Well-Maintained 4-Unit Residential
For Sale
$499,000
272 Morton Avenue, Albany, NY 12209
Four updated units with recent roof, boilers, tenant laundry, granite kitchens, and a detached 3-car garage.
Property Size3,630 SF
Price / SF$137.47
Days on Market199
Property Features for 272 Morton Avenue
General Information
Standard status
Active
Size
3,630 SF
Total Parking Spaces
3
Property subtype
Multi-family
Additional Details
Multifamily Units
4
Amenities
coin-operated washers and dryers
detached garage
updated kitchens with granite
Building Details
Year Built
1920
Tenancy
Multi
Listing Agency:
Staged Nest Real Estate LLC
Listed By:
Melissa W Woodcock · License #10491205899
(518) 369-8441
Source:
Signatureonerealtygroup
Added: Apr 15
Changed: Oct 29
Last Checked: Oct 28 at 9:04AM
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 Staged Nest Real Estate LLC
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Investment Insights
Based on property information with market context.
Well-maintained 4-unit investment property offering multiple upgrades and updated interiors. Recent improvements include three high-efficiency natural gas condensing boilers, a newer roof, gutters, sidewalk, and hot water tanks. Tenant convenience is supported by two coin-operated washers and dryers. Inside the units, three of the apartments feature updated kitchens with granite countertops.
The property includes a 3-car detached garage for additional storage or potential income. Located on Morton Avenue, it sits across from Lincoln Park.
Overall, this is a solid 4-unit building with meaningful capital improvements and a garage on site.
The property includes a 3-car detached garage for additional storage or potential income. Located on Morton Avenue, it sits across from Lincoln Park.
Overall, this is a solid 4-unit building with meaningful capital improvements and a garage on site.
Key Highlights
- 1920‑built 4‑unit investment property on Morton Avenue
- Recent upgrades include 3 high‑efficiency natural gas condensing boilers and a newer roof
- Tenant laundry: 2 coin‑operated washer/dryer units on‑site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$41,340
Cap Rate
8.28%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$826,800
$826.8K
Cap Rate 7%
$590,571
$590.6K
Cap Rate 9%
$459,333
$459.3K
Market Conditions
NOI Build-Up for 3,630 SF
Gross rent
$63.2K $17.40/SF
− Vacancy
−$4.1K −$1.13/SF
EGI
$59.1K $16.27/SF
− OpEx
−$17.7K −$4.88/SF
NOI
$41.3K $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%
$826,800
Cap Rate 7%
$590,571
Cap Rate 9%
$459,333
Alternative Uses
Best Use
Multifamily LT 5
$590.6K
$516.8K – $689.0K
NOI $41,340 @ 7.0% cap · market cap 8.28%
Second Best
Apartment 5plus
$529.7K
$463.5K – $618.0K
NOI $37,080 @ 7.0% cap · market cap 7.43%
Theoretical Best
Office A
$957.7K
$838.0K – $1.12M
NOI $67,039 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,274
Businesses Nearby
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Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Quadplex - Four updated units with recent roof, boilers, tenant laundry, granite kitchens, and a detached 3-car garage.
Where is this quadplex located?
The property is located at 272 Morton Avenue Albany, NY.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 1920‑built 4‑unit investment property on Morton Avenue; Recent upgrades include 3 high‑efficiency natural gas condensing boilers and a newer roof; Tenant laundry: 2 coin‑operated washer/dryer units on‑site
