Brick Triplex with Original
For Sale
$269,900
247 Quail Street, Albany, NY 12203
Three-unit brick property with high ceilings, fireplaces, exposed brick, and renovation needs.
Property Size2,208 SF
Price / SF$122.24
Days on Market39
Property Features for 247 Quail Street
General Information
Standard status
Active
Size
2,208 SF
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
in need of some renovation
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,223
Amenities
fireplaces
Building Details
Year Built
1889
Construction
brick
Listing Agency:
Lincoln House Realty
(518) 469-6238
Listed By:
John Alund · License #10491208073
(518) 469-6238
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 30
Last Checked: Aug 30 at 5:00PM
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 Lincoln House Realty
Investment Insights
Based on property information with market context.
Built in 1889, this 2,208-square-foot brick triplex retains substantial historic character alongside a clear need for renovation. Interior features include high ceilings, multiple fireplaces, original trim work, exposed brick, and abundant natural light. The property is offered as-is, allowing the next owner to determine the restoration approach and finish selections.
Located on Quail Street in Albany, the property is near local amenities, transportation, and neighborhood conveniences. Its three-unit configuration and existing architectural details provide a defined base for a residential restoration project.
Located on Quail Street in Albany, the property is near local amenities, transportation, and neighborhood conveniences. Its three-unit configuration and existing architectural details provide a defined base for a residential restoration project.
Key Highlights
- 2,208‑square‑foot brick triplex built in 1889
- Three‑unit residential configuration
- High ceilings and multiple fireplaces
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
$22,554
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
8.36%
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%
$451,080
$451.1K
Cap Rate 7%
$322,200
$322.2K
Cap Rate 9%
$250,600
$250.6K
Market Conditions
NOI Build-Up for 2,208 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
$43.7K $19.80/SF
− Vacancy
−$2.7K −$1.23/SF
EGI
$41.0K $18.57/SF
− OpEx
−$18.5K −$8.36/SF
NOI
$22.6K $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 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%
$451,080
Cap Rate 7%
$322,200
Cap Rate 9%
$250,600
Alternative Uses
Best Use
Multifamily LT 5
$359.2K
$314.3K – $419.1K
NOI $25,145 @ 7.0% cap · market cap 9.32%
Second Best
Apartment 5plus
$322.2K
$281.9K – $375.9K
NOI $22,554 @ 7.0% cap · market cap 8.36%
Theoretical Best
Office A
$582.5K
$509.7K – $679.6K
NOI $40,777 @ 7.0% cap · market cap 15.11%
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
3,225
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
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-unit brick property with high ceilings, fireplaces, exposed brick, and renovation needs.
Where is this triplex located?
The property is located at 247 Quail Street Albany, NY.
What is the asking price?
The asking price for this property is $269,900.
What are key features of this property?
This property features: 2,208‑square‑foot brick triplex built in 1889; Three‑unit residential configuration; High ceilings and multiple fireplaces
