Building Details

Year Built 1997

Buildings 2

Listing Agency: Continuum Commercial Realty

Listed By: Brian Walters · License #30WA0832219 Show Phone

Source: Albanyprimeproperties

Added: Jul 19 Changed: Oct 15 Last Checked: Oct 14 at 11:25PM

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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 Continuum Commercial Realty

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Investment Insights

Based on property information with market context.

This multifamily property includes two separate homes on a one-acre parcel, providing distinct residential spaces within a single holding. Both residences have been updated with renovated kitchens featuring granite countertops, refreshed bathrooms, new flooring, and modern interior finishes. The property was built in 1997 and is described as well maintained and move-in ready.

One home is leased through September 30, 2026. The setting includes seasonal views of Glass Lake and is within walking distance of public lake access. Restaurants, coffee shops, specialty retailers, and entertainment are located minutes away, with access to attractions in Massachusetts and Vermont, including museums, galleries, antique shops, concerts at Tanglewood, and skiing at Jiminy Peak.

Key Highlights

• Two separate homes on a one‑acre parcel
• Both residences feature renovated kitchens with granite countertops, updated baths, and new flooring
• One residence leased through September 30, 2026

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,733

Cap Rate

7.82%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$774,660 $774.7K

Cap Rate 7%

$553,329 $553.3K

Cap Rate 9%

$430,367 $430.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,191 SF

Gross rent

$74.3K $23.28/SF

− Vacancy

−$3.9K −$1.21/SF

EGI

$70.4K $22.07/SF

− OpEx

−$31.7K −$9.93/SF

NOI

$38.7K $12.14/SF

Area

Rensselaer County, NY

Vacancy

5.20%

Lease Rate

$23.28 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$774,660

Cap Rate 7%

$553,329

Cap Rate 9%

$430,367

Alternative Uses

Best Use

Apartment 5plus

$553.3K

$484.2K – $645.6K (±1% cap)

NOI $38,733 @ 7.0% cap · market cap 7.82%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$797.7K

$698.0K – $930.7K (±1% cap)

NOI $55,839 @ 7.0% cap · market cap 11.28%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Multifamily properties

Suggested Use

Top Pick Building Supply Cafe & Coffee Shop Skin Care Clinic Law Firm Spa & Massage Center Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Location Intelligence

Trade Area within ½ mile

16

Businesses Nearby

Explore this area Business Placement

Demographics for 12018, NY

7,626

Population

3,123

Households

2.4

Avg Household Size

46

Median Age

43%

College-Educated

97%

High-School Grad

46.2 sq mi

ZIP Area

165

Density / Sq Mi

$133,542

Median Household Income

$72,310

Median Earnings

$1,339

Median Rent

$318,800

Median Home Value

Market

Vacancy Rate% for Multifamily in Northeast region

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

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Frequently Asked Questions

What type of property is this?

Multifamily property - Updated residences on a private parcel with lake views, public water access, and one home leased through September 30, 2026.

Where is this multifamily property located?

The property is located at 17-19 Teal Rd Averill Park, NY.

What is the asking price?

The asking price for this property is $495,000.

What are key features of this property?

This property features: Two separate homes on a one‑acre parcel; Both residences feature renovated kitchens with granite countertops, updated baths, and new flooring; One residence leased through September 30, 2026