7-Unit Apartment
For Sale
$649,900
156 S Swan Street, Albany, NY 12210
Historic multifamily property with updated mechanical systems, electrical panels, high ceilings, and original wood floors.
Property Size3,762 SF
Price / SF$172.75
Days on Market9
Property Features for 156 S Swan Street
General Information
Standard status
Active
Size
3,762 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
7
Building Details
Year Built
1885
Listing Agency:
McSharry and Associates Realty LLC
Listed By:
Patrick J McSharry
(518) 330-5599
Source:
Signatureonerealtygroup
Added: Sep 6
Changed: Sep 13
Last Checked: Sep 14 at 8:12AM
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 McSharry and Associates Realty LLC
Investment Insights
Based on property information with market context.
Built in 1885, this Albany apartment property contains seven residential units with a mix of preserved architectural details and updated building systems. Interior features include high ceilings, original wood flooring, tiled bathrooms, and large windows. Mechanical components and electrical panels have been updated, while ROPs are in place for all apartments.
The property is located at 156 S Swan Street in Albany, NY 12210. Long-term tenants are in place, and month-to-month arrangements provide flexibility for future leasing administration. Current occupants have a history of maintaining steady tenancy, supporting the building’s established residential use.
The property is located at 156 S Swan Street in Albany, NY 12210. Long-term tenants are in place, and month-to-month arrangements provide flexibility for future leasing administration. Current occupants have a history of maintaining steady tenancy, supporting the building’s established residential use.
Key Highlights
- Seven residential apartments in a single multifamily property
- Built in 1885 at 156 S Swan Street, Albany, NY 12210
- Updated mechanical systems and electrical panels
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
$38,428
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
5.91%
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%
$768,560
$768.6K
Cap Rate 7%
$548,971
$549.0K
Cap Rate 9%
$426,978
$427.0K
Market Conditions
NOI Build-Up for 3,762 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
$74.5K $19.80/SF
− Vacancy
−$4.6K −$1.23/SF
EGI
$69.9K $18.57/SF
− OpEx
−$31.4K −$8.36/SF
NOI
$38.4K $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%
$768,560
Cap Rate 7%
$548,971
Cap Rate 9%
$426,978
Alternative Uses
Best Use
Apartment 5plus
$549.0K
$480.4K – $640.5K
NOI $38,428 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$992.5K
$868.5K – $1.16M
NOI $69,477 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
7
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
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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?
Apartment building - Historic multifamily property with updated mechanical systems, electrical panels, high ceilings, and original wood floors.
Where is this apartment building located?
The property is located at 156 S Swan Street Albany, NY.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: Seven residential apartments in a single multifamily property; Built in 1885 at 156 S Swan Street, Albany, NY 12210; Updated mechanical systems and electrical panels
