Multifamily Portfolio with Vacant
For Sale
$7,500,000
264 South Allen Street, Albany, NY 12208
Portfolio includes 11 multifamily buildings plus one vacant lot, with off-street parking and some garages across select properties.
Property Size65,728 SF
Price / SF$114.11
Days on Market815
Property Features for 264 South Allen Street
General Information
Standard status
Active
Size
65,728 SF
Total Parking Spaces
72
Property subtype
Multi Family / Multi Family
Zoning
Multi Residence
Additional Details
Multifamily Units
93
Taxes and HOA fees
Annual Taxes
$187,345
Amenities
Rubber, Asphalt
Natural Gas, Yes
Apartment, Other
Other, Brick, Vinyl Siding
Other
Building Details
Year Built
1950
Listing Agency:
Blue House Companies
(518) 598-4000
Listed By:
Peter Tryon · License #10491209962
(518) 598-4000
Source:
Compass
Added: May 24, 2024
Changed: Aug 8
Last Checked: Jul 22 at 11:03AM
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 Blue House Companies
Investment Insights
Based on property information with market context.
This for-sale multifamily portfolio totals 93 units across 11 buildings, along with one vacant lot. The package is offered as a whole and cannot be split. Several of the properties include off-street parking, and some garages are present across select buildings.
The owner pays heat and hot water in several of the buildings, helping define the operating structure for those units within the portfolio.
Additional building-by-building details are not provided in the offering information, but the portfolio is structured as a unified acquisition for investors or buyers seeking a multi-building multifamily asset set.
The owner pays heat and hot water in several of the buildings, helping define the operating structure for those units within the portfolio.
Additional building-by-building details are not provided in the offering information, but the portfolio is structured as a unified acquisition for investors or buyers seeking a multi-building multifamily asset set.
Key Highlights
- 93‑unit multifamily portfolio sold as a package (cannot be split), including 11 buildings plus 1 vacant lot
- Some properties include off‑street parking and some garages
- Owner pays heat/hot water in several buildings
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
$671,400
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
8.95%
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%
$13,428,000
$13.4M
Cap Rate 7%
$9,591,429
$9.6M
Cap Rate 9%
$7,460,000
$7.5M
Market Conditions
NOI Build-Up for 65,728 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
$1.30M $19.80/SF
− Vacancy
−$80.7K −$1.23/SF
EGI
$1.22M $18.57/SF
− OpEx
−$549.3K −$8.36/SF
NOI
$671.4K $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%
$13,428,000
Cap Rate 7%
$9,591,429
Cap Rate 9%
$7,460,000
Alternative Uses
Best Use
Apartment 5plus
$9.59M
$8.39M – $11.19M
NOI $671,400 @ 7.0% cap · market cap 8.95%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$17.34M
$15.17M – $20.23M
NOI $1,213,865 @ 7.0% cap · market cap 16.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
93
Residential units
Location Intelligence
Trade Area within ½ mile
1,125
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Portfolio includes 11 multifamily buildings plus one vacant lot, with off-street parking and some garages across select properties.
Where is this apartment building located?
The property is located at 264 South Allen Street Albany, NY.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: 93‑unit multifamily portfolio sold as a package (cannot be split), including 11 buildings plus 1 vacant lot; Some properties include off‑street parking and some garages; Owner pays heat/hot water in several buildings
