Four-Unit Apartment Building with
For Sale
$499,000
272 Morton Avenue, Albany, NY 12209
MULTI_FAMILY - Albany, NY
Property Size3,630 SF
Lot Size0.09 Acres
Price / SF$137.47
Days on Market115
Property Features for 272 Morton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
7
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Laundry Room, Bathroom 3, Bedroom 7, Bedroom 2, Bedroom 1, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 6, Bedroom 5, Bedroom 4
Parking
3
Parking features
Garage
Patio and Porch features
Porch
Interior features
Solid Surface Counters, High Speed Internet, Ceramic Tile Bath, Crown Molding
Basement
Full
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Delaware Avenue to Morton Avenue, near corner of Oenida and Morton, Across from Lincoln Park
Standard status
Active
APN
010100 76.47-2-10
Size
3,630 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
9041
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Baseboard
Water source
Public
Building Details
Year built
1920
Number of units
4
Flooring type
Linoleum, Hardwood, Vinyl, Tile - Ceramic
Building materials
Aluminum Siding
Roof type
Asphalt
Listing Agency:
Staged Nest Real Estate LLC
(518) 369-8441
Listed By:
Melissa W Woodcock · License #10491205899
(518) 369-8441
Added: Apr 28
Changed: Jul 17
Last Checked: Aug 20 at 11:06AM
MLS# 202615912
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 well maintained four-unit investment property includes on-site laundry and a detached garage for added utility. The building has had recent upgrades to three high-efficiency natural gas condensing boilers and includes improvements such as a newer roof, gutters, sidewalk, and hot water tanks. Inside, three of the units feature updated kitchens with granite. Tenant convenience is supported by two coin-operated washers and dryers, providing an easy shared laundry setup for the building’s residents.
The property is located at 272 Morton Avenue in Albany, NY, on a compact lot. It is situated across from Lincoln Park, providing an open outlook from the street-facing side of the building. A detached three-car garage on the property offers practical storage space and possible flexibility for income-producing use, depending on how it is operated.
For investors and owner-operators seeking a manageable small multifamily asset, the combination of maintenance attention and mechanical and interior updates can help reduce near-term capex needs. The existing unit upgrades, shared coin-operated laundry, and dedicated garage configuration make the property functionally complete for tenants from day one, while still offering room for continued stewardship over time.
The property is located at 272 Morton Avenue in Albany, NY, on a compact lot. It is situated across from Lincoln Park, providing an open outlook from the street-facing side of the building. A detached three-car garage on the property offers practical storage space and possible flexibility for income-producing use, depending on how it is operated.
For investors and owner-operators seeking a manageable small multifamily asset, the combination of maintenance attention and mechanical and interior updates can help reduce near-term capex needs. The existing unit upgrades, shared coin-operated laundry, and dedicated garage configuration make the property functionally complete for tenants from day one, while still offering room for continued stewardship over time.
Key Highlights
- Well‑maintained 4‑unit investment property on Morton Avenue across from Lincoln Park
- Recent upgrades include 3 high‑efficiency natural gas condensing boilers and a newer roof, gutters, sidewalk, and hot water tanks
- 3 units have updated kitchens with granite and multiple interior finishes including solid surface counters and crown molding
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
$41,340
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
8.28%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,274
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Well maintained 4-unit building with updated mechanicals, coin-op laundry, and a 3-car detached 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: Well‑maintained 4‑unit investment property on Morton Avenue across from Lincoln Park; Recent upgrades include 3 high‑efficiency natural gas condensing boilers and a newer roof, gutters, sidewalk, and hot water tanks; 3 units have updated kitchens with granite and multiple interior finishes including solid surface counters and crown molding
