Four-Unit Quadplex with
For Sale
$499,000
272 Morton Avenue, Albany, NY 12209
MultiFamily, Albany, NY
Property Size3,630 SF
Lot Size0.09 Acres
Price / SF$137.47
Days on Market157
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 1, Bathroom 2, Bedroom 6, Bathroom 3, Bedroom 4, Bedroom 2, Laundry Room, Bedroom 3, Bedroom 5, Bedroom 7, Bathroom 4, Bathroom 1
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
Natural Gas, Baseboard, Hot Water(Heating)
Water source
Public
Amenities
coin-operated laundry
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
Listed By:
Melissa W Woodcock · License #10491205899
(518) 369-8441
Added: Apr 28
Changed: Sep 12
Last Checked: Oct 1 at 4:06PM
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 1920-built quadplex contains four units within 3,630 square feet. Three apartments feature renovated kitchens with granite countertops, while interior finishes include hardwood, vinyl, linoleum, and ceramic tile. The building is equipped with three high-efficiency natural gas condensing boilers, newer hot water tanks, and two coin-operated washer-and-dryer sets.
Exterior improvements include a newer asphalt roof, gutters, sidewalk, aluminum siding, and a detached three-car garage. The property also includes a porch, public water, and public sewer. Located on Morton Avenue in Albany, the building sits across from Lincoln Park and includes garage space that can provide additional storage or rental use.
Exterior improvements include a newer asphalt roof, gutters, sidewalk, aluminum siding, and a detached three-car garage. The property also includes a porch, public water, and public sewer. Located on Morton Avenue in Albany, the building sits across from Lincoln Park and includes garage space that can provide additional storage or rental use.
Key Highlights
- Four‑unit multifamily property with 3,630 square feet
- 3 high‑efficiency natural gas condensing boilers
- 3 units with updated kitchens featuring granite countertops
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
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Open Analytics
Current Use
Lease Details
4
Residential units
Yes
Paved road access
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
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?
Quadplex - Updated kitchens, laundry equipment, and public utilities support a practical multifamily configuration.
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: Four‑unit multifamily property with 3,630 square feet; 3 high‑efficiency natural gas condensing boilers; 3 units with updated kitchens featuring granite countertops
