Multifamily Property Near Albany
For Sale
$310,000
23 Morris Street, Albany, NY 12208
The offering includes 25 Morris Street and is within walking distance of medical, educational, and downtown destinations.
Property Size2,352 SF
Price / SF$131.80
Days on Market14
Property Features for 23 Morris Street
General Information
Standard status
Active
Size
2,352 SF
Property subtype
Multi-family
Building Details
Year Built
1905
Buildings
2
Listing Agency:
Hunt Real Estate ERA
Listed By:
Renee M McLaughlin
(518) 290-1977
Source:
Signatureonerealtygroup
Added: Oct 4
Changed: Oct 16
Last Checked: Oct 16 at 9:29AM
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 Hunt Real Estate ERA
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Investment Insights
Based on property information with market context.
The multifamily property at 23 Morris Street contains 2,352 square feet and was built in 1905. It is being offered as a pair with 25 Morris Street.
Within walking distance are Albany Medical Center, Albany Medical College, Albany College of Pharmacy, Albany Law School, and downtown Albany’s entertainment district.
Within walking distance are Albany Medical Center, Albany Medical College, Albany College of Pharmacy, Albany Law School, and downtown Albany’s entertainment district.
Key Highlights
- 2,352‑square‑foot multifamily property built in 1905
- Offered together with 25 Morris Street
- Within walking distance of Albany Medical Center, Albany Medical College, Albany College of Pharmacy, Albany Law School, and downtown Albany’s entertainment district
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,025
Cap Rate
7.75%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$480,500
$480.5K
Cap Rate 7%
$343,214
$343.2K
Cap Rate 9%
$266,944
$266.9K
Market Conditions
NOI Build-Up for 2,352 SF
Gross rent
$46.6K $19.80/SF
− Vacancy
−$2.9K −$1.23/SF
EGI
$43.7K $18.57/SF
− OpEx
−$19.7K −$8.36/SF
NOI
$24.0K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$480,500
Cap Rate 7%
$343,214
Cap Rate 9%
$266,944
Alternative Uses
Best Use
Apartment 5plus
$343.2K
$300.3K – $400.4K
NOI $24,025 @ 7.0% cap · market cap 7.75%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$620.5K
$543.0K – $724.0K
NOI $43,437 @ 7.0% cap · market cap 14.01%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,899
Businesses Nearby
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Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Multifamily property - The offering includes 25 Morris Street and is within walking distance of medical, educational, and downtown destinations.
Where is this multifamily property located?
The property is located at 23 Morris Street Albany, NY.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: 2,352‑square‑foot multifamily property built in 1905; Offered together with 25 Morris Street; Within walking distance of Albany Medical Center, Albany Medical College, Albany College of Pharmacy, Albany Law School, and downtown Albany’s entertainment district
