Renovated Historic 46-Unit
For Sale
$8,750,000
201 Park Avenue, Albany, NY 12202
Fully renovated and stabilized 46-unit multifamily housed in Albany’s historic Hinckel Brewery building.
Property Size64,934 SF
Price / SF$134.75
Days on Market11
Property Features for 201 Park Avenue
General Information
Standard status
Active
Size
64,934 SF
Property subtype
Commercial
Additional Details
Multifamily Units
46
Building Details
Year Built
1880
Year Renovated
2023
Tenancy
Multi
Listing Agency:
REALTY ONE GROUP KEY
(518) 630-5360
Listed By:
RYAN EDSON
Source:
Corcoran
Added: Jul 21
Changed: Jul 24
Last Checked: Jul 30 at 8:04AM
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 REALTY ONE GROUP KEY
Investment Insights
Based on property information with market context.
This fully renovated, stabilized 46-unit multifamily investment is housed within the historic Hinckel Brewery building and retains its distinctive architectural character. Renovations were completed in 2023, with updated kitchens and baths, stainless steel appliances, in-unit washer and dryers, new flooring, modern lighting, and contemporary finishes throughout. The property offers a mix of one-, two-, and three-bedroom apartment layouts.
Located at 201 Park Avenue in Albany, the building provides a turnkey residential income opportunity within a landmark structure that has been converted into a modern apartment community.
Located at 201 Park Avenue in Albany, the building provides a turnkey residential income opportunity within a landmark structure that has been converted into a modern apartment community.
Key Highlights
- 46‑unit multifamily property housed in Albany’s historic Hinckel Brewery building
- Fully renovated in 2023 with updated kitchens and baths and stainless steel appliances
- In‑unit washer and dryer included
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.29M | $19.80 |
| − Vacancy | −$79.7k | −$1.23 |
| EGI | $1.21M | $18.57 |
| − OpEx | −$542.7k | −$8.36 |
| NOI | $663.3k | $10.21 |
64,934 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$9.48M
$8.29M – $11.05M
NOI $663,289 @ 7.0% cap · market cap 7.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.13M
$14.99M – $19.99M
NOI $1,199,201 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
46
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,883
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
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 renovated and stabilized 46-unit multifamily housed in Albany’s historic Hinckel Brewery building.
Where is this apartment building located?
The property is located at 201 Park Avenue Albany, NY.
What is the asking price?
The asking price for this property is $8,750,000.
What are key features of this property?
This property features: 46‑unit multifamily property housed in Albany’s historic Hinckel Brewery building; Fully renovated in 2023 with updated kitchens and baths and stainless steel appliances; In‑unit washer and dryer included
