4-Unit Quadplex with
New
For Sale
$550,000
402 Clinton Avenue, Albany, NY 12206
MultiFamily, Albany, NY
Property Size2,822 SF
Lot Size0.08 Acres
Price / SF$194.90
Days on Market4
Property Features for 402 Clinton Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Zoning
Commercial
Bedrooms
11
Bathrooms
5
Full bathrooms
5
Rooms
Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 5, Bedroom 11, Bathroom 1, Bedroom 3, Bedroom 2, Bathroom 4, Bathroom 2, Bedroom 10, Bathroom 3, Bathroom 5, Bedroom 9, Bedroom 1, Bedroom 4
Interior features
Tray Ceiling(s), Crown Molding
Fencing
Gate
Basement
Full, Finished
Lot features
Corner Lot
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
On Clinton Ave right across from Clinton Deli & Grocery, on the left hand side at the cross section of Clinton & Lexington Ave
Standard status
Active
APN
010100 65.64-2-18
Size
2,822 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
9707
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas, Radiant
Water source
Public
Building Details
Year built
1909
Number of units
4
Flooring type
Hardwood, Tile
Building materials
Brick
Roof type
Shingle, Asphalt
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Luke Khachadourian · License #10301219050
(518) 937-3252
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 27 at 1:06PM
MLS# 202626964
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1909, this 2,822-square-foot brick quadplex in Albany contains four apartments on a 0.08-acre parcel. Interior updates retain original character, with hardwood and tile flooring, crown molding, and tray ceilings. Natural gas-fired radiant and hot-water heating serve the building. A two-car garage and gated backyard are also part of the property.
All four units are rented, with the third-floor apartment available for delivery vacant. The current four-unit configuration may have the potential to be converted to six units. The property is zoned Commercial and has public water and sewer service.
All four units are rented, with the third-floor apartment available for delivery vacant. The current four-unit configuration may have the potential to be converted to six units. The property is zoned Commercial and has public water and sewer service.
Key Highlights
- Four apartments within a 2,822‑square‑foot brick building
- 0.08‑acre parcel with a two‑car garage and gated backyard
- All four units are rented; third‑floor unit can be delivered vacant
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
$32,138
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
5.84%
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%
$642,760
$642.8K
Cap Rate 7%
$459,114
$459.1K
Cap Rate 9%
$357,089
$357.1K
Market Conditions
NOI Build-Up for 2,822 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
$49.1K $17.40/SF
− Vacancy
−$3.2K −$1.13/SF
EGI
$45.9K $16.27/SF
− OpEx
−$13.8K −$4.88/SF
NOI
$32.1K $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%
$642,760
Cap Rate 7%
$459,114
Cap Rate 9%
$357,089
Alternative Uses
Best Use
Multifamily LT 5
$459.1K
$401.7K – $535.6K
NOI $32,138 @ 7.0% cap · market cap 5.84%
Second Best
Apartment 5plus
$411.8K
$360.3K – $480.4K
NOI $28,826 @ 7.0% cap · market cap 5.24%
Theoretical Best
Office A
$744.5K
$651.5K – $868.6K
NOI $52,117 @ 7.0% cap · market cap 9.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,685
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Commercial zoning accompanies a brick multifamily property with a gated backyard area.
Where is this quadplex located?
The property is located at 402 Clinton Avenue Albany, NY.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Four apartments within a 2,822‑square‑foot brick building; 0.08‑acre parcel with a two‑car garage and gated backyard; All four units are rented; third‑floor unit can be delivered vacant
