Albany 3-Unit Residential
For Sale
$739,900
29 Dove Street, Albany, NY 12210
Three-unit residence featuring original woodwork, high ceilings, and abundant natural light throughout.
Property Size3,193 SF
Price / SF$231.73
Days on Market291
Property Features for 29 Dove Street
General Information
Standard status
Active
Size
3,193 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Building Details
Year Built
1880
Tenancy
Multi
Listing Agency:
Lincoln House Realty
Listed By:
John Alund
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Nov 27, 2025
Changed: Sep 13
Last Checked: Sep 14 at 8:27AM
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 Lincoln House Realty
Investment Insights
Based on property information with market context.
29 Dove Street offers a classic Albany three-unit residential income property with an arrangement of comfortable, flexible living spaces. The home includes original architectural features such as high ceilings and original woodwork, along with abundant natural light across the interiors.
The property is described as being within walkable reach of downtown restaurants, parks, and the Capitol area, supporting convenient access to nearby amenities.
Interested parties should note that the description highlights the preserved interior character while allowing room to personalize the spaces. This is a straightforward opportunity to own a multi-unit residential building in Albany.
The property is described as being within walkable reach of downtown restaurants, parks, and the Capitol area, supporting convenient access to nearby amenities.
Interested parties should note that the description highlights the preserved interior character while allowing room to personalize the spaces. This is a straightforward opportunity to own a multi-unit residential building in Albany.
Key Highlights
- 3‑unit residence built in 1880 with classic Albany architectural details
- Original woodwork and high ceilings throughout the home
- Abundant natural light and generously sized rooms across the layout
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
$32,616
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
4.41%
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%
$652,320
$652.3K
Cap Rate 7%
$465,943
$465.9K
Cap Rate 9%
$362,400
$362.4K
Market Conditions
NOI Build-Up for 3,193 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 $19.80/SF
− Vacancy
−$3.9K −$1.23/SF
EGI
$59.3K $18.57/SF
− OpEx
−$26.7K −$8.36/SF
NOI
$32.6K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$652,320
Cap Rate 7%
$465,943
Cap Rate 9%
$362,400
Alternative Uses
Best Use
Apartment 5plus
$465.9K
$407.7K – $543.6K
NOI $32,616 @ 7.0% cap · market cap 4.41%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$842.4K
$737.1K – $982.8K
NOI $58,968 @ 7.0% cap · market cap 7.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
4,237
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Multifamily property - Three-unit residence featuring original woodwork, high ceilings, and abundant natural light throughout.
Where is this multifamily property located?
The property is located at 29 Dove Street Albany, NY.
What is the asking price?
The asking price for this property is $739,900.
What are key features of this property?
This property features: 3‑unit residence built in 1880 with classic Albany architectural details; Original woodwork and high ceilings throughout the home; Abundant natural light and generously sized rooms across the layout
