Three-Unit Multifamily
For Sale
$289,000
16 Benson Street, Albany, NY 12206
MultiFamily, Albany, NY
Property Size2,112 SF
Lot Size0.06 Acres
Price / SF$136.84
Days on Market36
Property Features for 16 Benson Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Residence
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 6, Bedroom 4, Bathroom 2, Bedroom 5, Bathroom 1, Bathroom 3, Bedroom 3, Bedroom 2, Bedroom 1
Security features
Security System
Patio and Porch features
Deck, Porch
Interior features
High Speed Internet
Fencing
Chain Link
Basement
Full, Unfinished, Exterior Entry
Lot features
Level
Elementary school
Philip J. Schuyler Achievement
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Central Ave to Right on N. Manning - Left on N. Main - Left on Benson.
Standard status
Active
APN
010100 65.54-2-37
Size
2,112 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Annual Amount
5470
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Electric (Heating), Baseboard, Hot Water(Heating), Natural Gas, Steam
Water source
Public
Amenities
coin-operated washing machine
Building Details
Year built
1927
Number of units
3
Flooring type
Vinyl, Linoleum
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Asphalt, Asbestos Shingle
Architectural style
Other
Listing Agency:
Coldwell Banker Prime Properties · Coldwell Banker Real Estate
(518) 439-9600
Listed By:
Elizabeth Paone · License #10301203438
(518) 441-5352
Added: Aug 27
Changed: Sep 21
Last Checked: Oct 1 at 5:06PM
MLS# 202624914
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 2,112-square-foot triplex, built in 1927, contains two upper-level one-bedroom, one-bathroom apartments and a first-floor residence with three bedrooms, one bathroom, and an additional room that can serve as an office or fourth bedroom. The property also includes a porch, deck, chain-link fencing, vinyl and aluminum siding, public water, and public sewer.
Two newer water heaters support the building, while the basement has two updated entrances, a bathroom, and a coin-operated washing machine. Zoning is Multi Residence. The 0.06-acre property is located near schools, colleges, shopping, and churches in Albany, New York.
Two newer water heaters support the building, while the basement has two updated entrances, a bathroom, and a coin-operated washing machine. Zoning is Multi Residence. The 0.06-acre property is located near schools, colleges, shopping, and churches in Albany, New York.
Key Highlights
- Three‑unit layout with two upper‑level 1‑bedroom, 1‑bathroom apartments
- First‑floor unit includes 3 bedrooms, 1 bath, and a fourth room for an office or bedroom
- 2,112 square feet on a 0.06‑acre lot
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
$24,052
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
8.32%
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%
$481,040
$481.0K
Cap Rate 7%
$343,600
$343.6K
Cap Rate 9%
$267,244
$267.2K
Market Conditions
NOI Build-Up for 2,112 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
$36.7K $17.40/SF
− Vacancy
−$2.4K −$1.13/SF
EGI
$34.4K $16.27/SF
− OpEx
−$10.3K −$4.88/SF
NOI
$24.1K $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%
$481,040
Cap Rate 7%
$343,600
Cap Rate 9%
$267,244
Alternative Uses
Best Use
Multifamily LT 5
$343.6K
$300.7K – $400.9K
NOI $24,052 @ 7.0% cap · market cap 8.32%
Second Best
Apartment 5plus
$308.2K
$269.7K – $359.6K
NOI $21,574 @ 7.0% cap · market cap 7.47%
Theoretical Best
Office A
$557.2K
$487.6K – $650.1K
NOI $39,004 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,743
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Upper-level one-bedroom apartments complement a larger first-floor residence with flexible fourth-room use.
Where is this triplex located?
The property is located at 16 Benson Street Albany, NY.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Three‑unit layout with two upper‑level 1‑bedroom, 1‑bathroom apartments; First‑floor unit includes 3 bedrooms, 1 bath, and a fourth room for an office or bedroom; 2,112 square feet on a 0.06‑acre lot
