Brick Triplex with Updated
For Sale
$329,900
210 Myrtle Avenue, Albany, NY 12202
Three-unit brick property with flexible owner-occupant or rental use, separate utilities, and refreshed interior finishes.
Property Size2,428 SF
Price / SF$135.87
Days on Market43
Property Features for 210 Myrtle Avenue
General Information
Standard status
Active
Size
2,428 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 1BR, 1 x 3BR
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,350
Building Details
Year Built
1900
Construction
brick
Listing Agency:
Miranda Real Estate Group Inc
(518) 514-8830
Listed By:
Christine M Serafini · License #40SE0980789
(518) 514-8830
Source:
Capmarkrealty
Added: Jul 20
Changed: Aug 27
Last Checked: Aug 30 at 1:42PM
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 Miranda Real Estate Group Inc
Investment Insights
Based on property information with market context.
This brick triplex in central Albany contains two one-bedroom apartments on the first floor and a larger three-bedroom residence above. The property combines period character—including hardwood floors, wood detailing, and bay windows—with updated kitchens and bathrooms. Two apartments are vacant, while one is occupied, providing flexibility for an owner occupant or a rental-focused buyer.
Key building improvements completed within the last 4 years include the HVAC system, roof, electrical service, and some replacement windows. Separate utilities place heat and hot water responsibility with tenants. Built in 1900 and located at 210 Myrtle Avenue, the property offers a three-unit configuration with a mix of smaller and larger apartments.
Key building improvements completed within the last 4 years include the HVAC system, roof, electrical service, and some replacement windows. Separate utilities place heat and hot water responsibility with tenants. Built in 1900 and located at 210 Myrtle Avenue, the property offers a three-unit configuration with a mix of smaller and larger apartments.
Key Highlights
- Three‑unit brick building with two 1‑bedroom units and one 3‑bedroom unit
- Two vacant apartments offer flexibility for occupancy or leasing
- HVAC, roof, electric, and some replacement windows updated within the last 4 years
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
$27,651
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
8.38%
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%
$553,020
$553.0K
Cap Rate 7%
$395,014
$395.0K
Cap Rate 9%
$307,233
$307.2K
Market Conditions
NOI Build-Up for 2,428 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
$42.2K $17.40/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$39.5K $16.27/SF
− OpEx
−$11.9K −$4.88/SF
NOI
$27.7K $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%
$553,020
Cap Rate 7%
$395,014
Cap Rate 9%
$307,233
Alternative Uses
Best Use
Multifamily LT 5
$395.0K
$345.6K – $460.9K
NOI $27,651 @ 7.0% cap · market cap 8.38%
Second Best
Apartment 5plus
$354.3K
$310.0K – $413.4K
NOI $24,802 @ 7.0% cap · market cap 7.52%
Theoretical Best
Office A
$640.6K
$560.5K – $747.3K
NOI $44,840 @ 7.0% cap · market cap 13.59%
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
3,640
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?
Triplex - Three-unit brick property with flexible owner-occupant or rental use, separate utilities, and refreshed interior finishes.
Where is this triplex located?
The property is located at 210 Myrtle Avenue Albany, NY.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Three‑unit brick building with two 1‑bedroom units and one 3‑bedroom unit; Two vacant apartments offer flexibility for occupancy or leasing; HVAC, roof, electric, and some replacement windows updated within the last 4 years
