5-Unit Brick Multifamily
For Sale
$584,000
169 Elk St, Albany, NY 12210
Business Opportunity, Albany, NY
Property Size3,600 SF
Price / SF$162.22
Days on Market10
Property Features for 169 Elk St
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
5
Full bathrooms
5
Rooms
Bathroom 3, Bathroom 1, Bathroom 2, Bathroom 4, Bathroom 5
High school district
ALBANY CITY SCHOOL DISTRICT
Standard status
Active
APN
000000-065.000-0004-006.000
Size
3,600 SF
Taxes and HOA fees
Tax Annual Amount
4097
Utilities
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1950
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Flat
Listing Agency:
Statewide Properties LLC
(347) 560-4024
Listed By:
Vitaly Isaacs · License #10401300688
(917) 620-3605
Added: Sep 5
Changed: Sep 13
Last Checked: Sep 14 at 11:06AM
MLS# 11968354
Copyright © 2026 My State MLS. 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 5-unit multifamily property contains 3,600 square feet in a brick building constructed in 1950. The asset has been freshly painted and includes replacement windows throughout, tile and hardwood flooring, a flat roof, and five bathrooms. Heating is provided by a natural-gas hot-water system with one boiler, while one hot water heater serves the property. Certificates of Occupancy are current through 10/2027.
The property is located at 169 Elk St in Albany, one block from Center Square and directly behind the Public Library on Washington Ave. Public water serves the building. Gas and electric service are separately metered by unit. Ownership covers heat and hot water, while tenants pay their own electricity and cooking gas.
The property is located at 169 Elk St in Albany, one block from Center Square and directly behind the Public Library on Washington Ave. Public water serves the building. Gas and electric service are separately metered by unit. Ownership covers heat and hot water, while tenants pay their own electricity and cooking gas.
Key Highlights
- Five‑unit multifamily building with 3,600 square feet
- Solid brick construction completed in 1950
- Current Certificates of Occupancy through 10/2027
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
$36,773
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
6.30%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
5
Residential units
Yes
Utilities to site
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Five-unit brick apartment property with updated windows, separate utility metering, and current Certificates of Occupancy.
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 multifamily building with 3,600 square feet; Solid brick construction completed in 1950; Current Certificates of Occupancy through 10/2027
