4-Unit Quadplex with
New
For Sale
$649,000
108 Southern Boulevard, Albany, NY 12209
MultiFamily, Albany, NY
Property Size4,890 SF
Lot Size0.08 Acres
Price / SF$132.72
Days on Market4
Property Features for 108 Southern Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
12
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 5, Bedroom 2, Bathroom 2, Bedroom 7, Bedroom 9, Bedroom 4, Bedroom 1, Bathroom 4, Bathroom 3, Bedroom 12, Bedroom 6, Bedroom 10, Bathroom 1, Bedroom 3, Bedroom 8, Bedroom 11
Basement
Full, Unfinished
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Delaware Ave to Southern Blvd
Standard status
Active
APN
010100 76.77-1-1
Size
4,890 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
15309
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Amenities
in-unit laundry
Building Details
Year built
1920
Number of units
4
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Thaddeus Jones · License #10301220962
(518) 681-1836
Added: Sep 22
Changed: Sep 25
Last Checked: Sep 25 at 10:06PM
MLS# 202626942
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 4,890-square-foot quadplex contains four apartments, each configured with three bedrooms and one bathroom. Laundry is located within each unit, and the interiors feature modern finishes. The building was constructed in 1920 and has vinyl siding, natural gas forced-air heating, public water, and public sewer service.
The property occupies a 0.08-acre lot in Albany. Two apartments are occupied under month-to-month leases, while one is vacant; the fourth tenant is expected to leave by the end of October.
The property occupies a 0.08-acre lot in Albany. Two apartments are occupied under month-to-month leases, while one is vacant; the fourth tenant is expected to leave by the end of October.
Key Highlights
- Four apartments, each with three bedrooms and one bathroom
- 4,890 square feet of building area
- Laundry within each unit and modern finishes
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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Open Analytics
Current Use
Lease Details
4
Residential units
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
View Realmo Analytics
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 - Each apartment offers three bedrooms, one bath, and laundry inside the unit.
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 apartments, each with three bedrooms and one bathroom; 4,890 square feet of building area; Laundry within each unit and modern finishes
