13-Unit Apartment
For Sale
$1,490,000
Pending
346 State St, Albany, NY 12210
Fully leased multifamily property with separate utilities, an elevator, and on-site coin laundry in Albany’s Center Square area.
Property Size10,832 SF
Days on Market219
Property Features for 346 State St
General Information
Standard status
Pending
Size
10,832 SF
Property subtype
Residential Income
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$24,913
Amenities
coin laundry
Listing Agency:
DeThomasis & Baranski RE, Inc
(518) 527-4555
Listed By:
Laurie Baranski · License #10491207746
(518) 527-4555
Source:
Exprealty
Added: Jan 23
Changed: Aug 30
Last Checked: Jul 29 at 7:56AM
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 DeThomasis & Baranski RE, Inc
Investment Insights
Based on property information with market context.
This 13-unit apartment building contains 10,832 square feet and dates to 1880. The property is fully rented with leases in place, and apartment utilities are separately metered. Building features include forced-air heating, an elevator, ceramic tile baths, and coin-operated laundry facilities. Construction elements include brick and block, with a concrete perimeter foundation.
The property is located at 346 State Street in Albany’s Center Square area. Safety systems include a fire sprinkler system, smoke detectors, and carbon monoxide detectors. The owner pays the building’s hallway-lighting meter and hot water serving the property.
The property is located at 346 State Street in Albany’s Center Square area. Safety systems include a fire sprinkler system, smoke detectors, and carbon monoxide detectors. The owner pays the building’s hallway-lighting meter and hot water serving the property.
Key Highlights
- 13‑unit apartment building with 10,832 square feet
- Fully rented with leases in place
- Separate utilities; owner pays hallway lighting and building hot water
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
$110,647
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
7.43%
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%
$2,212,940
$2.2M
Cap Rate 7%
$1,580,671
$1.6M
Cap Rate 9%
$1,229,411
$1.2M
Market Conditions
NOI Build-Up for 10,832 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
$214.5K $19.80/SF
− Vacancy
−$13.3K −$1.23/SF
EGI
$201.2K $18.57/SF
− OpEx
−$90.5K −$8.36/SF
NOI
$110.6K $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%
$2,212,940
Cap Rate 7%
$1,580,671
Cap Rate 9%
$1,229,411
Alternative Uses
Best Use
Apartment 5plus
$1.58M
$1.38M – $1.84M
NOI $110,647 @ 7.0% cap · market cap 7.43%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.86M
$2.50M – $3.33M
NOI $200,045 @ 7.0% cap · market cap 13.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
13
Residential units
100%
Occupancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
4,369
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 leased multifamily property with separate utilities, an elevator, and on-site coin laundry in Albany’s Center Square area.
Where is this apartment building located?
The property is located at 346 State St Albany, NY.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: 13‑unit apartment building with 10,832 square feet; Fully rented with leases in place; Separate utilities; owner pays hallway lighting and building hot water
