Three-Unit Residential Income
For Sale
$325,000
1453 1st Street, Rensselaer, NY 12144
MULTI_FAMILY - Other - Rensselaer, NY
Property Size2,175 SF
Lot Size0.09 Acres
Price / SF$149.43
Days on Market47
Property Features for 1453 1st Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 3, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bedroom 1, Bedroom 6, Bathroom 2, Bathroom 3
Basement
Apartment, Finished
Elementary school district
Rensselaer
Middle school district
Rensselaer
High school district
Rensselaer
Directions
Broadway to McNaughton Ave to 1st St
Standard status
Active
APN
381400 144.21-3-6
Size
2,175 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
6000
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1900
Number of units
3
Building materials
Vinyl Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Thaddeus Jones · License #10301220962
(518) 681-1836
Added: Jul 9
Changed: Jul 24
Last Checked: Aug 24 at 2:06PM
MLS# 202621433
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This three-unit residential income property includes a basement apartment and two upper units, totaling 9 bedrooms and 3 full bathrooms. All three units are currently occupied under annual leases, creating an in-place rental arrangement. The building’s configuration supports a mix of separate living spaces within one property, with each unit independently generating rent.
The property is located at 1453 1st Street in Rensselaer, New York 12144. The lot size is listed at 0.09 acres and the total property size is 2,175 square feet. Tenants pay their own separate utilities, which can help keep operating expenses more predictable for an owner.
For buyers looking for a small multifamily hold, this asset provides three distinct rental units within a single structure, with stated rents of $1,000 per month for the basement apartment and $1,400 per month for each of the two upper units, for a total gross monthly rental income of $3,800. The combination of occupied units, separate utility responsibility, and an annual lease structure may appeal to investors and owner-operators seeking manageable complexity in a three-unit format.
The property is located at 1453 1st Street in Rensselaer, New York 12144. The lot size is listed at 0.09 acres and the total property size is 2,175 square feet. Tenants pay their own separate utilities, which can help keep operating expenses more predictable for an owner.
For buyers looking for a small multifamily hold, this asset provides three distinct rental units within a single structure, with stated rents of $1,000 per month for the basement apartment and $1,400 per month for each of the two upper units, for a total gross monthly rental income of $3,800. The combination of occupied units, separate utility responsibility, and an annual lease structure may appeal to investors and owner-operators seeking manageable complexity in a three-unit format.
Key Highlights
- 3‑unit property in Rensselaer with all units on annual leases
- 9 bedrooms and 3 full bathrooms total
- Basement apartment rented for $1,000/month
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
$28,487
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
8.77%
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%
$569,740
$569.7K
Cap Rate 7%
$406,957
$407.0K
Cap Rate 9%
$316,522
$316.5K
Market Conditions
NOI Build-Up for 2,175 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
$43.1K $19.80/SF
− Vacancy
−$2.4K −$1.09/SF
EGI
$40.7K $18.71/SF
− OpEx
−$12.2K −$5.61/SF
NOI
$28.5K $13.10/SF
Area
Rensselaer County, NY
Vacancy
5.50%
Lease Rate
$19.80 /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%
$569,740
Cap Rate 7%
$406,957
Cap Rate 9%
$316,522
Alternative Uses
Best Use
Multifamily LT 5
$407.0K
$356.1K – $474.8K
NOI $28,487 @ 7.0% cap · market cap 8.77%
Second Best
Apartment 5plus
$377.2K
$330.0K – $440.0K
NOI $26,401 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$543.7K
$475.8K – $634.3K
NOI $38,060 @ 7.0% cap · market cap 11.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
351
Businesses Nearby
Explore this area
Business Placement
Demographics for 12144, NY
21,277
Population
10,474
Households
2
Avg Household Size
40
Median Age
38%
College-Educated
93%
High-School Grad
18.3 sq mi
ZIP Area
1,163
Density / Sq Mi
$88,357
Median Household Income
$51,893
Median Earnings
$1,379
Median Rent
$235,300
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 - Well-contained three-unit setup with annual leases and separate utilities paid by tenants.
Where is this triplex located?
The property is located at 1453 1st Street Rensselaer, NY.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: 3‑unit property in Rensselaer with all units on annual leases; 9 bedrooms and 3 full bathrooms total; Basement apartment rented for $1,000/month
