10-Unit Brick Apartment
New
For Sale
$1,499,900
328 Western Avenue, Albany, NY 12203
MULTI_FAMILY - Other - Albany, NY
Property Size6,020 SF
Lot Size0.09 Acres
Price / SF$249.15
Days on Market1
Property Features for 328 Western Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
10
Bathrooms
10
Full bathrooms
10
Rooms
Bedroom 5, Bathroom 3, Bedroom 6, Bathroom 6, Bathroom 1, Bedroom 7, Bedroom 2, Bedroom 4, Bathroom 9, Bathroom 5, Bedroom 1, Bedroom 10, Bathroom 8, Bedroom 8, Bedroom 9, Bathroom 10, Bathroom 2, Bathroom 7, Bedroom 3, Bathroom 4
Patio and Porch features
Porch
Basement
Finished, Full, Apartment
Subdivision
Pine Hills
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Across from College of St. Rose
Standard status
Active
APN
010100 65.61-2-6
Size
6,020 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
17414
Utilities
Sewer type
Public Sewer
Heating system
Radiant, Natural Gas
Water source
Public
Building Details
Year built
1900
Number of units
10
Building materials
Brick
Roof type
Rubber
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 19 at 2:06PM
MLS# 202624326
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 328 Western Avenue in Albany’s Pine Hills neighborhood, this 10-unit multifamily property contains 6,020 square feet on a 0.09-acre lot. The brick building dates to 1900 and includes 10 bedrooms and 10 bathrooms, along with a porch, rubber roofing, and radiant heating supplied by natural gas.
Public water and public sewer serve the property. Its Albany setting provides access to colleges, hospitals, restaurants, shopping, public transportation, and downtown Albany. The property may also be sold together with 77 S. Allen Street and 299 Quail Street, which contain 3 units and 6 units, respectively.
Public water and public sewer serve the property. Its Albany setting provides access to colleges, hospitals, restaurants, shopping, public transportation, and downtown Albany. The property may also be sold together with 77 S. Allen Street and 299 Quail Street, which contain 3 units and 6 units, respectively.
Key Highlights
- 10‑unit apartment property at 328 Western Avenue in Albany, NY
- 6,020‑square‑foot multifamily building on a 0.09‑acre lot
- Brick construction dating to 1900
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
$61,493
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
4.10%
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%
$1,229,860
$1.2M
Cap Rate 7%
$878,471
$878.5K
Cap Rate 9%
$683,256
$683.3K
Market Conditions
NOI Build-Up for 6,020 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
$119.2K $19.80/SF
− Vacancy
−$7.4K −$1.23/SF
EGI
$111.8K $18.57/SF
− OpEx
−$50.3K −$8.36/SF
NOI
$61.5K $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%
$1,229,860
Cap Rate 7%
$878,471
Cap Rate 9%
$683,256
Alternative Uses
Best Use
Apartment 5plus
$878.5K
$768.7K – $1.02M
NOI $61,493 @ 7.0% cap · market cap 4.10%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.59M
$1.39M – $1.85M
NOI $111,177 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
1,463
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
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 - Brick multifamily asset in Albany’s Pine Hills neighborhood with radiant natural gas heat and public utilities.
Where is this apartment building located?
The property is located at 328 Western Avenue Albany, NY.
What is the asking price?
The asking price for this property is $1,499,900.
What are key features of this property?
This property features: 10‑unit apartment property at 328 Western Avenue in Albany, NY; 6,020‑square‑foot multifamily building on a 0.09‑acre lot; Brick construction dating to 1900
