7-Unit Apartment
For Sale
$759,900
324 Hudson Avenue, Albany, NY 12210
Fully occupied property with hardwood flooring, coin-operated laundry, and a high-efficiency boiler.
Property Size4,940 SF
Price / SF$153.83
Days on Market384
Property Features for 324 Hudson Avenue
General Information
Standard status
Active
Size
4,940 SF
Property subtype
Multi Family / Multi Family
Occupancy
100%
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
6 x 1BR, 1 x studio
Multifamily Units
7
Additional Details
Cap Rate
8.62%
Sprinkler System
Yes
Taxes and HOA fees
Annual Taxes
$12,095
Amenities
hardwood floors
coin-operated laundry
high efficiency boiler
Rubber
None, No
Hot Water, Radiant, Natural Gas, Yes
Apartment, Exterior Entry, Partial
100 Amp Service, Circuit Breakers
Ceramic Tile, Hardwood
Built-in Features
Brick/Mortar, Concrete Perimeter
Stone
Yes
Wood, Chain Link
Other
Fire Sprinkler System, Smoke Detector(s), Carbon Monoxide Detector(s)
Deck, Front Porch
Building Details
Year Built
1866
Construction
stone
Tenancy
Multi
Listing Agency:
Crystal Coleman Realty LLC
(518) 951-0411
Listed By:
Melissa Hems · License #10401215159
(518) 951-0411
Source:
Compass
Added: Aug 13, 2025
Changed: Aug 29
Last Checked: Aug 31 at 12:48AM
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 Crystal Coleman Realty LLC
Investment Insights
Based on property information with market context.
This 4,940-square-foot apartment property contains seven occupied units, including six one-bedroom apartments and one studio. The stone structure dates to 1866 and includes hardwood and ceramic tile flooring, a coin-operated laundry area, radiant heat, and a high-efficiency natural gas boiler. The rubber roof was freshly sealed last year, and the property also has a fire sprinkler system, smoke and carbon monoxide detectors, a front porch, and a deck.
The property is located at 324 Hudson Avenue in Albany’s Center Square, near Lark Street, the New York State Capitol, Empire State Plaza, legislative offices, colleges, shopping centers, grocery stores, restaurants, coffee shops, antique shops, and Washington Park. Public transportation and major highways provide access throughout the area and beyond.
The property is located at 324 Hudson Avenue in Albany’s Center Square, near Lark Street, the New York State Capitol, Empire State Plaza, legislative offices, colleges, shopping centers, grocery stores, restaurants, coffee shops, antique shops, and Washington Park. Public transportation and major highways provide access throughout the area and beyond.
Key Highlights
- 8.62% cap rate with 7 occupied units
- 4,940 SF stone apartment property built in 1866
- Unit mix includes 6 one‑bedroom apartments and 1 studio
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
$50,461
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
6.64%
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%
$1,009,220
$1.0M
Cap Rate 7%
$720,871
$720.9K
Cap Rate 9%
$560,678
$560.7K
Market Conditions
NOI Build-Up for 4,940 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
$97.8K $19.80/SF
− Vacancy
−$6.1K −$1.23/SF
EGI
$91.7K $18.57/SF
− OpEx
−$41.3K −$8.36/SF
NOI
$50.5K $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%
$1,009,220
Cap Rate 7%
$720,871
Cap Rate 9%
$560,678
Alternative Uses
Best Use
Apartment 5plus
$720.9K
$630.8K – $841.0K
NOI $50,461 @ 7.0% cap · market cap 6.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.30M
$1.14M – $1.52M
NOI $91,232 @ 7.0% cap · market cap 12.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,281
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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 - Fully occupied property with hardwood flooring, coin-operated laundry, and a high-efficiency boiler.
Where is this apartment building located?
The property is located at 324 Hudson Avenue Albany, NY.
What is the asking price?
The asking price for this property is $759,900.
What are key features of this property?
This property features: 8.62% cap rate with 7 occupied units; 4,940 SF stone apartment property built in 1866; Unit mix includes 6 one‑bedroom apartments and 1 studio
