Triplex With Dual
For Sale
$500,000
2187 Central Avenue, Colonie, NY 12304
Three-unit property with flexible living space, private outdoor areas, and convenient access to transit and daily amenities.
Property Size2,944 SF
Price / SF$169.84
Days on Market52
Property Features for 2187 Central Avenue
General Information
Standard status
Active
Size
2,944 SF
Total Parking Spaces
9
Property subtype
Multi Family / Triplex
Zoning
Multi Residence
Units
Unit Mix
1 x 3BR/1.5BA, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,935
Amenities
private backyard
patio
Asphalt
Hot Water, Yes
True
Tile, Carpet, Hardwood
Yes
2
High Speed Internet, Ceramic Tile Bath, Chair Rail, Crown Molding
Basement, Living Room
Brick
Back Yard
In Basement
Second Garage
Garden
Patio
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
KW Platform
(518) 542-6070
Listed By:
Rachel Kusaywa · License #10401243326
(518) 542-6070
Source:
Compass
Added: Jul 4
Changed: Aug 24
Last Checked: Aug 23 at 1:03PM
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 KW Platform
Investment Insights
Based on property information with market context.
Built in 1950, this triplex combines an owner’s residence with two additional apartments. The primary unit contains 3 bedrooms and 1.5 bathrooms; the other units offer 2 bedrooms and 1 bedroom, respectively. A separate flex bedroom adds adaptability, while the partially finished garden-level basement may support additional living area or a fourth unit, subject to required approvals and permits.
The property includes a private backyard, patio, attached one-car garage, and detached one-car garage. Electricity and water are connected to the detached garage, which also provides additional storage or utility space. Located in the South Colonie School District, the property offers access to a major bus route, shopping, restaurants, and everyday amenities. Interior features include a fireplace, cable readiness, and hot water service.
The property includes a private backyard, patio, attached one-car garage, and detached one-car garage. Electricity and water are connected to the detached garage, which also provides additional storage or utility space. Located in the South Colonie School District, the property offers access to a major bus route, shopping, restaurants, and everyday amenities. Interior features include a fireplace, cable readiness, and hot water service.
Key Highlights
- Three‑unit configuration with 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments
- Owner’s unit includes 3 bedrooms and 1.5 bathrooms
- Partially finished garden‑level basement with potential for added living space or a fourth unit, subject to approvals
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
$33,527
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
6.71%
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%
$670,540
$670.5K
Cap Rate 7%
$478,957
$479.0K
Cap Rate 9%
$372,522
$372.5K
Market Conditions
NOI Build-Up for 2,944 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
$51.2K $17.40/SF
− Vacancy
−$3.3K −$1.13/SF
EGI
$47.9K $16.27/SF
− OpEx
−$14.4K −$4.88/SF
NOI
$33.5K $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%
$670,540
Cap Rate 7%
$478,957
Cap Rate 9%
$372,522
Alternative Uses
Best Use
Multifamily LT 5
$479.0K
$419.1K – $558.8K
NOI $33,527 @ 7.0% cap · market cap 6.71%
Second Best
Apartment 5plus
$429.6K
$375.9K – $501.2K
NOI $30,072 @ 7.0% cap · market cap 6.01%
Theoretical Best
Office A
$776.7K
$679.6K – $906.2K
NOI $54,370 @ 7.0% cap · market cap 10.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Explore this area
Business Placement
Demographics for 12304, NY
21,513
Population
9,438
Households
2.3
Avg Household Size
40
Median Age
25%
College-Educated
88%
High-School Grad
6.7 sq mi
ZIP Area
3,211
Density / Sq Mi
$67,688
Median Household Income
$43,824
Median Earnings
$1,049
Median Rent
$171,500
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 property with flexible living space, private outdoor areas, and convenient access to transit and daily amenities.
Where is this triplex located?
The property is located at 2187 Central Avenue Colonie, NY.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Three‑unit configuration with 3‑bedroom, 2‑bedroom, and 1‑bedroom apartments; Owner’s unit includes 3 bedrooms and 1.5 bathrooms; Partially finished garden‑level basement with potential for added living space or a fourth unit, subject to approvals
