Renovated Triplex with
For Sale
$399,000
208 Myrtle Avenue, Albany, NY 12202
Three residential units offer updated interiors, flexible living areas, and one apartment available for occupancy.
Property Size2,850 SF
Price / SF$140
Days on Market39
Property Features for 208 Myrtle Avenue
General Information
Standard status
Active
Size
2,850 SF
Property subtype
Multi-Family
Units
Unit Mix
3 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$9,675
Building Details
Year Built
1900
Listing Agency:
Sinkoff Realty Group
(518) 669-5602
Listed By:
Amanda O'Leary
(518) 669-5602
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 1:30PM
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 Sinkoff Realty Group
Investment Insights
Based on property information with market context.
Built in 1900, this renovated triplex contains 2,850 square feet across three residential units. Each apartment includes a living room, kitchen, dining area, additional flex space suitable for a den or family room, one bedroom, and one full bathroom. Updated interiors and the maintained condition support a straightforward multifamily layout.
Two units are occupied under month-to-month leases, while the second-floor apartment is vacant for a new tenant or owner occupancy. The property is located at 208 Myrtle Avenue in Albany, near Albany Medical Center, hospitals, major highways, downtown Albany, shopping, dining, and public transportation.
Two units are occupied under month-to-month leases, while the second-floor apartment is vacant for a new tenant or owner occupancy. The property is located at 208 Myrtle Avenue in Albany, near Albany Medical Center, hospitals, major highways, downtown Albany, shopping, dining, and public transportation.
Key Highlights
- Three‑unit multifamily property with 2,850 square feet
- Renovated interiors throughout the triplex
- Each unit has one bedroom and one full bathroom
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
$32,457
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
8.13%
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%
$649,140
$649.1K
Cap Rate 7%
$463,671
$463.7K
Cap Rate 9%
$360,633
$360.6K
Market Conditions
NOI Build-Up for 2,850 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
$49.6K $17.40/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$46.4K $16.27/SF
− OpEx
−$13.9K −$4.88/SF
NOI
$32.5K $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%
$649,140
Cap Rate 7%
$463,671
Cap Rate 9%
$360,633
Alternative Uses
Best Use
Multifamily LT 5
$463.7K
$405.7K – $541.0K
NOI $32,457 @ 7.0% cap · market cap 8.13%
Second Best
Apartment 5plus
$415.9K
$363.9K – $485.2K
NOI $29,112 @ 7.0% cap · market cap 7.30%
Theoretical Best
Office A
$751.9K
$657.9K – $877.2K
NOI $52,634 @ 7.0% cap · market cap 13.19%
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
3,640
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 - Three residential units offer updated interiors, flexible living areas, and one apartment available for occupancy.
Where is this triplex located?
The property is located at 208 Myrtle Avenue Albany, NY.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,850 square feet; Renovated interiors throughout the triplex; Each unit has one bedroom and one full bathroom
