Renovated 3-Unit
New
For Sale
$469,000
274 Morton Ave, Albany, NY 12209
The vacant second-floor apartment offers flexibility for occupancy or future leasing.
Property Size3,699 SF
Price / SF$126.79
Days on Market3
Property Features for 274 Morton Ave
General Information
Standard status
Active
Size
3,699 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 3BR/1BA
Multifamily Units
3
Additional Details
Tenant in Place
Yes
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Coldwell Banker Prime Properties
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Oct 30
Changed: Nov 1
Last Checked: Nov 1 at 4:59AM
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 Coldwell Banker Prime Properties
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Investment Insights
Based on property information with market context.
Built in 1925, this 3,699-square-foot triplex contains three apartments, each with three bedrooms and one bathroom. All three units were renovated within the past 2–3 years. The first- and third-floor apartments are rented, while the second-floor unit is vacant.
The property is at 274 Morton Ave in Albany, near Lincoln Park and approximately one mile from Albany Medical Center. Albany College of Pharmacy, Albany Law School, Sage College, downtown Albany, Empire State Plaza and I-787 are also nearby. The property is on the CDTA bus line and has a Walk Score of 78.
The property is at 274 Morton Ave in Albany, near Lincoln Park and approximately one mile from Albany Medical Center. Albany College of Pharmacy, Albany Law School, Sage College, downtown Albany, Empire State Plaza and I-787 are also nearby. The property is on the CDTA bus line and has a Walk Score of 78.
Key Highlights
- Three apartments, each with 3 bedrooms and 1 bathroom
- 3,699 square feet; built in 1925
- All three units renovated within the past 2–3 years
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$42,125
Cap Rate
8.98%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$842,500
$842.5K
Cap Rate 7%
$601,786
$601.8K
Cap Rate 9%
$468,056
$468.1K
Market Conditions
NOI Build-Up for 3,699 SF
Gross rent
$64.4K $17.40/SF
− Vacancy
−$4.2K −$1.13/SF
EGI
$60.2K $16.27/SF
− OpEx
−$18.1K −$4.88/SF
NOI
$42.1K $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%
$842,500
Cap Rate 7%
$601,786
Cap Rate 9%
$468,056
Alternative Uses
Best Use
Multifamily LT 5
$601.8K
$526.6K – $702.1K
NOI $42,125 @ 7.0% cap · market cap 8.98%
Second Best
Apartment 5plus
$539.8K
$472.3K – $629.8K
NOI $37,785 @ 7.0% cap · market cap 8.06%
Theoretical Best
Office A
$975.9K
$853.9K – $1.14M
NOI $68,313 @ 7.0% cap · market cap 14.57%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Lease Details
3
Residential units
Yes
Highway 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
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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?
Triplex - The vacant second-floor apartment offers flexibility for occupancy or future leasing.
Where is this triplex located?
The property is located at 274 Morton Ave Albany, NY.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Three apartments, each with 3 bedrooms and 1 bathroom; 3,699 square feet; built in 1925; All three units renovated within the past 2–3 years
