Historic 4-Unit
For Sale
$539,000
221 Lancaster St, Albany, NY 12210
Fully occupied four-unit property with separate utilities and distinctive original architectural features.
Property Size4,000 SF
Price / SF$134.75
Days on Market10
Property Features for 221 Lancaster St
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$12,233
Listing Agency:
eXp Realty
(631) 708-5249
Listed By:
Wayne Hartard · License #10301215860
(631) 708-5249
Source:
Exprealty
Added: Aug 22
Changed: Aug 28
Last Checked: Aug 31 at 12:08AM
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 eXp Realty
Investment Insights
Based on property information with market context.
This 4,000-square-foot quadplex contains four full-floor units, each with a distinctive collection of preserved architectural elements. Cathedral ceilings, fireplaces, crown molding, mantels, hardwood flooring, and stained-glass windows contribute to the building’s historic character. Separate utilities serve the units, and the property is fully occupied.
The building is located at 221 Lancaster St in Albany’s Washington Park neighborhoods. It is minutes from the State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School, and SUNY. Restaurants, galleries, and local shops are also nearby, providing a broad range of surrounding amenities.
The building is located at 221 Lancaster St in Albany’s Washington Park neighborhoods. It is minutes from the State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School, and SUNY. Restaurants, galleries, and local shops are also nearby, providing a broad range of surrounding amenities.
Key Highlights
- 4,000‑square‑foot quadplex with four full‑floor units
- Fully occupied property with separate utilities
- Original fireplaces, cathedral ceilings, and hardwood floors
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
$45,553
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
8.45%
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%
$911,060
$911.1K
Cap Rate 7%
$650,757
$650.8K
Cap Rate 9%
$506,144
$506.1K
Market Conditions
NOI Build-Up for 4,000 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
$69.6K $17.40/SF
− Vacancy
−$4.5K −$1.13/SF
EGI
$65.1K $16.27/SF
− OpEx
−$19.5K −$4.88/SF
NOI
$45.6K $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%
$911,060
Cap Rate 7%
$650,757
Cap Rate 9%
$506,144
Alternative Uses
Best Use
Multifamily LT 5
$650.8K
$569.4K – $759.2K
NOI $45,553 @ 7.0% cap · market cap 8.45%
Second Best
Apartment 5plus
$583.7K
$510.7K – $681.0K
NOI $40,859 @ 7.0% cap · market cap 7.58%
Theoretical Best
Office A
$1.06M
$923.4K – $1.23M
NOI $73,872 @ 7.0% cap · market cap 13.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
4,369
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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?
Quadplex - Fully occupied four-unit property with separate utilities and distinctive original architectural features.
Where is this quadplex located?
The property is located at 221 Lancaster St Albany, NY.
What is the asking price?
The asking price for this property is $539,000.
What are key features of this property?
This property features: 4,000‑square‑foot quadplex with four full‑floor units; Fully occupied property with separate utilities; Original fireplaces, cathedral ceilings, and hardwood floors
