3-Unit Triplex with Fenced
New
For Sale
$395,000
249 Manning Boulevard, Albany, NY 12206
MultiFamily, Albany, NY
Property Size2,520 SF
Lot Size0.13 Acres
Price / SF$156.75
Days on Market3
Property Features for 249 Manning Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Residence
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bedroom 5, Bathroom 2, Bedroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bathroom 3, Bedroom 1
Parking
4
Parking features
Off Street
Patio and Porch features
Porch
Interior features
Paddle Fan, Built-in Features, Crown Molding
Fireplace
1
Basement
Walk-Out Access, Full
Lot features
Sloped
Elementary school
Pine Hills
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Washington Ave to Manning Blvd. Manning is between Washington and Central Ave.
Standard status
Active
APN
010100 64.35-4-35
Size
2,520 SF
Lot size
0.13 Acres
Taxes and HOA fees
Tax Annual Amount
7287
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Water source
Public
Amenities
private porch
fenced yard
Building Details
Year built
1920
Number of units
3
Flooring type
Hardwood
Building materials
Aluminum Siding, Wood Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Red Door Realty NY Inc
(518) 899-9500
Listed By:
Robin R Boice · License #10401307703
(518) 932-1771
Added: Sep 25
Changed: Sep 26
Last Checked: Sep 27 at 1:06PM
MLS# 202626984
Copyright © 2026 Global MLS, Inc. 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 1920 triplex contains 2,520 square feet across three apartments. The first-floor unit has a four- to five-bedroom layout; two one-bedroom apartments occupy the second floor, each with its own porch. Interior details include hardwood flooring, crown molding, built-in features, and a fireplace. The property also has a fenced yard and off-street parking.
The 0.13-acre parcel is zoned Multi Residence. Public water and sewer serve the property, and natural gas provides hot water heating. Colleges, hospitals, shopping, and restaurants are among the nearby amenities.
The 0.13-acre parcel is zoned Multi Residence. Public water and sewer serve the property, and natural gas provides hot water heating. Colleges, hospitals, shopping, and restaurants are among the nearby amenities.
Key Highlights
- Three apartments: one first‑floor unit with 4 to 5 bedrooms and two second‑floor one‑bedroom units
- 2,520 square feet of property area
- 0.13‑acre parcel zoned Multi Residence
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
$28,699
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
7.27%
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%
$573,980
$574.0K
Cap Rate 7%
$409,986
$410.0K
Cap Rate 9%
$318,878
$318.9K
Market Conditions
NOI Build-Up for 2,520 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
$43.8K $17.40/SF
− Vacancy
−$2.9K −$1.13/SF
EGI
$41.0K $16.27/SF
− OpEx
−$12.3K −$4.88/SF
NOI
$28.7K $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%
$573,980
Cap Rate 7%
$409,986
Cap Rate 9%
$318,878
Alternative Uses
Best Use
Multifamily LT 5
$410.0K
$358.7K – $478.3K
NOI $28,699 @ 7.0% cap · market cap 7.27%
Second Best
Apartment 5plus
$367.7K
$321.8K – $429.0K
NOI $25,741 @ 7.0% cap · market cap 6.52%
Theoretical Best
Office A
$664.8K
$581.7K – $775.7K
NOI $46,539 @ 7.0% cap · market cap 11.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - The first-floor residence has four to five bedrooms, while each of the two upper apartments has one bedroom and a porch.
Where is this triplex located?
The property is located at 249 Manning Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: Three apartments: one first‑floor unit with 4 to 5 bedrooms and two second‑floor one‑bedroom units; 2,520 square feet of property area; 0.13‑acre parcel zoned Multi Residence
