Updated Six-Unit Apartment
New
For Sale
$795,000
299 Quail Street, Albany, NY 12208
Multifamily property with renewed plumbing and electrical systems in Albany’s Pine Hills neighborhood.
Property Size3,392 SF
Price / SF$234.38
Days on Market3
Property Features for 299 Quail Street
General Information
Standard status
Active
Size
3,392 SF
Property subtype
Multi-Family
Additional Details
Gross Income
$74,950
Public Transit
Yes
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$14,626
Building Details
Year Built
1900
Listing Agency:
Howard Hanna Capital Inc
(518) 258-7595
Listed By:
Mariana DeLuca
(518) 258-7595
Source:
Capmarkrealty
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 28 at 7:38AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This six-unit apartment building contains 3,392 SF and includes updated units with new plumbing and electrical systems. The property is located in Albany’s Pine Hills neighborhood, with access to restaurants, shopping, public transportation, colleges, and downtown Albany.
The building may also be purchased as part of a package with 77 S. Allen, a 3-unit property, and 328 Western Ave, a 10-unit property. Together, the listed properties offer multiple multifamily assets across Albany.
The building may also be purchased as part of a package with 77 S. Allen, a 3-unit property, and 328 Western Ave, a 10-unit property. Together, the listed properties offer multiple multifamily assets across Albany.
Key Highlights
- Six‑unit apartment building with 3,392 SF
- Updated units with all new plumbing and electrical
- Located in Albany’s Pine Hills neighborhood
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
$34,649
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
4.36%
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%
$692,980
$693.0K
Cap Rate 7%
$494,986
$495.0K
Cap Rate 9%
$384,989
$385.0K
Market Conditions
NOI Build-Up for 3,392 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
$67.2K $19.80/SF
− Vacancy
−$4.2K −$1.23/SF
EGI
$63.0K $18.57/SF
− OpEx
−$28.3K −$8.36/SF
NOI
$34.6K $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%
$692,980
Cap Rate 7%
$494,986
Cap Rate 9%
$384,989
Alternative Uses
Best Use
Apartment 5plus
$495.0K
$433.1K – $577.5K
NOI $34,649 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$894.9K
$783.0K – $1.04M
NOI $62,643 @ 7.0% cap · market cap 7.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,835
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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?
Apartment building - Multifamily property with renewed plumbing and electrical systems in Albany’s Pine Hills neighborhood.
Where is this apartment building located?
The property is located at 299 Quail Street Albany, NY.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Six‑unit apartment building with 3,392 SF; Updated units with all new plumbing and electrical; Located in Albany’s Pine Hills neighborhood
