10-Unit Brick Apartment
For Sale
$1,499,900
328 Western Avenue, Albany, NY 12203
Brick multifamily property with established access to colleges, hospitals, dining, shopping, transit, and downtown Albany.
Property Size6,020 SF
Price / SF$249.15
Days on Market8
Property Features for 328 Western Avenue
General Information
Standard status
Active
Size
6,020 SF
Property subtype
Multi-Family
Additional Details
Public Transit
Yes
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$17,414
Building Details
Year Built
1900
Construction
brick
Listing Agency:
Howard Hanna Capital Inc
(518) 258-7595
Listed By:
Mariana DeLuca
(518) 258-7595
Source:
Capmarkrealty
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 25 at 4:11AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
Located at 328 Western Ave in Albany’s Pine Hills neighborhood, this brick multifamily property contains 10 apartment units and 6020 square feet. The building dates to 1900 and provides a substantial residential configuration within an established Albany neighborhood.
The property offers convenient access to colleges, hospitals, restaurants, shopping, public transportation, and downtown Albany. It may also be purchased as part of a package that includes 77 S. Allen Street, a 3-unit property, and 299 Quail Street, a 6-unit property.
The property offers convenient access to colleges, hospitals, restaurants, shopping, public transportation, and downtown Albany. It may also be purchased as part of a package that includes 77 S. Allen Street, a 3-unit property, and 299 Quail Street, a 6-unit property.
Key Highlights
- 10‑unit brick multifamily property
- 6020 square feet of building area
- Built in 1900
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
$61,493
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
4.10%
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%
$1,229,860
$1.2M
Cap Rate 7%
$878,471
$878.5K
Cap Rate 9%
$683,256
$683.3K
Market Conditions
NOI Build-Up for 6,020 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
$119.2K $19.80/SF
− Vacancy
−$7.4K −$1.23/SF
EGI
$111.8K $18.57/SF
− OpEx
−$50.3K −$8.36/SF
NOI
$61.5K $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%
$1,229,860
Cap Rate 7%
$878,471
Cap Rate 9%
$683,256
Alternative Uses
Best Use
Apartment 5plus
$878.5K
$768.7K – $1.02M
NOI $61,493 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,177 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
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?
Apartment building - Brick multifamily property with established access to colleges, hospitals, dining, shopping, transit, and downtown Albany.
Where is this apartment building located?
The property is located at 328 Western Avenue Albany, NY.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: 10‑unit brick multifamily property; 6020 square feet of building area; Built in 1900
