Updated Four-Unit
For Sale
$529,000
137 Lancaster Street, Albany, NY 12210
Fully occupied multifamily property with full-floor units, separate utilities, and remodeled kitchens and baths.
Property Size3,300 SF
Price / SF$160.30
Days on Market10
Property Features for 137 Lancaster Street
General Information
Standard status
Active
Size
3,300 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
4
Building Details
Year Built
1871
Listing Agency:
eXp Realty
(631) 708-5249
Listed By:
Wayne Hartard · License #10301215860
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 21
Changed: Aug 28
Last Checked: Aug 29 at 11:08AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 1871 quadplex contains four full-floor units within approximately 3,300 square feet. The building retains original architectural elements, including marble mantels, while updated flooring, remodeled kitchens and baths, granite countertops, and fresh paint provide contemporary functionality. Separate utilities serve the units, and capital improvements include a rubber roof, newer windows, and newer hot water tanks.
The property is located at 137 Lancaster Street in Albany, NY 12210, within the Center Square, Hudson Park, and Washington Park neighborhoods. Its setting places the building minutes from the State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School, and SUNY. Restaurants, galleries, and local shops are also nearby.
The property is located at 137 Lancaster Street in Albany, NY 12210, within the Center Square, Hudson Park, and Washington Park neighborhoods. Its setting places the building minutes from the State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School, and SUNY. Restaurants, galleries, and local shops are also nearby.
Key Highlights
- Four fully occupied units, each arranged across a full floor
- Approximately 3,300 square feet in a 1871 building
- Remodeled kitchens and baths with granite countertops
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
$37,581
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
7.10%
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%
$751,620
$751.6K
Cap Rate 7%
$536,871
$536.9K
Cap Rate 9%
$417,567
$417.6K
Market Conditions
NOI Build-Up for 3,300 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
$57.4K $17.40/SF
− Vacancy
−$3.7K −$1.13/SF
EGI
$53.7K $16.27/SF
− OpEx
−$16.1K −$4.88/SF
NOI
$37.6K $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%
$751,620
Cap Rate 7%
$536,871
Cap Rate 9%
$417,567
Alternative Uses
Best Use
Multifamily LT 5
$536.9K
$469.8K – $626.4K
NOI $37,581 @ 7.0% cap · market cap 7.10%
Second Best
Apartment 5plus
$481.6K
$421.4K – $561.8K
NOI $33,709 @ 7.0% cap · market cap 6.37%
Theoretical Best
Office A
$870.6K
$761.8K – $1.02M
NOI $60,944 @ 7.0% cap · market cap 11.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,176
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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?
Quadplex - Fully occupied multifamily property with full-floor units, separate utilities, and remodeled kitchens and baths.
Where is this quadplex located?
The property is located at 137 Lancaster Street Albany, NY.
What is the asking price?
The asking price for this property is $529,000.
What are key features of this property?
This property features: Four fully occupied units, each arranged across a full floor; Approximately 3,300 square feet in a 1871 building; Remodeled kitchens and baths with granite countertops
