Three-Unit Property with Separate
For Sale
$400,000
32 S Allen Street, Albany, NY 12208
Two occupied units feature separate utilities, while the third unit requires work.
Property Size3,548 SF
Price / SF$112.74
Days on Market12
Property Features for 32 S Allen Street
General Information
Standard status
Active
Size
3,548 SF
Property subtype
Multi-Family
Zoning
Multi Residence
Property Condition
Severity
Repairs Needed
Evidence
needs work
Taxes and HOA fees
Annual Taxes
$9,871
Building Details
Year Built
1920
Listing Agency:
M J J Realty
Listed By:
Shawn D Clark Sr
(518) 229-5606
Source:
Capmarkrealty
Added: Sep 16
Changed: Sep 23
Last Checked: Sep 26 at 4:31AM
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 M J J Realty
Investment Insights
Based on property information with market context.
Located at 32 S Allen St in Albany, this 3,548-square-foot triplex was built in 1920 and contains three residential units. Two units are currently occupied, and the third requires work, creating a property with both existing occupancy and a unit needing rehabilitation. Separate utilities serve the building. The property is offered as-is. Showings require 48 hours’ notice, along with a pre-approval letter or proof of funding before confirmation.
Key Highlights
- 3,548‑square‑foot triplex in Albany, NY
- Built in 1920
- Separate utilities for the units
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
$36,242
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
9.06%
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%
$724,840
$724.8K
Cap Rate 7%
$517,743
$517.7K
Cap Rate 9%
$402,689
$402.7K
Market Conditions
NOI Build-Up for 3,548 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
$70.3K $19.80/SF
− Vacancy
−$4.4K −$1.23/SF
EGI
$65.9K $18.57/SF
− OpEx
−$29.7K −$8.36/SF
NOI
$36.2K $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%
$724,840
Cap Rate 7%
$517,743
Cap Rate 9%
$402,689
Alternative Uses
Best Use
Multifamily LT 5
$577.2K
$505.1K – $673.4K
NOI $40,406 @ 7.0% cap · market cap 10.10%
Second Best
Apartment 5plus
$517.7K
$453.0K – $604.0K
NOI $36,242 @ 7.0% cap · market cap 9.06%
Theoretical Best
Office A
$936.1K
$819.1K – $1.09M
NOI $65,524 @ 7.0% cap · market cap 16.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Two occupied units feature separate utilities, while the third unit requires work.
Where is this triplex located?
The property is located at 32 S Allen Street Albany, NY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 3,548‑square‑foot triplex in Albany, NY; Built in 1920; Separate utilities for the units
