4-Unit Quadplex with Rear
For Sale
$369,900
290 Morton Avenue, Albany, NY 12209
Albany property includes shared laundry, original woodwork, and two apartments expected to be vacant at closing.
Property Size2,020 SF
Price / SF$183.12
Days on Market146
Property Features for 290 Morton Avenue
General Information
Standard status
Active
Size
2,020 SF
Property subtype
Multi Family / Quadruplex
Taxes and HOA fees
Annual Taxes
$5,107
Amenities
Window Unit(s), Yes
Baseboard, Hot Water, Yes
Apartment, Finished, Full, Heated, Walk-Out Access
Tile, Carpet, Hardwood
Yes
1
Solid Surface Counters, High Speed Internet, Built-in Features, Cathedral Ceiling(s), Ceramic Tile Bath, Crown Molding
Dining Room
Vinyl Siding
Common Area
Garden
Smoke Detector(s), Carbon Monoxide Detector(s)
Deck
Building Details
Year Built
1921
Listing Agency:
Clancy Real Estate
(518) 461-9937
Listed By:
Kevin Clancy · License #35CL0831623
(518) 461-9937
Source:
Compass
Added: Apr 8
Changed: Aug 29
Last Checked: Aug 29 at 2:34PM
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 Clancy Real Estate
Investment Insights
Based on property information with market context.
This 2,020-square-foot quadplex contains four apartments and combines original architectural detailing with selected interior updates. Woodwork, crown molding, hardwood flooring, ceramic tile baths, built-in features, and solid-surface counters contribute to the building’s character. A shared coin-operated laundry area serves residents, while heating includes baseboard and hot-water systems. One apartment also offers a finished, heated basement with walk-out access.
The property is located at 290 Morton Avenue in Albany, within walking distance of local parks and convenient to medical students. Exterior features include a rear deck, garden area, vinyl siding, and smoke and carbon monoxide detectors. Two apartments are expected to be delivered vacant at closing. Off-street parking may also be possible, subject to confirmation and site conditions.
The property is located at 290 Morton Avenue in Albany, within walking distance of local parks and convenient to medical students. Exterior features include a rear deck, garden area, vinyl siding, and smoke and carbon monoxide detectors. Two apartments are expected to be delivered vacant at closing. Off-street parking may also be possible, subject to confirmation and site conditions.
Key Highlights
- Four‑apartment property with 2,020 square feet of building area
- Original woodwork, crown molding, built‑in features, and hardwood flooring
- Two apartments expected to be delivered vacant at closing
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
$23,004
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
6.22%
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%
$460,080
$460.1K
Cap Rate 7%
$328,629
$328.6K
Cap Rate 9%
$255,600
$255.6K
Market Conditions
NOI Build-Up for 2,020 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
$35.1K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$32.9K $16.27/SF
− OpEx
−$9.9K −$4.88/SF
NOI
$23.0K $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%
$460,080
Cap Rate 7%
$328,629
Cap Rate 9%
$255,600
Alternative Uses
Best Use
Multifamily LT 5
$328.6K
$287.6K – $383.4K
NOI $23,004 @ 7.0% cap · market cap 6.22%
Second Best
Apartment 5plus
$294.8K
$257.9K – $343.9K
NOI $20,634 @ 7.0% cap · market cap 5.58%
Theoretical Best
Office A
$532.9K
$466.3K – $621.8K
NOI $37,305 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Albany property includes shared laundry, original woodwork, and two apartments expected to be vacant at closing.
Where is this quadplex located?
The property is located at 290 Morton Avenue Albany, NY.
What is the asking price?
The asking price for this property is $369,900.
What are key features of this property?
This property features: Four‑apartment property with 2,020 square feet of building area; Original woodwork, crown molding, built‑in features, and hardwood flooring; Two apartments expected to be delivered vacant at closing
