Triplex with Updated
321 Washington Avenue Albany, NY 12206
321 Washington Avenue, Albany, NY, 12206
$349,000
For Sale
$349,000
Fully occupied triplex with one-bed units, updated bathrooms, and direct backyard access, plus separate utilities.
Property Size2,376 SF
Price / SF$146.89
Days on Market99
Property Features for 321 Washington Avenue
General Information
- Standard status
- Active
- Size
- 2,376 SF
- Property subtype
- Multi Family / Triplex
Building Details
- Year Built
- 1890
Listing agency
KW Platform
(518) 512-7784
Listed by
Jenn L Baniak-Hollands · License #10301218622
(518) 512-7784
Source
Compass
Added: Apr 15 Updated: Jul 21 at 4:22PM Checked: Jul 21 at 4:22PM
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 KW Platform
Investment Insights
Based on property information with market context.
This for-sale triplex features all one-bedroom units in top condition, with period details including hardwood floors, original woodwork, and a focal point mantlepiece in the living room. Each unit has a spacious eat-in kitchen and a bedroom sized to fit a queen bed. Bathrooms are totally updated with new vanities and tub/shower units, and every apartment provides direct access to the backyard. The property is currently fully occupied, with Unit 1 scheduled to be available starting June 1. The roof is about 6 years old, and the exterior offers easy-care brick and vinyl siding. Separate utilities are in place.
The building is located near Albany’s hospitals, Empire Plaza, Washington Park, and the retail and dining in Center Square. Convenient access is noted to I-90 and I-787.
Showings have limited availability Mondays, Wednesdays, and Fridays from 3–7pm, and Sundays from 11am–3pm, with 24 hours’ notice required.
The building is located near Albany’s hospitals, Empire Plaza, Washington Park, and the retail and dining in Center Square. Convenient access is noted to I-90 and I-787.
Showings have limited availability Mondays, Wednesdays, and Fridays from 3–7pm, and Sundays from 11am–3pm, with 24 hours’ notice required.
Key Highlights
- Triplex with one‑bedroom units and current full occupancy
- Generates over $38,000 in annual income; Unit 1 available from June 1st with 24‑hour notice required
- Updated bathrooms with new vanities and tub/shower units
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.3k | $17.40 |
| − Vacancy | −$2.7k | −$1.13 |
| EGI | $38.7k | $16.27 |
| − OpEx | −$11.6k | −$4.88 |
| NOI | $27.1k | $11.39 |
2,376 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$386.6K
$338.2K – $451.0K
NOI $27,059 @ 7.0% cap · market cap 7.75%
Second Best
Apartment 5plus
$346.7K
$303.4K – $404.5K
NOI $24,270 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$626.9K
$548.5K – $731.3K
NOI $43,880 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Triplexes
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FAQs
What type of property is this?
Triplex - Fully occupied triplex with one-bed units, updated bathrooms, and direct backyard access, plus separate utilities.
Where is this triplex located?
The property is located at 321 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Triplex with one‑bedroom units and current full occupancy; Generates over $38,000 in annual income; Unit 1 available from June 1st with 24‑hour notice required; Updated bathrooms with new vanities and tub/shower units
