Four-Unit Residential Income
For Sale
$649,000
490 Madison Avenue, Albany, NY 12208
Four one-bedroom units with separate electric meters; tenants pay hot water and electric.
Property Size4,176 SF
Price / SF$155.41
Days on Market90
Property Features for 490 Madison Avenue
General Information
Standard status
Active
Size
4,176 SF
Property subtype
Multi Family / Quadruplex
Additional Details
Multifamily Units
4
Building Details
Year Built
1875
Listing Agency:
New Scotland Realty
(203) 910-3314
Listed By:
Connor Dunn · License #10401391425
(203) 910-3314
Source:
Compass
Added: May 3
Changed: Jul 22
Last Checked: Jul 30 at 1:15PM
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 New Scotland Realty
Investment Insights
Based on property information with market context.
This four-unit residential income property includes four one-bedroom apartments. Each unit has separate electric, with tenants responsible for hot water and electric service.
According to the provided remarks, the landlord covers gas and heat using one gas boiler. The property is identified as 490 Madison Avenue in Albany’s Washington Park.
The building offers a straightforward utility split between tenants and the landlord, with electric separately metered for each unit.
According to the provided remarks, the landlord covers gas and heat using one gas boiler. The property is identified as 490 Madison Avenue in Albany’s Washington Park.
The building offers a straightforward utility split between tenants and the landlord, with electric separately metered for each unit.
Key Highlights
- 4‑unit multifamily at 490 Madison Avenue, all one‑bedroom units
- Separate electric meters for each unit
- Tenants pay hot water and electric; landlord pays gas and heat (one gas boiler)
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $72.7k | $17.40 |
| − Vacancy | −$4.7k | −$1.13 |
| EGI | $67.9k | $16.27 |
| − OpEx | −$20.4k | −$4.88 |
| NOI | $47.6k | $11.39 |
4,176 SF · lease $17.40/SF/yr · vacancy 6.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$679.4K
$594.5K – $792.6K
NOI $47,558 @ 7.0% cap · market cap 7.33%
Second Best
Apartment 5plus
$609.4K
$533.2K – $711.0K
NOI $42,657 @ 7.0% cap · market cap 6.57%
Theoretical Best
Office A
$1.10M
$964.0K – $1.29M
NOI $77,122 @ 7.0% cap · market cap 11.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
4,082
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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?
Quadplex - Four one-bedroom units with separate electric meters; tenants pay hot water and electric.
Where is this quadplex located?
The property is located at 490 Madison Avenue Albany, NY.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 4‑unit multifamily at 490 Madison Avenue, all one‑bedroom units; Separate electric meters for each unit; Tenants pay hot water and electric; landlord pays gas and heat (one gas boiler)
