Renovated Triplex with Separate
For Sale
$349,000
191 N Allen Street, Albany, NY 12206
Three residential units offer refreshed kitchens and bathrooms, with utilities separately metered for each household.
Property Size1,806 SF
Price / SF$193.24
Days on Market9
Property Features for 191 N Allen Street
General Information
Standard status
Active
Size
1,806 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1900
Listing Agency:
Signature Premier Realty,Inc
Listed By:
Steven M Green
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 3
Changed: Aug 11
Last Checked: Aug 11 at 10:36AM
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 Signature Premier Realty,Inc
Investment Insights
Based on property information with market context.
This three-unit residential property at 191 N Allen Street includes 1,806 square feet and dates to 1900. The building has undergone extensive updating, with new kitchens and bathrooms in each unit. Separate utilities serve the residences, supporting distinct household operations.
The property is positioned near shopping, restaurants, schools, parks, and major roadways in Albany. Its three-family configuration may accommodate an owner-occupant arrangement or continued use as a multi-unit income property, as described in the property information.
The property is positioned near shopping, restaurants, schools, parks, and major roadways in Albany. Its three-family configuration may accommodate an owner-occupant arrangement or continued use as a multi-unit income property, as described in the property information.
Key Highlights
- Three‑family property with 1,806 square feet
- Renovated kitchens and bathrooms in all three units
- Separate utilities for each residence
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
$20,567
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
5.89%
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%
$411,340
$411.3K
Cap Rate 7%
$293,814
$293.8K
Cap Rate 9%
$228,522
$228.5K
Market Conditions
NOI Build-Up for 1,806 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
$31.4K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$29.4K $16.27/SF
− OpEx
−$8.8K −$4.88/SF
NOI
$20.6K $11.39/SF
Area
Albany, NY
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$411,340
Cap Rate 7%
$293,814
Cap Rate 9%
$228,522
Alternative Uses
Best Use
Multifamily LT 5
$293.8K
$257.1K – $342.8K
NOI $20,567 @ 7.0% cap · market cap 5.89%
Second Best
Apartment 5plus
$263.5K
$230.6K – $307.5K
NOI $18,448 @ 7.0% cap · market cap 5.29%
Theoretical Best
Office A
$476.5K
$416.9K – $555.9K
NOI $33,353 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,181
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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?
Triplex - Three residential units offer refreshed kitchens and bathrooms, with utilities separately metered for each household.
Where is this triplex located?
The property is located at 191 N Allen Street Albany, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Three‑family property with 1,806 square feet; Renovated kitchens and bathrooms in all three units; Separate utilities for each residence
