Historic Triplex with Rear
For Sale
$323,000
385 Washington Avenue, Albany, NY 12206
Three residential units feature individual rear porches and original architectural details.
Property Size2,784 SF
Price / SF$116.02
Days on Market84
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Property Features for 385 Washington Avenue
General Information
Standard status
Active
Size
2,784 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$4,243
Amenities
private rear porch
Building Details
Year Built
1870
Listing Agency:
J & A Capital Realty
Listed By:
Jennifer Gao-Bosley · License #10491209930
(518) 364-4913
Source:
Capmarkrealty
Added: Jul 24
Changed: Oct 1
Last Checked: Oct 14 at 8:17PM
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 J & A Capital Realty
Investment Insights
Based on property information with market context.
Built in 1870, this Albany triplex contains three residential units within a 2,784-square-foot property. Original architectural elements remain inside and outside, while each unit has its own rear porch. The three-family configuration supports either an owner-occupancy arrangement or continued use as a residential income property.
The property is positioned across from SUNY Albany’s downtown campus and within walking distance of Washington Park. Its location combines campus adjacency with access to one of Albany’s established public parks, while the building’s historic character and unit-specific outdoor space add distinguishing physical features.
The property is positioned across from SUNY Albany’s downtown campus and within walking distance of Washington Park. Its location combines campus adjacency with access to one of Albany’s established public parks, while the building’s historic character and unit-specific outdoor space add distinguishing physical features.
Key Highlights
- Three‑family triplex built in 1870
- 2,784‑square‑foot property with three residential units
- Private rear porch assigned to each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$28,438
Cap Rate
8.80%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$568,760
$568.8K
Cap Rate 7%
$406,257
$406.3K
Cap Rate 9%
$315,978
$316.0K
Market Conditions
NOI Build-Up for 2,784 SF
Gross rent
$55.1K $19.80/SF
− Vacancy
−$3.4K −$1.23/SF
EGI
$51.7K $18.57/SF
− OpEx
−$23.3K −$8.36/SF
NOI
$28.4K $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 Rate 5%
$568,760
Cap Rate 7%
$406,257
Cap Rate 9%
$315,978
Alternative Uses
Best Use
Multifamily LT 5
$452.9K
$396.3K – $528.4K
NOI $31,705 @ 7.0% cap · market cap 9.82%
Second Best
Apartment 5plus
$406.3K
$355.5K – $474.0K
NOI $28,438 @ 7.0% cap · market cap 8.80%
Theoretical Best
Office A
$734.5K
$642.7K – $856.9K
NOI $51,415 @ 7.0% cap · market cap 15.92%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
409
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three residential units feature individual rear porches and original architectural details.
Where is this triplex located?
The property is located at 385 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $323,000.
What are key features of this property?
This property features: Three‑family triplex built in 1870; 2,784‑square‑foot property with three residential units; Private rear porch assigned to each unit
