Updated 6-Unit Brick Apartment
For Sale
$825,000
190 S Allen Street, Albany, NY 12208
Fully updated six-unit brick building with six 2-bedroom units and separate utilities.
Property Size3,536 SF
Price / SF$233.31
Days on Market102
Property Features for 190 S Allen Street
General Information
Standard status
Active
Size
3,536 SF
Property subtype
Multi Family
Additional Details
Business Included
Yes
Multifamily Units
6
Building Details
Building Size
3,536 SF
Year Renovated
2022
Tenancy
Multi
Listing Agency:
Pyramidbrokerage
(518) 489-9199
Listed By:
Pyramid Brokerage Albany
(518) 489-9199
Source:
Pyramidbrokerage
Added: May 14
Changed: Aug 8
Last Checked: Aug 22 at 4:10AM
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 Pyramidbrokerage
Investment Insights
Based on property information with market context.
This fully updated solid brick 6-unit apartment building features six 2-bedroom units, each with separate utilities and electric baseboard heat. The units have been remodeled throughout with new kitchens, bathrooms, paint, and updated floors. Recent improvements include a replaced roof and windows in 2022, new hot water heaters, and all new doors.
The property is conveniently located near several colleges and within walking distance to St Peter's Hospital.
With all units fully remodeled and major exterior and mechanical updates completed, the building is presented as a low-maintenance addition to a residential income portfolio.
The property is conveniently located near several colleges and within walking distance to St Peter's Hospital.
With all units fully remodeled and major exterior and mechanical updates completed, the building is presented as a low-maintenance addition to a residential income portfolio.
Key Highlights
- Fully updated solid brick 6‑unit building with six 2‑bedroom units.
- Each unit has separate utilities and electric baseboard heat.
- Renovations include new kitchens, bathrooms, paint, and updated floors throughout.
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
1,181
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
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Frequently Asked Questions
What type of property is this?
Apartment building - Fully updated six-unit brick building with six 2-bedroom units and separate utilities.
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 with six 2‑bedroom units.; Each unit has separate utilities and electric baseboard heat.; Renovations include new kitchens, bathrooms, paint, and updated floors throughout.
