Three-Story Apartment
For Sale
$1,075,000
29 2nd Street, Albany, NY 12210
Three-story brownstone with 19 rental units plus parking and a three-car garage.
Property Size6,600 SF
Price / SF$162.88
Days on Market88
Property Features for 29 2nd Street
General Information
Standard status
Active
Size
6,600 SF
Total Parking Spaces
3
Property subtype
Multi Family / Multi Family
Additional Details
Cap Rate
11%
Multifamily Units
19
Building Details
Year Built
1913
Stories
3
Tenancy
Multi
Listing Agency:
Tier One Real Estate Pros LLC
(518) 698-6321
Listed By:
Stephen M McCormick · License #10491214014
(518) 698-6321
Source:
Compass
Added: May 5
Changed: Jul 10
Last Checked: Jul 30 at 1:38PM
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 Tier One Real Estate Pros LLC
Investment Insights
Based on property information with market context.
This three-story brownstone apartment building contains 19 rental units, with a mix of apartments and room rentals. The property also includes a small parking lot and a three-car garage, supporting both tenant parking needs and flexible access for residents or occupants.
The building is offered for sale at 29 2nd Street in Albany, New York. The listing includes the site configuration of a downtown-style structure paired with on-site parking and garage space.
For investors and operators looking for a multi-unit residential income property, the 19-unit layout and combined parking/garage improvements provide a practical base for managing a portfolio of unit and room rental spaces within one building. Prospective buyers should review the current unit mix, operating structure, and lease terms to confirm how the apartments and room rentals align with their business plan.
The building is offered for sale at 29 2nd Street in Albany, New York. The listing includes the site configuration of a downtown-style structure paired with on-site parking and garage space.
For investors and operators looking for a multi-unit residential income property, the 19-unit layout and combined parking/garage improvements provide a practical base for managing a portfolio of unit and room rental spaces within one building. Prospective buyers should review the current unit mix, operating structure, and lease terms to confirm how the apartments and room rentals align with their business plan.
Key Highlights
- 3‑story brownstone built in 1913
- 19 rental units with a mix of apartments and room rentals
- Includes a small parking lot
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $130.7k | $19.80 |
| − Vacancy | −$8.1k | −$1.23 |
| EGI | $122.6k | $18.57 |
| − OpEx | −$55.2k | −$8.36 |
| NOI | $67.4k | $10.21 |
6,600 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$963.1K
$842.7K – $1.12M
NOI $67,418 @ 7.0% cap · market cap 6.27%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.74M
$1.52M – $2.03M
NOI $121,889 @ 7.0% cap · market cap 11.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
19
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
70
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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?
Apartment building - Three-story brownstone with 19 rental units plus parking and a three-car garage.
Where is this apartment building located?
The property is located at 29 2nd Street Albany, NY.
What is the asking price?
The asking price for this property is $1,075,000.
What are key features of this property?
This property features: 3‑story brownstone built in 1913; 19 rental units with a mix of apartments and room rentals; Includes a small parking lot
