Turnkey Student Housing
For Sale
$10,500,000
10 Benson Street Call Listing Agent, Ny, NY 12206
Fully leased, turnkey student housing portfolio with 29 properties, 55 units, and 201 beds in Albany’s Pine Hills area.
Property Size20,000 SF
Price / SF$525
Days on Market28
Property Features for 10 Benson Street Call Listing Agent
General Information
Standard status
Active
Size
20,000 SF
Occupancy
100%
Additional Details
Multifamily Units
55
Amenities
See Remarks
Yes
Public
No
Other
20000
Building Details
Building Size
20,000 SF
Year Built
1900
Listing Agency:
(718) 684-8000
Listed By:
Jasmin Pooran
(718) 684-8000
Source:
Parkassets
Added: Jul 14
Changed: Aug 10
Last Checked: Aug 10 at 2:56AM
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 Jasmin Pooran
Investment Insights
Based on property information with market context.
This fully leased, turnkey student housing portfolio includes 29 residential properties with 55 units and 201 beds. The offering is positioned as a stable rental investment, with one-year leases reportedly secured by personal guarantees (PGs). The portfolio has also undergone recent capital improvements, including new roofs and high-efficiency Navien hot water systems, along with gas boilers that are stated to be under 10 years old.
The properties are located in Albany, NY’s Pine Hills neighborhood, described as being between the University at Albany’s main and downtown campuses. The portfolio is also noted as being within walking distance to restaurants, bars, retail, and entertainment.
Financial information is available upon execution of a Non-Disclosure Agreement (NDA) and proof of funds submission.
The properties are located in Albany, NY’s Pine Hills neighborhood, described as being between the University at Albany’s main and downtown campuses. The portfolio is also noted as being within walking distance to restaurants, bars, retail, and entertainment.
Financial information is available upon execution of a Non-Disclosure Agreement (NDA) and proof of funds submission.
Key Highlights
- Turnkey student housing portfolio in Albany, NY’s Pine Hills neighborhood
- 29 properties offering 55 units and 201 beds with leases in place
- Recent capital improvements include new roofs, high‑efficiency Navien hot water systems, and gas boilers under 10 years old
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
$625,746
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
5.96%
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%
$12,514,920
$12.5M
Cap Rate 7%
$8,939,229
$8.9M
Cap Rate 9%
$6,952,733
$7.0M
Market Conditions
NOI Build-Up for 20,000 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
$1.20M $59.88/SF
− Vacancy
−$59.9K −$2.99/SF
EGI
$1.14M $56.89/SF
− OpEx
−$512.0K −$25.60/SF
NOI
$625.7K $31.29/SF
Area
New York, NY
Vacancy
5.00%
Lease Rate
$59.88 /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%
$12,514,920
Cap Rate 7%
$8,939,229
Cap Rate 9%
$6,952,733
Alternative Uses
Best Use
Apartment 5plus
$8.94M
$7.82M – $10.43M
NOI $625,746 @ 7.0% cap · market cap 5.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$49.78M
$43.56M – $58.08M
NOI $3,484,800 @ 7.0% cap · market cap 33.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
55
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Fully leased, turnkey student housing portfolio with 29 properties, 55 units, and 201 beds in Albany’s Pine Hills area.
Where is this residential income property located?
The property is located at 10 Benson Street Call Listing Agent Ny, NY.
What is the asking price?
The asking price for this property is $10,500,000.
What are key features of this property?
This property features: Turnkey student housing portfolio in Albany, NY’s Pine Hills neighborhood; 29 properties offering 55 units and 201 beds with leases in place; Recent capital improvements include new roofs, high‑efficiency Navien hot water systems, and gas boilers under 10 years old
