Updated Triplex With Unit
For Sale
$424,900
Pending
350 Madison Ave, Albany, NY 12210
Three residential units offer one- to three-bedroom layouts with refreshed kitchens, baths, flooring, and select building systems.
Property Size3,300 SF
Days on Market299
Property Features for 350 Madison Ave
General Information
Standard status
Pending
Size
3,300 SF
Property subtype
Residential Income
Units
Unit Mix
1 x 1BR/1BA, 1 x 2BR/1BA, 1 x 3BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$8,879
Building Details
Buildings
1
Listing Agency:
Empire Real Estate Firm LLC
(518) 424-0923
Listed By:
Matthew Kupiec · License #10401283821
(518) 424-0923
Source:
Exprealty
Added: Nov 5, 2025
Changed: Aug 30
Last Checked: Aug 30 at 2:04PM
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 Empire Real Estate Firm LLC
Investment Insights
Based on property information with market context.
This 3,300-square-foot triplex contains three separate residential units with a varied configuration: a one-bedroom basement apartment, a two-bedroom first-floor apartment, and a three-bedroom unit spanning the second and third floors. Each residence includes one full bathroom, ceiling fans in the living spaces and bedrooms, and updated kitchens, baths, and flooring. The property also has a newer roof, numerous newer windows, and a recently added rear deck with stairs.
Appliances convey with the property, including a washer and dryer in two of the three units. The first- and second-floor water heaters and refrigerators were replaced within the last 2 years. Located in Center Square, the building is described as walkable and supports either continued rental use or an owner-occupancy arrangement.
Appliances convey with the property, including a washer and dryer in two of the three units. The first- and second-floor water heaters and refrigerators were replaced within the last 2 years. Located in Center Square, the building is described as walkable and supports either continued rental use or an owner-occupancy arrangement.
Key Highlights
- 3,300‑square‑foot triplex with three residential units
- Unit mix includes 1 BR basement, 2 BR first floor, and 3 BR second/third floor
- Each unit has 1 full bath and ceiling fans in living areas and bedrooms
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
$37,581
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
8.84%
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%
$751,620
$751.6K
Cap Rate 7%
$536,871
$536.9K
Cap Rate 9%
$417,567
$417.6K
Market Conditions
NOI Build-Up for 3,300 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
$57.4K $17.40/SF
− Vacancy
−$3.7K −$1.13/SF
EGI
$53.7K $16.27/SF
− OpEx
−$16.1K −$4.88/SF
NOI
$37.6K $11.39/SF
Area
Albany, NY
Vacancy
6.50%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
30.00%
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%
$751,620
Cap Rate 7%
$536,871
Cap Rate 9%
$417,567
Alternative Uses
Best Use
Multifamily LT 5
$536.9K
$469.8K – $626.4K
NOI $37,581 @ 7.0% cap · market cap 8.84%
Second Best
Apartment 5plus
$481.6K
$421.4K – $561.8K
NOI $33,709 @ 7.0% cap · market cap 7.93%
Theoretical Best
Office A
$870.6K
$761.8K – $1.02M
NOI $60,944 @ 7.0% cap · market cap 14.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
4,105
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units offer one- to three-bedroom layouts with refreshed kitchens, baths, flooring, and select building systems.
Where is this triplex located?
The property is located at 350 Madison Ave Albany, NY.
What is the asking price?
The asking price for this property is $424,900.
What are key features of this property?
This property features: 3,300‑square‑foot triplex with three residential units; Unit mix includes 1 BR basement, 2 BR first floor, and 3 BR second/third floor; Each unit has 1 full bath and ceiling fans in living areas and bedrooms
