Three-Unit Multifamily
For Sale
$389,000
9 Kent St, Albany, NY 12206
Three apartments include a vacant three-bedroom unit, two one-bedroom layouts, and shared laundry facilities.
Property Size2,984 SF
Price / SF$130.36
Days on Market41
Property Features for 9 Kent St
General Information
Standard status
Active
Size
2,984 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x 1BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
in-unit laundry
laundry area
off-street parking
Building Details
Year Built
1915
Listing Agency:
Berkshire Hathaway Home Services Blake
(518) 526-1800
Listed By:
Brian Walters
(518) 526-1800
Source:
Albanyprimeproperties
Added: Jul 19
Changed: Aug 28
Last Checked: Aug 28 at 8:53PM
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 Berkshire Hathaway Home Services Blake
Investment Insights
Based on property information with market context.
Built in 1915, this 2,984-square-foot triplex contains three separate apartments with a practical unit mix. The first floor offers a three-bedroom residence and is currently vacant. The second floor has a one-bedroom, one-bath apartment with a living room and an existing tenant. The third-floor one-bedroom apartment includes a large living room, oversized bathroom, and in-unit laundry. A second laundry area is located in the basement for tenant use.
The property at 9 Kent St is situated in Albany, NY 12206, near shopping, restaurants, grocery stores, public transportation, schools, parks, and other major amenities. A long driveway extends to the backyard and provides off-street parking. The vacant first-floor unit also supports an owner-occupant arrangement or placement of a new tenant.
The property at 9 Kent St is situated in Albany, NY 12206, near shopping, restaurants, grocery stores, public transportation, schools, parks, and other major amenities. A long driveway extends to the backyard and provides off-street parking. The vacant first-floor unit also supports an owner-occupant arrangement or placement of a new tenant.
Key Highlights
- Three‑unit multifamily property with 2,984 square feet
- Unit mix includes one 3‑bedroom apartment and two 1‑bedroom apartments
- First‑floor 3‑bedroom unit is currently vacant
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
$33,983
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
8.74%
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%
$679,660
$679.7K
Cap Rate 7%
$485,471
$485.5K
Cap Rate 9%
$377,589
$377.6K
Market Conditions
NOI Build-Up for 2,984 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
$51.9K $17.40/SF
− Vacancy
−$3.4K −$1.13/SF
EGI
$48.5K $16.27/SF
− OpEx
−$14.6K −$4.88/SF
NOI
$34.0K $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%
$679,660
Cap Rate 7%
$485,471
Cap Rate 9%
$377,589
Alternative Uses
Best Use
Multifamily LT 5
$485.5K
$424.8K – $566.4K
NOI $33,983 @ 7.0% cap · market cap 8.74%
Second Best
Apartment 5plus
$435.4K
$381.0K – $508.0K
NOI $30,481 @ 7.0% cap · market cap 7.84%
Theoretical Best
Office A
$787.3K
$688.9K – $918.5K
NOI $55,109 @ 7.0% cap · market cap 14.17%
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
1,624
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
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 - Three apartments include a vacant three-bedroom unit, two one-bedroom layouts, and shared laundry facilities.
Where is this triplex located?
The property is located at 9 Kent St Albany, NY.
What is the asking price?
The asking price for this property is $389,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,984 square feet; Unit mix includes one 3‑bedroom apartment and two 1‑bedroom apartments; First‑floor 3‑bedroom unit is currently vacant
