Three-Unit Multifamily
For Sale
$279,990
118 2ND Street, Albany, NY 12210
Multifamily building with two occupied apartments and a vacant basement unit for immediate leasing consideration.
Property Size1,760 SF
Price / SF$159.09
Days on Market9
Property Features for 118 2ND Street
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Multi-family
Units
Unit Mix
1 x 1BR, 2 x 2BR
Multifamily Units
3
Building Details
Year Built
1890
Listing Agency:
Empire Real Estate Firm LLC
Listed By:
Sean Daley
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 11
Changed: Aug 19
Last Checked: Aug 18 at 5:18AM
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 Empire Real Estate Firm LLC
Investment Insights
Based on property information with market context.
Built in 1890, this 1,760-square-foot multifamily property contains three residential units. The first-floor apartment has one bedroom and is occupied, while the second-floor residence provides two bedrooms and is also rented. A two-bedroom basement apartment is currently vacant, creating a separate available unit within the building.
The property is located in Albany near restaurants, shops, and everyday amenities. Its unit mix includes one one-bedroom apartment and two two-bedroom apartments, with current occupancy in two units and vacancy in the basement residence.
The property is located in Albany near restaurants, shops, and everyday amenities. Its unit mix includes one one-bedroom apartment and two two-bedroom apartments, with current occupancy in two units and vacancy in the basement residence.
Key Highlights
- Three‑unit multifamily property with 1,760 square feet
- One‑bedroom first‑floor unit is currently rented
- Two‑bedroom second‑floor unit is currently rented
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
$20,043
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
7.16%
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%
$400,860
$400.9K
Cap Rate 7%
$286,329
$286.3K
Cap Rate 9%
$222,700
$222.7K
Market Conditions
NOI Build-Up for 1,760 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
$30.6K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$28.6K $16.27/SF
− OpEx
−$8.6K −$4.88/SF
NOI
$20.0K $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%
$400,860
Cap Rate 7%
$286,329
Cap Rate 9%
$222,700
Alternative Uses
Best Use
Multifamily LT 5
$286.3K
$250.5K – $334.1K
NOI $20,043 @ 7.0% cap · market cap 7.16%
Second Best
Apartment 5plus
$256.8K
$224.7K – $299.6K
NOI $17,978 @ 7.0% cap · market cap 6.42%
Theoretical Best
Office A
$464.3K
$406.3K – $541.7K
NOI $32,504 @ 7.0% cap · market cap 11.61%
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
2,674
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Multifamily building with two occupied apartments and a vacant basement unit for immediate leasing consideration.
Where is this triplex located?
The property is located at 118 2ND Street Albany, NY.
What is the asking price?
The asking price for this property is $279,990.
What are key features of this property?
This property features: Three‑unit multifamily property with 1,760 square feet; One‑bedroom first‑floor unit is currently rented; Two‑bedroom second‑floor unit is currently rented
