Brick 5-Unit Apartment
For Sale
$584,000
169 Elk St, Albany, NY 12210
Separate gas and electric meters serve the units, while ownership covers heat and hot water.
Property Size3,600 SF
Price / SF$162.22
Days on Market56
Property Features for 169 Elk St
General Information
Standard status
Active
Size
3,600 SF
Property subtype
Multi-Unit (5+)
Financials
Asking Price
$584,000
Cap Rate
9.2%
Units
Multifamily Units
5
Individually Metered Utilities
gas, electric
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1950
Buildings
1
Construction
solid brick
Listing Agency:
Gosen properties
(718) 704-0494
Listed By:
Emmanuel Victor
(718) 598-7374
Source:
Gosenproperties
Added: Sep 5
Changed: Oct 28
Last Checked: Oct 28 at 3:04PM
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 Gosen properties
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,600-square-foot brick apartment building contains five units and dates to 1950. The interior has been freshly painted, and replacement windows have been installed throughout. A single boiler supplies heat, and one hot water heater serves the property. Gas and electric service are separately metered; the owner pays for heat and hot water, while residents pay for electricity and cooking gas. Certificates of Occupancy remain current through 10/2027.
The building is on Elk Street in downtown Albany, one block from Center Square and behind the Public Library on Washington Avenue. The property is reported to operate at a 9.2% cap rate.
The building is on Elk Street in downtown Albany, one block from Center Square and behind the Public Library on Washington Avenue. The property is reported to operate at a 9.2% cap rate.
Key Highlights
- Five‑unit brick apartment property totaling 3,600 square feet
- Built in 1950; freshly painted with replacement windows throughout
- Certificates of Occupancy current through 10/2027
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,773
Cap Rate
6.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$735,460
$735.5K
Cap Rate 7%
$525,329
$525.3K
Cap Rate 9%
$408,589
$408.6K
Market Conditions
NOI Build-Up for 3,600 SF
Gross rent
$71.3K $19.80/SF
− Vacancy
−$4.4K −$1.23/SF
EGI
$66.9K $18.57/SF
− OpEx
−$30.1K −$8.36/SF
NOI
$36.8K $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 Rate 5%
$735,460
Cap Rate 7%
$525,329
Cap Rate 9%
$408,589
Alternative Uses
Best Use
Apartment 5plus
$525.3K
$459.7K – $612.9K
NOI $36,773 @ 7.0% cap · market cap 6.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$949.8K
$831.1K – $1.11M
NOI $66,485 @ 7.0% cap · market cap 11.38%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
4,039
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
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
Frequently Asked Questions
What type of property is this?
Apartment building - Separate gas and electric meters serve the units, while ownership covers heat and hot water.
Where is this apartment building located?
The property is located at 169 Elk St Albany, NY.
What is the asking price?
The asking price for this property is $584,000.
What are key features of this property?
This property features: Five‑unit brick apartment property totaling 3,600 square feet; Built in 1950; freshly painted with replacement windows throughout; Certificates of Occupancy current through 10/2027
