Multifamily Building with Off-Street
For Sale
$599,900
166 Washington Avenue, Albany, NY 12210
Multi Residence-zoned property offering residential income potential and convenient access to Albany amenities, transportation, and major roadways.
Property Size4,588 SF
Price / SF$130.75
Days on Market249
Property Features for 166 Washington Avenue
General Information
Standard status
Active
Size
4,588 SF
Total Parking Spaces
10
Property subtype
Multi Family / Multi Family
Zoning
Multi Residence
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$13,000
Amenities
off-street parking
Flat, Rubber
Window Unit(s), Yes
Baseboard, Ductless, Yes
Finished
150 Amp Service, Circuit Breakers
Crown Molding
Block
Yes
Block, Brick
Back Yard
Carbon Monoxide Detector(s)
Building Details
Year Built
1859
Listing Agency:
Revision Real Estate
(518) 229-0366
Listed By:
Jerome P Newkirk · License #10371200504
(518) 229-0366
Source:
Compass
Added: Dec 24, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:16PM
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 Revision Real Estate
Investment Insights
Based on property information with market context.
This multifamily property at 166 Washington Avenue contains 4,588 square feet and dates to 1859. The building is located within a Multi Residence zoning designation and includes off-street parking. Interior features include finished space, crown molding, block construction elements, brick construction elements, and 150 Amp electrical service with circuit breakers. Heating and cooling features include baseboard and ductless systems, along with window unit(s).
The property sits in Albany near downtown, major employers, universities, and local attractions. Shopping centers, restaurants, coffee shops, parks, fitness facilities, grocery stores, and entertainment venues are located within one mile. Public transportation and major roadways provide additional access, with Washington Park, the Empire State Plaza, and the Lark Street district among the identified nearby destinations.
The property sits in Albany near downtown, major employers, universities, and local attractions. Shopping centers, restaurants, coffee shops, parks, fitness facilities, grocery stores, and entertainment venues are located within one mile. Public transportation and major roadways provide additional access, with Washington Park, the Empire State Plaza, and the Lark Street district among the identified nearby destinations.
Key Highlights
- 4,588‑square‑foot multifamily property at 166 Washington Avenue
- Multi Residence zoning designation
- Off‑street parking included
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
$46,866
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
7.81%
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%
$937,320
$937.3K
Cap Rate 7%
$669,514
$669.5K
Cap Rate 9%
$520,733
$520.7K
Market Conditions
NOI Build-Up for 4,588 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
$90.8K $19.80/SF
− Vacancy
−$5.6K −$1.23/SF
EGI
$85.2K $18.57/SF
− OpEx
−$38.3K −$8.36/SF
NOI
$46.9K $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%
$937,320
Cap Rate 7%
$669,514
Cap Rate 9%
$520,733
Alternative Uses
Best Use
Apartment 5plus
$669.5K
$585.8K – $781.1K
NOI $46,866 @ 7.0% cap · market cap 7.81%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.21M
$1.06M – $1.41M
NOI $84,731 @ 7.0% cap · market cap 14.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
660
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?
Multifamily property - Multi Residence-zoned property offering residential income potential and convenient access to Albany amenities, transportation, and major roadways.
Where is this multifamily property located?
The property is located at 166 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: 4,588‑square‑foot multifamily property at 166 Washington Avenue; Multi Residence zoning designation; Off‑street parking included
