4-Unit Property with Separate
For Sale
$330,000
802 Myrtle Avenue, Albany, NY 12208
MultiFamily, Albany, NY
Property Size2,460 SF
Lot Size0.12 Acres
Price / SF$134.15
Days on Market80
Property Features for 802 Myrtle Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Multi Residence
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bathroom 4, Bedroom 4, Bedroom 3, Bathroom 3, Bedroom 2, Bedroom 1, Bathroom 1, Bedroom 5
Patio and Porch features
Porch
Fencing
Chain Link
Basement
Full, Walk-Out Access
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
GPS
Standard status
Active
APN
010100 64.67-3-8
Size
2,460 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Annual Amount
9000
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Building Details
Year built
1935
Number of units
4
Flooring type
Tile, Hardwood, Laminate
Building materials
Clapboard, Stucco
Roof type
Shingle, Asphalt, Slate
Architectural style
Other
Listing Agency:
Venture Fox Realty Group LLC
(518) 290-1070
Listed By:
Sean Martin · License #10401359018
(518) 932-5619
Added: Jun 4
Changed: Aug 20
Last Checked: Aug 22 at 3:06AM
MLS# 202618803
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 4-unit residential income property contains 2,460 square feet on a 0.12-acre parcel and was built in 1935. Hardwood flooring is present throughout, with additional tile and laminate flooring. The building includes four individual water heaters, separate gas and electric meters for each unit, and a house meter. New kitchen appliances have been installed in some units, and two units are currently vacant. Construction includes clapboard and stucco, while the roof incorporates shingle, asphalt, and slate materials.
Located in Albany, the property is zoned Multi Residence and is served by public water and public sewer. Natural gas hot-water heating, a porch, and chain-link fencing are also included.
Located in Albany, the property is zoned Multi Residence and is served by public water and public sewer. Natural gas hot-water heating, a porch, and chain-link fencing are also included.
Key Highlights
- 4‑unit building with 2,460 square feet of property size
- Two units are vacant; four total units are included
- Each unit has separate gas and electric meters, plus a house meter
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
$28,015
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
8.49%
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%
$560,300
$560.3K
Cap Rate 7%
$400,214
$400.2K
Cap Rate 9%
$311,278
$311.3K
Market Conditions
NOI Build-Up for 2,460 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
$42.8K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.0K $16.27/SF
− OpEx
−$12.0K −$4.88/SF
NOI
$28.0K $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%
$560,300
Cap Rate 7%
$400,214
Cap Rate 9%
$311,278
Alternative Uses
Best Use
Multifamily LT 5
$400.2K
$350.2K – $466.9K
NOI $28,015 @ 7.0% cap · market cap 8.49%
Second Best
Apartment 5plus
$359.0K
$314.1K – $418.8K
NOI $25,128 @ 7.0% cap · market cap 7.61%
Theoretical Best
Office A
$649.0K
$567.9K – $757.2K
NOI $45,431 @ 7.0% cap · market cap 13.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,063
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
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 - Multi-residence zoning and separately metered utilities support flexible occupancy arrangements across the building.
Where is this quadplex located?
The property is located at 802 Myrtle Avenue Albany, NY.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: 4‑unit building with 2,460 square feet of property size; Two units are vacant; four total units are included; Each unit has separate gas and electric meters, plus a house meter
