4-Unit Quadplex with In-Unit
For Sale
$649,000
108 Southern Boulevard, Albany, NY 12209
Each residence offers three bedrooms, one bathroom, and its own laundry facilities.
Property Size4,890 SF
Price / SF$132.72
Days on Market8
Property Features for 108 Southern Boulevard
General Information
Standard status
Active
Size
4,890 SF
Property subtype
Multi-Family
Occupancy
50%
Units
Unit Mix
4 x 3BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$15,309
Amenities
in-unit laundry
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
KW Platform
Listed By:
Thaddeus Jones · License #10301220962
(518) 681-1836
Source:
Capmarkrealty
Added: Sep 28
Last Checked: Oct 4 at 6:38AM
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 KW Platform
Investment Insights
Based on property information with market context.
Built in 1920, this 4,890-square-foot quadplex contains four residential units. Each unit has three bedrooms, one bathroom, in-unit laundry, and modern finishes.
Two units are occupied under month-to-month leases, one is being delivered vacant, and the fourth tenant is expected to vacate by the end of October.
Two units are occupied under month-to-month leases, one is being delivered vacant, and the fourth tenant is expected to vacate by the end of October.
Key Highlights
- Four units, each with 3 bedrooms and 1 bathroom
- 4,890 square feet; built in 1920
- In‑unit laundry in each residence
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
$55,689
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
8.58%
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%
$1,113,780
$1.1M
Cap Rate 7%
$795,557
$795.6K
Cap Rate 9%
$618,767
$618.8K
Market Conditions
NOI Build-Up for 4,890 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
$85.1K $17.40/SF
− Vacancy
−$5.5K −$1.13/SF
EGI
$79.6K $16.27/SF
− OpEx
−$23.9K −$4.88/SF
NOI
$55.7K $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%
$1,113,780
Cap Rate 7%
$795,557
Cap Rate 9%
$618,767
Alternative Uses
Best Use
Multifamily LT 5
$795.6K
$696.1K – $928.2K
NOI $55,689 @ 7.0% cap · market cap 8.58%
Second Best
Apartment 5plus
$713.6K
$624.4K – $832.5K
NOI $49,950 @ 7.0% cap · market cap 7.70%
Theoretical Best
Office A
$1.29M
$1.13M – $1.51M
NOI $90,309 @ 7.0% cap · market cap 13.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
50%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
430
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Quadplex - Each residence offers three bedrooms, one bathroom, and its own laundry facilities.
Where is this quadplex located?
The property is located at 108 Southern Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Four units, each with 3 bedrooms and 1 bathroom; 4,890 square feet; built in 1920; In‑unit laundry in each residence
