Three-Unit Residential
New
For Sale
$419,000
359 Second Avenue, Albany, NY 12209
The property offers one occupied three-bedroom apartment and two vacant units.
Property Size2,404 SF
Price / SF$174.29
Days on Market6
Property Features for 359 Second Avenue
General Information
Standard status
Active
Size
2,404 SF
Property subtype
Multi-family
Additional Details
Multifamily Units
3
Tenant in Place
Yes
Building Details
Year Built
1920
Listing Agency:
Coldwell Banker Prime Properties
Listed By:
Bryan Permaul
(518) 221-6037
Source:
Signatureonerealtygroup
Added: Oct 25
Changed: Oct 29
Last Checked: Oct 28 at 7:08AM
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 Coldwell Banker Prime Properties
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Investment Insights
Based on property information with market context.
This 1920-built residential property contains three units across 2,404 square feet. The upper apartment has three bedrooms and is occupied by a long-term tenant through HUD’s Section 8 program. The other two apartments are vacant.
Key Highlights
- Three units in a 2,404‑square‑foot building
- Upper apartment includes three bedrooms
- Upper unit has a long‑term HUD Section 8 tenant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,377
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$547,540
$547.5K
Cap Rate 7%
$391,100
$391.1K
Cap Rate 9%
$304,189
$304.2K
Market Conditions
NOI Build-Up for 2,404 SF
Gross rent
$41.8K $17.40/SF
− Vacancy
−$2.7K −$1.13/SF
EGI
$39.1K $16.27/SF
− OpEx
−$11.7K −$4.88/SF
NOI
$27.4K $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 Rate 5%
$547,540
Cap Rate 7%
$391,100
Cap Rate 9%
$304,189
Alternative Uses
Best Use
Multifamily LT 5
$391.1K
$342.2K – $456.3K
NOI $27,377 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$350.8K
$307.0K – $409.3K
NOI $24,556 @ 7.0% cap · market cap 5.86%
Theoretical Best
Office A
$634.2K
$555.0K – $740.0K
NOI $44,397 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
761
Businesses Nearby
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Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
Median Home Value
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - The property offers one occupied three-bedroom apartment and two vacant units.
Where is this triplex located?
The property is located at 359 Second Avenue Albany, NY.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Three units in a 2,404‑square‑foot building; Upper apartment includes three bedrooms; Upper unit has a long‑term HUD Section 8 tenant
