Albany Multifamily Property on Washington
For Sale
$599,900
Pending
166 Washington Avenue, Albany, NY 12210
MULTI_FAMILY - Other - Albany, NY
Property Size4,588 SF
Lot Size0.05 Acres
Days on Market223
Property Features for 166 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi Residence
Bedrooms
6
Bathrooms
5
Full bathrooms
4
Half bathrooms
2
Rooms
Bedroom 3, Bathroom 6, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 5, Bathroom 4, Bedroom 1, Bedroom 6, Bathroom 2, Bathroom 3
Parking
10
Interior features
Crown Molding
Basement
Finished
Lot features
Level
View
City
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
DRIVE SOUTH ON CENTRAL AVE TO WHERE CENTRAL AVE AND WASHINGTON AVE MERGER. DRIVE SOUTH ANOTHER QUARTER MILE AND HOUSE WILL BE ON RIGHT
Special listing conditions
Real Estate Owned, In Foreclosure
Standard status
Pending
APN
010100 65.80-4-46.1
Size
4,588 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
13000
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Ductless (Heating)
Cooling system
Window Unit(s)
Building Details
Year built
1859
Number of units
5
Building materials
Block, Brick
Roof type
Rubber, Flat
Architectural style
Other
Listing Agency:
Revision Real Estate
(518) 438-2221
Listed By:
Jerome P Newkirk · License #10371200504
(518) 229-0366
Added: Jan 9
Changed: Jul 24
Last Checked: Aug 20 at 11:06AM
MLS# 202610333
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.
Located in Albany, 166 Washington Avenue is a multifamily property suitable for investors or owner-occupants. The well-maintained building is situated in the heart of the city, near downtown, major employers, universities, and local attractions. The property offers flexibility, convenience, and long-term value. A rare find in this central location, the property includes off-street parking. Within one mile, residents have access to shopping centers, restaurants, coffee shops, parks, fitness facilities, grocery stores, and entertainment venues. The location also provides quick access to public transportation, major roadways, and Albany destinations such as Washington Park, the Empire State Plaza, and the Lark Street district. The property, situated on a 0.05-acre lot, offers a combination of space, accessibility, and investment potential. The property size is 4588 square feet. It offers comfort, convenience, and city living.
Key Highlights
- Built in 1859 with block and brick construction
- Interior features include crown molding
- Heating options: baseboard and ductless (heating)
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,237
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?
Apartment building - Well-maintained Albany property near downtown, employers, and universities.
Where is this apartment building 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: Built in 1859 with block and brick construction; Interior features include crown molding; Heating options: baseboard and ductless (heating)
