41-Unit Loft-Style Apartment
New
For Sale
$6,500,000
31 Ontario Street, Cohoes, NY 12047
Renovated residences offer exposed brick, hardwood floors, modern kitchens, and in-unit laundry hookups.
Property Size48,550 SF
Price / SF$133.88
Days on Market3
Property Features for 31 Ontario Street
General Information
Standard status
Active
Size
48,550 SF
Elevators
Yes
Property subtype
Multi-Unit
Occupancy
76%
Additional Details
Multifamily Units
41
Building Details
Building Size
48,550 SF
Stories
3
Listing Agency:
Albany Office
(518) 489-9199
Listed By:
Jeffrey Martino · License #10301218917
(518) 489-9199
Source:
Pyramidbrokerage
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 4:28PM
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 Albany Office
Investment Insights
Based on property information with market context.
This 48,550-square-foot multifamily property comprises 41 apartments within a renovated historic mill conversion. The three-story, elevator-served building offers loft-style one-, two-, and three-bedroom layouts with exposed brick, hardwood flooring, granite countertops, stainless steel appliances, and hookups for in-unit laundry. The property is currently 75.6% occupied, with 10 vacant units.
The asset is located at 31 Ontario Street in Cohoes, New York, on Van Schaick Island. The offering also includes a separate 0.37-acre parcel at 43 Ontario Street, providing additional parking and potential for future development as described in the property information.
The asset is located at 31 Ontario Street in Cohoes, New York, on Van Schaick Island. The offering also includes a separate 0.37-acre parcel at 43 Ontario Street, providing additional parking and potential for future development as described in the property information.
Key Highlights
- 41‑unit multifamily property totaling 48,550 square feet
- Renovated historic mill conversion with three elevator‑served stories
- Loft‑style one-, two-, and three‑bedroom apartments
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
$518,584
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
7.98%
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%
$10,371,680
$10.4M
Cap Rate 7%
$7,408,343
$7.4M
Cap Rate 9%
$5,762,044
$5.8M
Market Conditions
NOI Build-Up for 48,550 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
$990.4K $20.40/SF
− Vacancy
−$47.5K −$0.98/SF
EGI
$942.9K $19.42/SF
− OpEx
−$424.3K −$8.74/SF
NOI
$518.6K $10.68/SF
Area
Albany County, NY
Vacancy
4.80%
Lease Rate
$20.40 /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%
$10,371,680
Cap Rate 7%
$7,408,343
Cap Rate 9%
$5,762,044
Alternative Uses
Best Use
Apartment 5plus
$7.41M
$6.48M – $8.64M
NOI $518,584 @ 7.0% cap · market cap 7.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$15.15M
$13.26M – $17.67M
NOI $1,060,481 @ 7.0% cap · market cap 16.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
41
Residential units
75.6%
Occupancy
Location Intelligence
Trade Area within ½ mile
438
Businesses Nearby
Explore this area
Business Placement
Demographics for 12047, NY
23,347
Population
10,963
Households
2.1
Avg Household Size
40
Median Age
33%
College-Educated
91%
High-School Grad
8.8 sq mi
ZIP Area
2,653
Density / Sq Mi
$66,970
Median Household Income
$46,476
Median Earnings
$1,213
Median Rent
$237,200
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 - Renovated residences offer exposed brick, hardwood floors, modern kitchens, and in-unit laundry hookups.
Where is this apartment building located?
The property is located at 31 Ontario Street Cohoes, NY.
What is the asking price?
The asking price for this property is $6,500,000.
What are key features of this property?
This property features: 41‑unit multifamily property totaling 48,550 square feet; Renovated historic mill conversion with three elevator‑served stories; Loft‑style one-, two-, and three‑bedroom apartments
