Four-Unit Brick Apartment
For Sale
$400,000
Pending
209 Columbia Turnpike, Rensselaer, NY 12144
MULTI_FAMILY - Other - Rensselaer, NY
Property Size2,640 SF
Lot Size0.41 Acres
Days on Market239
Property Features for 209 Columbia Turnpike
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
4
Bathrooms
3
Full bathrooms
2
Half bathrooms
2
Rooms
Bedroom 4, Bedroom 2, Bedroom 3, Bedroom 1, Bathroom 3, Bathroom 4, Bathroom 2, Bathroom 1
Parking
12
Parking features
Garage, Off Street
Basement
Walk-Out Access, Full, Unfinished
Elementary school
Red Mill
High school
Columbia
Elementary school district
East Greenbush
Middle school district
East Greenbush
High school district
East Greenbush
Directions
I-90to 787 to Rensse.to Columbia turnpike.
Standard status
Pending
APN
382400 155.13-18-3
Size
2,640 SF
Lot size
0.41 Acres
Taxes and HOA fees
Tax Annual Amount
7645
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Water source
Public
Building Details
Year built
1950
Number of units
4
Flooring type
Hardwood
Building materials
Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Joyce Brown · License #40BR1150323
(518) 596-5835
Added: Dec 18, 2025
Changed: Jul 24
Last Checked: Aug 14 at 5:06PM
MLS# 202530943
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 four-unit brick apartment building offers separate electric meters and includes a mix of interior finishes and exterior amenities. The property features hardwood floors, an enclosed back porch, and outside parking on the right side of the building and outside of the garage. A large cleared rear lot is also included, along with Window World windows and an approximately 11-year-old furnace. Three of the four units are currently rented, and the largest apartment is approximately 1,300 square feet.
The building is located at 209 Columbia Turnpike in Rensselaer, NY 12144 in Rensselaer County. Public remarks indicate convenient access to Albany, the train station, major highways, restaurants, and bus lines.
This is a brick fourplex configured for income generation, with multiple units metered separately and on-site parking to support tenant needs.
The building is located at 209 Columbia Turnpike in Rensselaer, NY 12144 in Rensselaer County. Public remarks indicate convenient access to Albany, the train station, major highways, restaurants, and bus lines.
This is a brick fourplex configured for income generation, with multiple units metered separately and on-site parking to support tenant needs.
Key Highlights
- 4‑unit brick property built in 1950
- Three units currently rented; largest unit is approx. 1,300 SF
- Separate electric meters
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
$34,578
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
8.64%
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%
$691,560
$691.6K
Cap Rate 7%
$493,971
$494.0K
Cap Rate 9%
$384,200
$384.2K
Market Conditions
NOI Build-Up for 2,640 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
$52.3K $19.80/SF
− Vacancy
−$2.9K −$1.09/SF
EGI
$49.4K $18.71/SF
− OpEx
−$14.8K −$5.61/SF
NOI
$34.6K $13.10/SF
Area
Rensselaer County, NY
Vacancy
5.50%
Lease Rate
$19.80 /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%
$691,560
Cap Rate 7%
$493,971
Cap Rate 9%
$384,200
Alternative Uses
Best Use
Multifamily LT 5
$494.0K
$432.2K – $576.3K
NOI $34,578 @ 7.0% cap · market cap 8.64%
Second Best
Apartment 5plus
$457.8K
$400.6K – $534.1K
NOI $32,045 @ 7.0% cap · market cap 8.01%
Theoretical Best
Office A
$660.0K
$577.5K – $770.0K
NOI $46,197 @ 7.0% cap · market cap 11.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
75%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Explore this area
Business Placement
Demographics for 12144, NY
21,277
Population
10,474
Households
2
Avg Household Size
40
Median Age
38%
College-Educated
93%
High-School Grad
18.3 sq mi
ZIP Area
1,163
Density / Sq Mi
$88,357
Median Household Income
$51,893
Median Earnings
$1,379
Median Rent
$235,300
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?
Quadplex - Brick fourplex with separate electric meters, three units currently rented, and a large parking area.
Where is this quadplex located?
The property is located at 209 Columbia Turnpike Rensselaer, NY.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 4‑unit brick property built in 1950; Three units currently rented; largest unit is approx. 1,300 SF; Separate electric meters
