Upgraded Triplex
For Sale
$340,000
219 Delaware Avenue, Albany, NY 12209
Three bedroom configurations, covered porches, basement space, and a backyard provide flexible residential functionality.
Property Size2,464 SF
Price / SF$137.99
Days on Market143
Property Features for 219 Delaware Avenue
General Information
Standard status
Active
Size
2,464 SF
Property subtype
Multi Family / Triplex
Units
Unit Mix
1 x 3BR, 1 x 2BR, 1 x 1BR
Multifamily Units
3
Additional Details
Gross Income
$46,200
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$6,279
Amenities
front porch
rear porch
large backyard
usable basement
Shingle, Asphalt
None, No
Electric, Natural Gas, Yes
Full
True
Hardwood
Brick/Mortar
Yes
Vinyl Siding
Other
Porch, Rear Porch, Front Porch
Building Details
Year Built
1930
Listing Agency:
KW Platform
(518) 209-8004
Listed By:
Joanne Bongalo · License #10301216639
(518) 209-8004
Source:
Compass
Added: Apr 11
Changed: Aug 31
Last Checked: Aug 31 at 4:51AM
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.
This 2,464-square-foot triplex was built in 1930 and includes a three-bedroom unit, a two-bedroom unit, and a one-bedroom unit. Recent upgrades complement the existing layout, while front and rear porches add covered outdoor space. The property also includes a full basement, backyard, hardwood details, brick and mortar construction, and vinyl siding. The front lower-level unit is intentionally vacant, providing an owner-occupant option within the three-unit configuration.
Located on Delaware Avenue in Albany, the property offers access to dining, shopping, medical facilities, colleges, parks, major employers, the Madison Theatre, and public transportation. Electric and natural gas service are present.
Located on Delaware Avenue in Albany, the property offers access to dining, shopping, medical facilities, colleges, parks, major employers, the Madison Theatre, and public transportation. Electric and natural gas service are present.
Key Highlights
- 2,464 SF triplex built in 1930
- Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom residences
- Front and rear porches provide covered outdoor areas
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
$28,061
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
8.25%
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%
$561,220
$561.2K
Cap Rate 7%
$400,871
$400.9K
Cap Rate 9%
$311,789
$311.8K
Market Conditions
NOI Build-Up for 2,464 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
$42.9K $17.40/SF
− Vacancy
−$2.8K −$1.13/SF
EGI
$40.1K $16.27/SF
− OpEx
−$12.0K −$4.88/SF
NOI
$28.1K $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%
$561,220
Cap Rate 7%
$400,871
Cap Rate 9%
$311,789
Alternative Uses
Best Use
Multifamily LT 5
$400.9K
$350.8K – $467.7K
NOI $28,061 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$359.6K
$314.6K – $419.5K
NOI $25,169 @ 7.0% cap · market cap 7.40%
Theoretical Best
Office A
$650.1K
$568.8K – $758.4K
NOI $45,505 @ 7.0% cap · market cap 13.38%
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
2,140
Businesses Nearby
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
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 bedroom configurations, covered porches, basement space, and a backyard provide flexible residential functionality.
Where is this triplex located?
The property is located at 219 Delaware Avenue Albany, NY.
What is the asking price?
The asking price for this property is $340,000.
What are key features of this property?
This property features: 2,464 SF triplex built in 1930; Unit mix includes 3‑bedroom, 2‑bedroom, and 1‑bedroom residences; Front and rear porches provide covered outdoor areas
