Historic Triplex with Outdoor
For Sale
$289,000
397 Washington Avenue, Albany, NY 12206
Three-unit property with spacious interiors, period architectural details, and outdoor entertaining space.
Property Size1,836 SF
Price / SF$157.41
Days on Market39
Property Features for 397 Washington Avenue
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Multi-Family
Zoning
Multi Residence
Additional Details
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$6,717
Building Details
Year Built
1820
Listing Agency:
McDonald Real Estate Comp LLC
(518) 505-4977
Listed By:
Colin McDonald · License #10491210476
(518) 505-4977
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 30 at 1:31PM
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 McDonald Real Estate Comp LLC
Investment Insights
Based on property information with market context.
This triplex dates to 1820 and retains a range of period features, including high ceilings, oversized windows, decorative wood moldings, and exposed brick. The property includes three spacious residential units and outdoor space suited to seasonal entertaining. Multi Residence zoning supports the existing multifamily configuration.
The property is located on Washington Avenue near Albany Medical Center, St. Peter’s hospitals, state and legislative government institutes, Washington Park, and the SUNY campus. Restaurants, galleries, coffee shops, nightlife, and other city attractions are also nearby.
The property is located on Washington Avenue near Albany Medical Center, St. Peter’s hospitals, state and legislative government institutes, Washington Park, and the SUNY campus. Restaurants, galleries, coffee shops, nightlife, and other city attractions are also nearby.
Key Highlights
- Triplex with three spacious residential units
- Built in 1820 with preserved historic character
- High ceilings, oversized windows, wood moldings, and exposed brick
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
$20,909
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
7.23%
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%
$418,180
$418.2K
Cap Rate 7%
$298,700
$298.7K
Cap Rate 9%
$232,322
$232.3K
Market Conditions
NOI Build-Up for 1,836 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
$31.9K $17.40/SF
− Vacancy
−$2.1K −$1.13/SF
EGI
$29.9K $16.27/SF
− OpEx
−$9.0K −$4.88/SF
NOI
$20.9K $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%
$418,180
Cap Rate 7%
$298,700
Cap Rate 9%
$232,322
Alternative Uses
Best Use
Multifamily LT 5
$298.7K
$261.4K – $348.5K
NOI $20,909 @ 7.0% cap · market cap 7.23%
Second Best
Apartment 5plus
$267.9K
$234.4K – $312.6K
NOI $18,754 @ 7.0% cap · market cap 6.49%
Theoretical Best
Office A
$484.4K
$423.8K – $565.1K
NOI $33,907 @ 7.0% cap · market cap 11.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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
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 - Three-unit property with spacious interiors, period architectural details, and outdoor entertaining space.
Where is this triplex located?
The property is located at 397 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $289,000.
What are key features of this property?
This property features: Triplex with three spacious residential units; Built in 1820 with preserved historic character; High ceilings, oversized windows, wood moldings, and exposed brick
