All-Brick Triplex with Updated
For Sale
$484,900
117 4th Avenue, Albany, NY 12202
MULTI_FAMILY - Albany, NY
Property Size3,835 SF
Lot Size0.05 Acres
Price / SF$126.44
Days on Market48
Property Features for 117 4th Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Residence
Bedrooms
10
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 4, Bedroom 8, Bedroom 7, Bedroom 6, Bedroom 2, Bedroom 1, Bedroom 5, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 10, Bathroom 1, Bedroom 9
Window features
Wood Frames, ENERGY STAR Qualified WIndows
Interior features
Paddle Fan, Built-in Features
Fireplace
1
Basement
Full, Interior Entry
Lot features
Road Frontage, Corner Lot
Elementary school
Giffen Memorial
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Take I787 south to exit 2 South Pearl St, take South Pearl to Clinton St, house on the corner of Clinton St & 4th Ave
Standard status
Active
APN
010100 76.65-2-56
Size
3,835 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
2130
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Hot Water(Heating)
Cooling system
Window Unit(s)
Water source
Public
Building Details
Year built
1880
Number of units
3
Flooring type
Laminate, Vinyl
Building materials
Brick
Roof type
Rubber, Flat
Listing Agency:
Carr Real Estate Group, LLC
(518) 488-2434
Listed By:
Richard Carr · License #10491207486
(518) 488-2434
Added: Jun 26
Changed: Jul 25
Last Checked: Aug 12 at 1:06PM
MLS# 202620596
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.
117 4th Avenue is an all-brick triplex in downtown Albany with three spacious apartments and a total of 10 bedrooms. Each unit has been previously remodeled and features newer windows, durable luxury vinyl plank (LVP) flooring, updated kitchens, and modern bathrooms. The property also includes separate, newer mechanicals, and tenants pay their own heat, hot water, electric, and gas.
The brick exterior is low-maintenance and was recently repointed. Two of the units are currently vacant, with fresh paint and being primed for immediate occupancy.
This is a multi-residence property configured as a triplex with an estimated monthly gross rent roll of $5,100. Zoning is Multi Residence.
The brick exterior is low-maintenance and was recently repointed. Two of the units are currently vacant, with fresh paint and being primed for immediate occupancy.
This is a multi-residence property configured as a triplex with an estimated monthly gross rent roll of $5,100. Zoning is Multi Residence.
Key Highlights
- All‑brick triplex in downtown Albany, built in 1880
- 10 total bedrooms across 3 spacious apartments with multiple bathrooms (1, 2, and 3)
- Estimated $5,100 monthly gross rent roll and 3 units previously remodeled
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
$43,674
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
9.01%
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%
$873,480
$873.5K
Cap Rate 7%
$623,914
$623.9K
Cap Rate 9%
$485,267
$485.3K
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
$66.7K $17.40/SF
− Vacancy
−$4.3K −$1.13/SF
EGI
$62.4K $16.27/SF
− OpEx
−$18.7K −$4.88/SF
NOI
$43.7K $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%
$873,480
Cap Rate 7%
$623,914
Cap Rate 9%
$485,267
Alternative Uses
Best Use
Multifamily LT 5
$623.9K
$545.9K – $727.9K
NOI $43,674 @ 7.0% cap · market cap 9.01%
Second Best
Apartment 5plus
$559.6K
$489.7K – $652.9K
NOI $39,174 @ 7.0% cap · market cap 8.08%
Theoretical Best
Office A
$1.01M
$885.3K – $1.18M
NOI $70,825 @ 7.0% cap · market cap 14.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
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 offering three apartments with remodeled interiors and separate tenant-paid 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 $484,900.
What are key features of this property?
This property features: All‑brick triplex in downtown Albany, built in 1880; 10 total bedrooms across 3 spacious apartments with multiple bathrooms (1, 2, and 3); Estimated $5,100 monthly gross rent roll and 3 units previously remodeled
