Restored 3-Unit Historic
For Sale
$389,800
Pending
151 Jefferson St, Albany, NY 12210
Mid-19th-century construction houses a three-apartment configuration with shared garden access and a separate two-bedroom upper-level residence.
Property Size2,492 SF
Days on Market131
Property Features for 151 Jefferson St
General Information
Standard status
Pending
Size
2,492 SF
Property subtype
Residential Income
Units
Unit Mix
2 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,247
Amenities
garden area
fireplace
built-ins
skylights
Building Details
Stories
2
Listing Agency:
Gucciardo Real Estate LLC
(518) 441-8225
Listed By:
Daniel Grebert · License #10401371037
(518) 441-8225
Source:
Exprealty
Added: Apr 23
Changed: Aug 30
Last Checked: Aug 30 at 10:44PM
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 Gucciardo Real Estate LLC
Investment Insights
Based on property information with market context.
This restored multifamily property at 151 Jefferson St. contains 2,492 square feet and is arranged as three apartments within a building dating to the mid-19th century. The first floor contains two one-bedroom, one-bath units, while the second floor is devoted to a two-bedroom, one-bath apartment. Interior details include a fireplace and mantel in one residence, built-in cabinetry in another, and skylights serving the upper-level living area. One of the one-bedroom apartments is occupied by a long-term tenant.
All three apartments have access to a refreshed garden area. An adjacent parking lot at 155 Jefferson is included in the sale, and 154 Jefferson St. is also being offered as part of the larger portfolio. The property is positioned between Lark Street’s business and restaurant district and downtown Albany, near the Empire State Plaza, museum, Capitol Building, and State Street offices. Showings require 24-hour notice.
All three apartments have access to a refreshed garden area. An adjacent parking lot at 155 Jefferson is included in the sale, and 154 Jefferson St. is also being offered as part of the larger portfolio. The property is positioned between Lark Street’s business and restaurant district and downtown Albany, near the Empire State Plaza, museum, Capitol Building, and State Street offices. Showings require 24-hour notice.
Key Highlights
- Three apartments: two 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit
- 2,492 SF multifamily property dating to the mid‑19th century
- Restored interiors include a fireplace, built‑ins, and skylights
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
$28,380
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
7.28%
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%
$567,600
$567.6K
Cap Rate 7%
$405,429
$405.4K
Cap Rate 9%
$315,333
$315.3K
Market Conditions
NOI Build-Up for 2,492 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
$43.4K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.5K $16.27/SF
− OpEx
−$12.2K −$4.88/SF
NOI
$28.4K $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%
$567,600
Cap Rate 7%
$405,429
Cap Rate 9%
$315,333
Alternative Uses
Best Use
Multifamily LT 5
$405.4K
$354.8K – $473.0K
NOI $28,380 @ 7.0% cap · market cap 7.28%
Second Best
Apartment 5plus
$363.6K
$318.2K – $424.3K
NOI $25,455 @ 7.0% cap · market cap 6.53%
Theoretical Best
Office A
$657.5K
$575.3K – $767.0K
NOI $46,022 @ 7.0% cap · market cap 11.81%
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
4,105
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Mid-19th-century construction houses a three-apartment configuration with shared garden access and a separate two-bedroom upper-level residence.
Where is this triplex located?
The property is located at 151 Jefferson St Albany, NY.
What is the asking price?
The asking price for this property is $389,800.
What are key features of this property?
This property features: Three apartments: two 1‑bedroom/1‑bath units and one 2‑bedroom/1‑bath unit; 2,492 SF multifamily property dating to the mid‑19th century; Restored interiors include a fireplace, built‑ins, and skylights
