Quadplex with Storage
For Sale
$425,000
105 Southern Boulevard, Albany, NY 12209
Maintained four-unit property with updated interiors, a full basement, attic, and separate storage space for the owner.
Property Size2,446 SF
Price / SF$173.75
Days on Market184
Property Features for 105 Southern Boulevard
General Information
Standard status
Active
Size
2,446 SF
Total Parking Spaces
2
Property subtype
Multi Family / Quadruplex
Taxes and HOA fees
Annual Taxes
$7,539
Amenities
Asbestos Shingle
Baseboard, Heat Pump, Yes
Full, Unfinished
100 Amp Service, Circuit Breakers
Vinyl, Ceramic Tile, Hardwood
Ceramic Tile Bath
Stone
Vinyl Siding
Yes
Shed(s)
Smoke Detector(s), Carbon Monoxide Detector(s)
Rear Porch, Covered, Enclosed, Front Porch
Building Details
Year Built
1920
Listing Agency:
Completely Home LLC
(518) 465-9748
Listed By:
Diana L Wright · License #40WR0978569
(518) 465-9748
Source:
Compass
Added: Feb 28
Changed: Aug 31
Last Checked: Aug 31 at 12:11AM
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 Completely Home LLC
Investment Insights
Based on property information with market context.
This four-unit residential income property contains 2,446 square feet and dates to 1920. The unit mix includes a studio apartment along with one- and two-bedroom layouts. The building retains original character while incorporating updates, and includes a full unfinished basement and attic for additional utility. Interior finishes include hardwood, vinyl, and ceramic tile, with ceramic tile baths and baseboard and heat pump systems.
An outbuilding provides storage space for the owner, while the exterior includes vinyl siding, covered front and rear porches, and a shed. The property also has smoke and carbon monoxide detectors, a stone foundation, and 100 Amp service with circuit breakers. Located in Albany, New York.
An outbuilding provides storage space for the owner, while the exterior includes vinyl siding, covered front and rear porches, and a shed. The property also has smoke and carbon monoxide detectors, a stone foundation, and 100 Amp service with circuit breakers. Located in Albany, New York.
Key Highlights
- Four‑unit property with studio, one‑bedroom, and two‑bedroom layouts
- 2,446 square feet; built in 1920
- Full unfinished basement and attic
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
$27,856
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
6.55%
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%
$557,120
$557.1K
Cap Rate 7%
$397,943
$397.9K
Cap Rate 9%
$309,511
$309.5K
Market Conditions
NOI Build-Up for 2,446 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
$42.6K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$39.8K $16.27/SF
− OpEx
−$11.9K −$4.88/SF
NOI
$27.9K $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%
$557,120
Cap Rate 7%
$397,943
Cap Rate 9%
$309,511
Alternative Uses
Best Use
Multifamily LT 5
$397.9K
$348.2K – $464.3K
NOI $27,856 @ 7.0% cap · market cap 6.55%
Second Best
Apartment 5plus
$356.9K
$312.3K – $416.4K
NOI $24,985 @ 7.0% cap · market cap 5.88%
Theoretical Best
Office A
$645.3K
$564.7K – $752.9K
NOI $45,173 @ 7.0% cap · market cap 10.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
633
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
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Frequently Asked Questions
What type of property is this?
Quadplex - Maintained four-unit property with updated interiors, a full basement, attic, and separate storage space for the owner.
Where is this quadplex located?
The property is located at 105 Southern Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Four‑unit property with studio, one‑bedroom, and two‑bedroom layouts; 2,446 square feet; built in 1920; Full unfinished basement and attic
