All-Brick Triplex with 3 Remodeled
For Sale
$465,000
117 4TH Avenue, Albany, NY 12202
All-brick triplex with three remodeled units and 10 bedrooms, with tenants paying separate utilities.
Property Size3,835 SF
Price / SF$121.25
Days on Market76
Property Features for 117 4TH Avenue
General Information
Standard status
Active
Size
3,835 SF
Property subtype
Multi-family
Building Details
Year Built
1880
Listing Agency:
Carr Real Estate Group LLC
Listed By:
Richard Carr
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 17
Changed: Aug 28
Last Checked: Aug 30 at 6:29PM
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 Carr Real Estate Group LLC
Investment Insights
Based on property information with market context.
117 4th Avenue is an all-brick triplex in downtown Albany featuring three spacious apartments and 10 total bedrooms. Each unit has been previously remodeled with newer windows, luxury vinyl plank (LVP) flooring, updated kitchens, and modern bathrooms. The property also has separate, newer mechanicals, and tenants pay their own heat, hot water, electric, and gas.
Two of the apartments are currently vacant, and the vacant units have been freshly painted and primed for immediate occupancy. The exterior is low-maintenance brick and was recently repointed.
For investors and owner-occupants, the existing layout and completed unit updates provide a straightforward setup across all three apartments, with separate utility responsibility by unit.
Two of the apartments are currently vacant, and the vacant units have been freshly painted and primed for immediate occupancy. The exterior is low-maintenance brick and was recently repointed.
For investors and owner-occupants, the existing layout and completed unit updates provide a straightforward setup across all three apartments, with separate utility responsibility by unit.
Key Highlights
- All‑brick triplex built in 1880 with 3 apartments and 10 total bedrooms in downtown Albany
- Estimated $5,100/month gross rent roll, with all three units currently operated as separate‑utility rentals
- All units previously remodeled with newer windows, luxury vinyl plank (LVP) flooring, updated kitchens, and modern bathrooms
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
$39,174
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
8.42%
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%
$783,480
$783.5K
Cap Rate 7%
$559,629
$559.6K
Cap Rate 9%
$435,267
$435.3K
Market Conditions
NOI Build-Up for 3,835 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
$75.9K $19.80/SF
− Vacancy
−$4.7K −$1.23/SF
EGI
$71.2K $18.57/SF
− OpEx
−$32.1K −$8.36/SF
NOI
$39.2K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /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%
$783,480
Cap Rate 7%
$559,629
Cap Rate 9%
$435,267
Alternative Uses
Best Use
Multifamily LT 5
$623.9K
$545.9K – $727.9K
NOI $43,674 @ 7.0% cap · market cap 9.39%
Second Best
Apartment 5plus
$559.6K
$489.7K – $652.9K
NOI $39,174 @ 7.0% cap · market cap 8.42%
Theoretical Best
Office A
$1.01M
$885.3K – $1.18M
NOI $70,825 @ 7.0% cap · market cap 15.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
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?
Triplex - All-brick triplex with three remodeled units and 10 bedrooms, with tenants paying separate utilities.
Where is this triplex located?
The property is located at 117 4TH Avenue Albany, NY.
What is the asking price?
The asking price for this property is $465,000.
What are key features of this property?
This property features: All‑brick triplex built in 1880 with 3 apartments and 10 total bedrooms in downtown Albany; Estimated $5,100/month gross rent roll, with all three units currently operated as separate‑utility rentals; All units previously remodeled with newer windows, luxury vinyl plank (LVP) flooring, updated kitchens, and modern bathrooms
