Updated Triplex with Flexible
For Sale
$375,000
292 Catherine Street, Albany, NY 12209
Vacant three-unit property with refreshed interiors, varied bath configurations, and substantial on-site parking.
Property Size3,200 SF
Price / SF$117.19
Days on Market363
Property Features for 292 Catherine Street
General Information
Standard status
Active
Size
3,200 SF
Total Parking Spaces
16
Property subtype
Multi Family / Triplex
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 3BR/2BA, 2 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,447
Amenities
Rubber
None, No
Baseboard, Steam, Natural Gas, Yes
Apartment, Exterior Entry, Finished, Full, Interior Entry
Vinyl, Laminate, Linoleum
High Speed Internet, Built-in Features
Brick, Vinyl Siding, Wood Siding
Yes
Electric Dryer Hookup, In Basement, Laundry Room, Washer Hookup, Other
Smoke Detector(s), Carbon Monoxide Detector(s)
Deck
Building Details
Year Built
1925
Buildings
1
Listing Agency:
Julie & Co Realty, LLC
(518) 937-1970
Listed By:
Alex Cooley · License #30177
(518) 937-1970
Source:
Compass
Added: Sep 3, 2025
Changed: Aug 30
Last Checked: Aug 30 at 10:31PM
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 Julie & Co Realty, LLC
Investment Insights
Based on property information with market context.
This 3,200-square-foot triplex contains three vacant three-bedroom apartments. One unit includes two full bathrooms, while the other two each have one full bathroom. Interior improvements include newer flooring and some newer windows, and the roof is less than 10 years old. The property also offers baseboard and steam heating with natural gas, exterior and interior entry points, decks, and basement laundry hookups.
A parking lot provides space for up to 16 vehicles. The sale includes the vacant lot at 4 Avondale, identified as parcel 76.54-3-36. The property is near Albany Medical Center, St. Peter's Hospital, bus lines, schools, shopping, dining, downtown Albany, and access to I-787 and I-90. Built in 1925, the building combines a three-unit configuration with a range of recent updates and support features.
A parking lot provides space for up to 16 vehicles. The sale includes the vacant lot at 4 Avondale, identified as parcel 76.54-3-36. The property is near Albany Medical Center, St. Peter's Hospital, bus lines, schools, shopping, dining, downtown Albany, and access to I-787 and I-90. Built in 1925, the building combines a three-unit configuration with a range of recent updates and support features.
Key Highlights
- Three vacant 3‑bedroom apartments in a triplex configuration
- 3,200 square feet with one 2‑bath unit and two 1‑bath units
- Roof is less than 10 years old; newer flooring and some newer windows
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
$32,687
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
8.72%
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%
$653,740
$653.7K
Cap Rate 7%
$466,957
$467.0K
Cap Rate 9%
$363,189
$363.2K
Market Conditions
NOI Build-Up for 3,200 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
$63.4K $19.80/SF
− Vacancy
−$3.9K −$1.23/SF
EGI
$59.4K $18.57/SF
− OpEx
−$26.7K −$8.36/SF
NOI
$32.7K $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%
$653,740
Cap Rate 7%
$466,957
Cap Rate 9%
$363,189
Alternative Uses
Best Use
Multifamily LT 5
$520.6K
$455.5K – $607.4K
NOI $36,443 @ 7.0% cap · market cap 9.72%
Second Best
Apartment 5plus
$467.0K
$408.6K – $544.8K
NOI $32,687 @ 7.0% cap · market cap 8.72%
Theoretical Best
Office A
$844.3K
$738.7K – $985.0K
NOI $59,098 @ 7.0% cap · market cap 15.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Vacant three-unit property with refreshed interiors, varied bath configurations, and substantial on-site parking.
Where is this triplex located?
The property is located at 292 Catherine Street Albany, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three vacant 3‑bedroom apartments in a triplex configuration; 3,200 square feet with one 2‑bath unit and two 1‑bath units; Roof is less than 10 years old; newer flooring and some newer windows
