Three-Unit Residential Income
For Sale
$329,000
282 Manning Boulevard, Albany, NY 12206
Triplex with two 1-bedroom units and one 2-bedroom unit, with one unit scheduled to be vacant by month’s end.
Property Size1,766 SF
Price / SF$186.30
Days on Market326
Property Features for 282 Manning Boulevard
General Information
Standard status
Active
Size
1,766 SF
Property subtype
Multi Family / Triplex
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$5,106
Amenities
Asphalt
Radiant, Natural Gas, Yes
Full
Vinyl Siding
Yes
Back Yard
Building Details
Year Built
1930
Listing Agency:
New Scotland Realty
Listed By:
Samantha M Curry · License #10491209794
(603) 209-1976
Source:
Compass
Added: Oct 15, 2025
Changed: Aug 8
Last Checked: Jul 22 at 6:41AM
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 New Scotland Realty
Investment Insights
Based on property information with market context.
This three-unit residential income property offers a straightforward mix of layouts, including two 1-bedroom units and one 2-bedroom unit. According to the seller, one unit will be vacant by month’s end, creating flexibility for an owner-occupant or an investor planning in-place leasing.
The property is located at 282 Manning Boulevard in Albany, NY 12206, with a noted walkable setting near Pepper Jack's Café and shops along Central Ave, plus access to local amenities.
The listing is also back on market due to buyer financing.
The property is located at 282 Manning Boulevard in Albany, NY 12206, with a noted walkable setting near Pepper Jack's Café and shops along Central Ave, plus access to local amenities.
The listing is also back on market due to buyer financing.
Key Highlights
- Triplex with two 1‑bedroom units and one 2‑bedroom unit
- One unit scheduled to be vacant by month’s end
- Full basement and finished attic
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
$20,112
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
6.11%
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%
$402,240
$402.2K
Cap Rate 7%
$287,314
$287.3K
Cap Rate 9%
$223,467
$223.5K
Market Conditions
NOI Build-Up for 1,766 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
$30.7K $17.40/SF
− Vacancy
−$2.0K −$1.13/SF
EGI
$28.7K $16.27/SF
− OpEx
−$8.6K −$4.88/SF
NOI
$20.1K $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 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%
$402,240
Cap Rate 7%
$287,314
Cap Rate 9%
$223,467
Alternative Uses
Best Use
Multifamily LT 5
$287.3K
$251.4K – $335.2K
NOI $20,112 @ 7.0% cap · market cap 6.11%
Second Best
Apartment 5plus
$257.7K
$225.5K – $300.7K
NOI $18,039 @ 7.0% cap · market cap 5.48%
Theoretical Best
Office A
$465.9K
$407.7K – $543.6K
NOI $32,614 @ 7.0% cap · market cap 9.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,137
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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?
Triplex - Triplex with two 1-bedroom units and one 2-bedroom unit, with one unit scheduled to be vacant by month’s end.
Where is this triplex located?
The property is located at 282 Manning Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Triplex with two 1‑bedroom units and one 2‑bedroom unit; One unit scheduled to be vacant by month’s end; Full basement and finished attic
