Updated Brick 6-Unit Apartment
For Sale
$825,000
Pending
190 S Allen Street, Albany, NY 12208
MULTI_FAMILY - Other - Albany, NY
Property Size3,536 SF
Lot Size0.14 Acres
Days on Market115
Property Features for 190 S Allen Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi Residence
Bedrooms
12
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 4, Bedroom 5, Bedroom 8, Bedroom 6, Bathroom 1, Bathroom 2, Bathroom 5, Bathroom 6, Bedroom 11, Bedroom 1, Bedroom 12, Bedroom 7, Bedroom 10, Bedroom 9, Bedroom 3
Parking
6
Interior features
High Speed Internet
Basement
Finished, Full, Apartment, Walk-Out Access
Lot features
Road Frontage, Sloped
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
New Scotland Road to South Allen property on the left.
Standard status
Pending
APN
64.74-4-6
Size
3,536 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Annual Amount
11971
Utilities
Sewer type
Public Sewer
Heating system
Baseboard, Electric (Heating)
Water source
Public
Building Details
Year built
1940
Number of units
6
Building materials
Brick
Roof type
Rubber, Flat
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Lucas J Weston · License #40WE1156530
(518) 269-7939
Added: Apr 28
Changed: Jul 24
Last Checked: Aug 20 at 9:06AM
MLS# 202615929
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.
This fully updated solid brick 6-unit apartment building offers six two-bedroom units with separate utilities. Each unit features electric baseboard heat, with interior improvements including new kitchens, bathrooms, paint, and updated floors. Building-wide capital updates include a replaced roof and windows in 2022, along with new hot water heaters and all new doors, designed to reduce near-term maintenance.
The property is located in Albany, NY and is described as conveniently positioned near several colleges and within walking distance to St Peter's Hospital. The size of the building is listed at 3,536 square feet, situated on a 0.14-acre lot.
For investors or owner-operators seeking a more turnkey multifamily asset, the combination of fully remodeled units and more recent exterior and mechanical updates is a key consideration. The current annual rental income is listed at $96,000, and the configuration of two-bedroom layouts with separate utilities can support straightforward tenant billing and operations within the building.
The property is located in Albany, NY and is described as conveniently positioned near several colleges and within walking distance to St Peter's Hospital. The size of the building is listed at 3,536 square feet, situated on a 0.14-acre lot.
For investors or owner-operators seeking a more turnkey multifamily asset, the combination of fully remodeled units and more recent exterior and mechanical updates is a key consideration. The current annual rental income is listed at $96,000, and the configuration of two-bedroom layouts with separate utilities can support straightforward tenant billing and operations within the building.
Key Highlights
- Fully updated solid brick 6‑unit building built in 1940
- Six 2‑bedroom units with separate utilities and electric baseboard heat
- Annual rental income of $96,000.00
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
$36,120
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
4.38%
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%
$722,400
$722.4K
Cap Rate 7%
$516,000
$516.0K
Cap Rate 9%
$401,333
$401.3K
Market Conditions
NOI Build-Up for 3,536 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
$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 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%
$722,400
Cap Rate 7%
$516,000
Cap Rate 9%
$401,333
Alternative Uses
Best Use
Apartment 5plus
$516.0K
$451.5K – $602.0K
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
NOI $65,303 @ 7.0% cap · market cap 7.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
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
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 - 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 Street Albany, NY.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Fully updated solid brick 6‑unit building built in 1940; Six 2‑bedroom units with separate utilities and electric baseboard heat; Annual rental income of $96,000.00
