Renovated Triplex with Separate
For Sale
$250,000
369 1st Street, Albany, NY 12206
Fully occupied three-unit property with separate utilities, updated building systems, and tenant-ready condition.
Property Size2,091 SF
Price / SF$119.56
Days on Market208
Property Features for 369 1st Street
General Information
Standard status
Active
Size
2,091 SF
Total Parking Spaces
3
Property subtype
Multi Family / Triplex
Taxes and HOA fees
Annual Taxes
$1,114
Amenities
Rubber
Hot Water, Natural Gas, Yes
Finished
Vinyl, Tile
Vinyl Siding
Building Details
Year Built
1901
Listing Agency:
eXp Realty
(518) 300-0920
Listed By:
Kimberley A Willsey · License #10401262796
(518) 300-0920
Source:
Compass
Added: Feb 4
Changed: Aug 30
Last Checked: Aug 30 at 11:35PM
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 eXp Realty
Investment Insights
Based on property information with market context.
This three-unit residential income property contains 2,091 square feet and is currently fully occupied. The building has undergone a complete renovation, with a rubber roof among the documented improvements. Separate utility service for the units supports straightforward expense allocation, while tenant occupancy provides an established operating setup.
Built in 1901, the property is located at 369 1st Street in Albany, New York. Interior details include finished areas, vinyl and tile surfaces, and hot water service using natural gas. The exterior features vinyl siding, and the units are described as well maintained.
Built in 1901, the property is located at 369 1st Street in Albany, New York. Interior details include finished areas, vinyl and tile surfaces, and hot water service using natural gas. The exterior features vinyl siding, and the units are described as well maintained.
Key Highlights
- Three‑unit property with 2,091 square feet
- Fully rented and tenant occupied
- Complete renovation includes a rubber roof
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
$21,359
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
8.54%
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%
$427,180
$427.2K
Cap Rate 7%
$305,129
$305.1K
Cap Rate 9%
$237,322
$237.3K
Market Conditions
NOI Build-Up for 2,091 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
$41.4K $19.80/SF
− Vacancy
−$2.6K −$1.23/SF
EGI
$38.8K $18.57/SF
− OpEx
−$17.5K −$8.36/SF
NOI
$21.4K $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%
$427,180
Cap Rate 7%
$305,129
Cap Rate 9%
$237,322
Alternative Uses
Best Use
Multifamily LT 5
$340.2K
$297.7K – $396.9K
NOI $23,813 @ 7.0% cap · market cap 9.53%
Second Best
Apartment 5plus
$305.1K
$267.0K – $356.0K
NOI $21,359 @ 7.0% cap · market cap 8.54%
Theoretical Best
Office A
$551.7K
$482.7K – $643.6K
NOI $38,617 @ 7.0% cap · market cap 15.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,554
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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?
Triplex - Fully occupied three-unit property with separate utilities, updated building systems, and tenant-ready condition.
Where is this triplex located?
The property is located at 369 1st Street Albany, NY.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: Three‑unit property with 2,091 square feet; Fully rented and tenant occupied; Complete renovation includes a rubber roof
