Listing Agency: eXp Realty n***@exprealty.net Show Phone

Listed By: Wayne Hartard · License #10301215860 Show Phone

Source: Exprealty

Added: Aug 22 Changed: Oct 6 Last Checked: Oct 9 at 11:36PM

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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.

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 / Yr

$45,553

Cap Rate

8.45%

Suggested Prices Based on Cap Rates

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

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 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 (±1% cap)

NOI $45,553 @ 7.0% cap · market cap 8.45%

Second Best

Apartment 5plus

$583.7K

$510.7K – $681.0K (±1% cap)

NOI $40,859 @ 7.0% cap · market cap 7.58%

Theoretical Best

Office A

$1.06M

$923.4K – $1.23M (±1% cap)

NOI $73,872 @ 7.0% cap · market cap 13.71%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Quadplexes

Suggested Use

Top Pick Furniture & Home Goods Carpet & Flooring Store Electrical Service (Bike/Boat/Book/etc) Store Skin Care Clinic Pet Grooming Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

4% 2022

4.6% 2023

5.3% 2024

5.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this quadplexes located? What is the asking price? Find similar properties What are key features of this property?

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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