Fully Occupied
New
For Sale
$539,000
221 Lancaster St, Albany, NY 12210
Residential Income, Albany, NY
Property Size4,000 SF
Lot Size0.03 Acres
Price / SF$134.75
Days on Market1
Property Features for 221 Lancaster St
General Information
Property type
Residential Multi Family
Property subtype
Apartment
Bedrooms
4
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 2, Bedroom 4, Bathroom 1, Bedroom 2, Bathroom 4, Bathroom 3, Bedroom 3, Bedroom 1
Patio and Porch features
Deck, Patio
Fencing
Fenced
Fireplace
1
High school district
Albany
Directions
Lark St. to West on Lancaster St.
Standard status
Active
APN
000000-065.000-0003-065.000
Size
4,000 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
12232
Utilities
Heating system
Hot Water(Heating), Natural Gas, Steam, Radiant
Water source
Public
Amenities
cathedral ceilings
original fireplaces
crown molding
mantels
hardwood floors
stained glass windows
Building Details
Year built
1970
Floors in Building
3
Flooring type
Hardwood, Tile
Building materials
Stone
Roof type
Rubber
Listing Agency:
EXP REALTY
(888) 276-0630
Listed By:
Wayne Hartard · License #10301215860
Added: Aug 31
Last Checked: Aug 31 at 10:06PM
MLS# 11651302
Copyright © 2026 My State MLS. 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 4,000-square-foot quadplex at 221 Lancaster St comprises four full-floor units and is fully occupied. Separate utilities support straightforward property operations, while the building includes stone construction, hardwood and tile flooring, rubber roofing, and public water service. Fireplaces, decks, a patio, and fencing are also present.
Interior character includes cathedral ceilings, original fireplaces, crown molding, mantels, hardwood floors, and stained glass windows. The property sits on a 0.03-acre lot in Albany’s Washington Park area, with the State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School, SUNY, restaurants, galleries, and local shops identified nearby.
Interior character includes cathedral ceilings, original fireplaces, crown molding, mantels, hardwood floors, and stained glass windows. The property sits on a 0.03-acre lot in Albany’s Washington Park area, with the State Capitol, downtown government and legislative buildings, Albany Medical Center, Albany Law School, SUNY, restaurants, galleries, and local shops identified nearby.
Key Highlights
- Fully occupied 4‑unit quadplex
- 4,000 square feet on a 0.03‑acre lot
- Separate utilities for each unit
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Quadplex - Four full-floor units feature separate utilities and preserved architectural details.
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: Fully occupied 4‑unit quadplex; 4,000 square feet on a 0.03‑acre lot; Separate utilities for each unit
