Updated 6-Unit Apartment
New
For Sale
$795,000
299 Quail Street, Albany, NY 12208
MULTI_FAMILY - Other - Albany, NY
Property Size3,392 SF
Lot Size0.09 Acres
Price / SF$234.38
Days on Market2
Property Features for 299 Quail Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
9
Bathrooms
6
Full bathrooms
6
Rooms
Bathroom 3, Bedroom 7, Bedroom 4, Bedroom 5, Bedroom 9, Bedroom 1, Bathroom 1, Bathroom 6, Bedroom 6, Bathroom 4, Bedroom 8, Bathroom 5, Bedroom 2, Bathroom 2, Bedroom 3
Interior features
Solid Surface Counters
Basement
Full
Subdivision
Pine Hills
Lot features
Corner Lot
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Madison Ave to Quail Street
Standard status
Active
APN
010100 65.69-3-65
Size
3,392 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
14626
Utilities
Sewer type
Public Sewer
Heating system
Ductless (Heating), Natural Gas
Cooling system
Ductless
Water source
Public
Building Details
Year built
1900
Number of units
6
Building materials
Vinyl Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Mariana DeLuca · License #10301219166
(518) 258-7595
Added: Aug 19
Last Checked: Aug 20 at 10:06AM
MLS# 202624324
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 299 Quail Street in Albany’s Pine Hills neighborhood, this 6-unit apartment property contains 3,392 square feet on a 0.09-acre parcel. The building dates to 1900 and includes updated units, new plumbing and electrical systems, solid-surface countertops, vinyl siding, and an asphalt roof.
Heating and cooling are provided through ductless systems, with natural gas serving the heating system. Public water and public sewer support the property. Restaurants, shopping, public transportation, colleges, and downtown Albany are identified as nearby destinations. The property may also be sold together with 77 S. Allen, which has 3 units, and 328 Western Ave, which has 10 units.
Heating and cooling are provided through ductless systems, with natural gas serving the heating system. Public water and public sewer support the property. Restaurants, shopping, public transportation, colleges, and downtown Albany are identified as nearby destinations. The property may also be sold together with 77 S. Allen, which has 3 units, and 328 Western Ave, which has 10 units.
Key Highlights
- 6‑unit apartment building in Albany’s Pine Hills neighborhood
- 3,392 square feet on a 0.09‑acre parcel
- Updated units with new plumbing and electrical systems
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 refreshed units, upgraded building systems, and public water and sewer service.
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: 6‑unit apartment building in Albany’s Pine Hills neighborhood; 3,392 square feet on a 0.09‑acre parcel; Updated units with new plumbing and electrical systems
