Connected Multifamily Apartment
For Sale
$499,900
1 Cataract Street, Cohoes, NY 12047
Two connected apartment buildings totaling six units, with two vacant units needing renovation and updates.
Property Size3,780 SF
Price / SF$132.25
Days on Market173
Property Features for 1 Cataract Street
General Information
Standard status
Active
Size
3,780 SF
Property subtype
Multi Family / Multi Family
Zoning
Multi Residence
Taxes and HOA fees
Annual Taxes
$6,700
Amenities
Flat
None, No
Baseboard, Space Heater, Yes
Full
Yes
Brick
Fire Sprinkler System
Building Details
Year Built
1900
Tenancy
Multi
Listing Agency:
Veno Properties
Listed By:
Erica L Vienneau · License #10491207645
(518) 337-6557
Source:
Compass
Added: Mar 20
Changed: Aug 8
Last Checked: Jul 22 at 4:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Veno Properties
Investment Insights
Based on property information with market context.
1 & 3 Cataract St., though deeded separately, are connected and being sold together as a six-unit residential income property. The buildings are at the end of the block and back to the Mohawk River. Four of the units are currently occupied.
The two vacant units are located in building 3 and are in need of updating and renovation. Unit 1 is described as a larger project in rough condition, while Unit 2 needs turnover work.
This offering presents a straightforward six-unit configuration with an immediate focus on bringing the two vacant apartments back to rentable condition.
The two vacant units are located in building 3 and are in need of updating and renovation. Unit 1 is described as a larger project in rough condition, while Unit 2 needs turnover work.
This offering presents a straightforward six-unit configuration with an immediate focus on bringing the two vacant apartments back to rentable condition.
Key Highlights
- Two connected apartment buildings at 1 & 3 Cataract St sold together, totaling 6 units
- Backs to the Mohawk River and is adjacent to Harmony Mills
- 6 total units: 4 occupied and 2 vacant units in building 3
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
$40,376
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
8.08%
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%
$807,520
$807.5K
Cap Rate 7%
$576,800
$576.8K
Cap Rate 9%
$448,622
$448.6K
Market Conditions
NOI Build-Up for 3,780 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
$77.1K $20.40/SF
− Vacancy
−$3.7K −$0.98/SF
EGI
$73.4K $19.42/SF
− OpEx
−$33.0K −$8.74/SF
NOI
$40.4K $10.68/SF
Area
Albany County, NY
Vacancy
4.80%
Lease Rate
$20.40 /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%
$807,520
Cap Rate 7%
$576,800
Cap Rate 9%
$448,622
Alternative Uses
Best Use
Apartment 5plus
$576.8K
$504.7K – $672.9K
NOI $40,376 @ 7.0% cap · market cap 8.08%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.18M
$1.03M – $1.38M
NOI $82,567 @ 7.0% cap · market cap 16.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
Explore this area
Business Placement
Demographics for 12047, NY
23,347
Population
10,963
Households
2.1
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
2,653
Density / Sq Mi
$66,970
Median Household Income
$46,476
Median Earnings
$1,213
Median Rent
$237,200
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 - Two connected apartment buildings totaling six units, with two vacant units needing renovation and updates.
Where is this apartment building located?
The property is located at 1 Cataract Street Cohoes, NY.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Two connected apartment buildings at 1 & 3 Cataract St sold together, totaling 6 units; Backs to the Mohawk River and is adjacent to Harmony Mills; 6 total units: 4 occupied and 2 vacant units in building 3
