935-4800
Listed By:
Rebecca L Cavalieri · License #10401240433
(518) 210-4916
Added: Aug 31
Changed: Sep 1
Last Checked: Sep 1 at 10:06AM
MLS# 202625152
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 3,414-square-foot apartment building, constructed in 1900, contains 10 bedrooms and 10 full bathrooms across three levels. The first floor includes an updated eat-in kitchen, living room, two en suite bedrooms, a shared bathroom, and laundry. Five additional en suite bedrooms occupy the second floor, while the third floor provides three more bedrooms and another shared bathroom. Gas fireplaces serve every bedroom and the living room. A nine-year-old boiler, newer roof, interconnected fire system, wood and tile flooring, stone and vinyl siding, and public water and sewer are also included.
Outdoor features include a covered front porch, side porch, rooftop deck, privacy fencing, and off-street parking. The property is located at 531 Western Avenue in Albany, between the uptown and downtown SUNY campuses. Nearby named destinations include Cafe Madison, Juniors, Madison Pourhouse, Curry House, and grocery shopping.
Outdoor features include a covered front porch, side porch, rooftop deck, privacy fencing, and off-street parking. The property is located at 531 Western Avenue in Albany, between the uptown and downtown SUNY campuses. Nearby named destinations include Cafe Madison, Juniors, Madison Pourhouse, Curry House, and grocery shopping.
Key Highlights
- 10 bedrooms and 10 full bathrooms in a 3,414‑square‑foot building
- Three‑story layout with en suite bedrooms, shared bathrooms, kitchen, living room, and laundry
- Rooftop deck plus covered front porch and side porch
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
$34,873
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
5.58%
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%
$697,460
$697.5K
Cap Rate 7%
$498,186
$498.2K
Cap Rate 9%
$387,478
$387.5K
Market Conditions
NOI Build-Up for 3,414 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
$67.6K $19.80/SF
− Vacancy
−$4.2K −$1.23/SF
EGI
$63.4K $18.57/SF
− OpEx
−$28.5K −$8.36/SF
NOI
$34.9K $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%
$697,460
Cap Rate 7%
$498,186
Cap Rate 9%
$387,478
Alternative Uses
Best Use
Apartment 5plus
$498.2K
$435.9K – $581.2K
NOI $34,873 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$900.7K
$788.1K – $1.05M
NOI $63,050 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
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 - Three-story layout includes en suite bedrooms, shared baths, and an updated eat-in kitchen.
Where is this apartment building located?
The property is located at 531 Western Avenue Albany, NY.
What is the asking price?
The asking price for this property is $624,900.
What are key features of this property?
This property features: 10 bedrooms and 10 full bathrooms in a 3,414‑square‑foot building; Three‑story layout with en suite bedrooms, shared bathrooms, kitchen, living room, and laundry; Rooftop deck plus covered front porch and side porch
