Brick Apartment Building with
For Sale
$625,000
373 Hudson Avenue, Albany, NY 12210
Apartment property with refreshed common areas, unfinished basement storage, and a backyard garden area.
Property Size3,564 SF
Price / SF$175.36
Days on Market249
Property Features for 373 Hudson Avenue
General Information
Standard status
Active
Size
3,564 SF
Property subtype
Multi Family / Multi Family
Taxes and HOA fees
Annual Taxes
$9,583
Amenities
Baseboard, Steam, Natural Gas, Yes
Full, Unfinished
Brick
Yes
Garden
Building Details
Year Built
1880
Listing Agency:
518 Realty.Com Inc
Listed By:
Christine L Sbardella · License #40ST1037690
(518) 369-4856
Source:
Compass
Added: Dec 31, 2025
Changed: Sep 2
Last Checked: Aug 30 at 9:07PM
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 518 Realty.Com Inc
Investment Insights
Based on property information with market context.
Built in 1880, this 3,564-square-foot apartment building features all-brick construction, plaster interiors, and a newer rubber roof. Many apartments have new flooring, while the hallways have luxury vinyl flooring and fresh paint. Heating systems are maintained and inspected annually. Heat and hot water are included in rents, while residents pay their own electric and cooking gas. Separate unfinished basement storage provides an additional property feature, and some apartments are furnished. On-street parking is available, along with a backyard garden area.
The property is located at 373 Hudson Avenue in Albany, between Lark Street and Washington Park. Nearby destinations identified in the property information include the Capitol Building, Albany Med., and Lark Street restaurants and entertainment. ROP remains active through 4/24/2026. The building may also be acquired with 369 and 371 Hudson Avenue as a three-building package totaling 18 units.
The property is located at 373 Hudson Avenue in Albany, between Lark Street and Washington Park. Nearby destinations identified in the property information include the Capitol Building, Albany Med., and Lark Street restaurants and entertainment. ROP remains active through 4/24/2026. The building may also be acquired with 369 and 371 Hudson Avenue as a three-building package totaling 18 units.
Key Highlights
- 3,564‑square‑foot apartment building at 373 Hudson Avenue, Albany
- All‑brick construction dating to 1880
- Newer rubber roof with heating systems maintained and inspected yearly
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
$36,406
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
5.82%
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%
$728,120
$728.1K
Cap Rate 7%
$520,086
$520.1K
Cap Rate 9%
$404,511
$404.5K
Market Conditions
NOI Build-Up for 3,564 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
$70.6K $19.80/SF
− Vacancy
−$4.4K −$1.23/SF
EGI
$66.2K $18.57/SF
− OpEx
−$29.8K −$8.36/SF
NOI
$36.4K $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%
$728,120
Cap Rate 7%
$520,086
Cap Rate 9%
$404,511
Alternative Uses
Best Use
Apartment 5plus
$520.1K
$455.1K – $606.8K
NOI $36,406 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$940.3K
$822.8K – $1.10M
NOI $65,820 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Apartment property with refreshed common areas, unfinished basement storage, and a backyard garden area.
Where is this apartment building located?
The property is located at 373 Hudson Avenue Albany, NY.
What is the asking price?
The asking price for this property is $625,000.
What are key features of this property?
This property features: 3,564‑square‑foot apartment building at 373 Hudson Avenue, Albany; All‑brick construction dating to 1880; Newer rubber roof with heating systems maintained and inspected yearly
