Building Details

Year Built 1940

Listed By: Lucas Weston Show Phone

Added: Apr 28 Changed: Aug 26

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Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$36,120

Cap Rate

4.38%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$722,400 $722.4K

Cap Rate 7%

$516,000 $516.0K

Cap Rate 9%

$401,333 $401.3K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,536 SF

Gross rent

$70.0K $19.80/SF

− Vacancy

−$4.3K −$1.23/SF

EGI

$65.7K $18.57/SF

− OpEx

−$29.6K −$8.36/SF

NOI

$36.1K $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%

$722,400

Cap Rate 7%

$516,000

Cap Rate 9%

$401,333

Alternative Uses

Best Use

Apartment 5plus

$516.0K

$451.5K – $602.0K (±1% cap)

NOI $36,120 @ 7.0% cap · market cap 4.38%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$932.9K

$816.3K – $1.09M (±1% cap)

NOI $65,303 @ 7.0% cap · market cap 7.92%

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

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency (Bike/Boat/Book/etc) Store Butcher Acupuncture Travel Agency Veterinary Clinic

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

Location Intelligence

Trade Area within ½ mile

1,285

Businesses Nearby

Explore this area Business Placement

Demographics for 12208, NY

22,118

Population

11,522

Households

1.9

Avg Household Size

34

Median Age

56%

College-Educated

93%

High-School Grad

4.4 sq mi

ZIP Area

5,027

Density / Sq Mi

$69,505

Median Household Income

$39,268

Median Earnings

$1,291

Median Rent

$255,300

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?

Apartment building - Remodeled six two-bedroom homes in a solid brick building with separate utilities and electric baseboard heat.

Where is this apartment building located?

The property is located at 190 S Allen St Albany, NY.

What is the asking price?

The asking price for this property is $825,000.