4-Unit Quadplex with Detached
For Sale
$375,000
Pending
494 Delaware Ave, Albany, NY 12209
The unit mix combines three one-bedroom apartments with a two-bedroom residence and shared basement laundry.
Property Size2,654 SF
Days on Market12
Property Features for 494 Delaware Ave
General Information
Standard status
Pending
Size
2,654 SF
Total Parking Spaces
3
Property subtype
Residential Income
Site & Location
Road Access
Yes
Public Transit
Yes
Units
Unit Mix
3 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,411
Amenities
laundry facilities
front sitting porch
back porch
backyard
Listing Agency:
Gabler Realty LLC
(518) 935-4800
Listed By:
Christina A Center · License #40CE1129368
(518) 573-5635
Source:
Exprealty
Added: Sep 16
Changed: Sep 24
Last Checked: Sep 26 at 10:28AM
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 Gabler Realty LLC
Investment Insights
Based on property information with market context.
This four-unit residential property includes three one-bedroom, one-bath apartments and one two-bedroom, one-bath apartment. Shared laundry facilities are located in the basement. A detached three-car garage, driveway, front sitting porch, rear porch, and backyard round out the property’s physical features.
The property is on Delaware Avenue in Albany, near a theater, library, shopping, dining, and neighborhood amenities. Bus service is available on the route serving the area. The property is offered as-is and may be included in a five-property portfolio.
The property is on Delaware Avenue in Albany, near a theater, library, shopping, dining, and neighborhood amenities. Bus service is available on the route serving the area. The property is offered as-is and may be included in a five-property portfolio.
Key Highlights
- Three 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit
- Shared laundry facilities in the basement
- Detached 3‑car garage with driveway
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
$30,225
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
8.06%
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%
$604,500
$604.5K
Cap Rate 7%
$431,786
$431.8K
Cap Rate 9%
$335,833
$335.8K
Market Conditions
NOI Build-Up for 2,654 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
$46.2K $17.40/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$43.2K $16.27/SF
− OpEx
−$13.0K −$4.88/SF
NOI
$30.2K $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%
$604,500
Cap Rate 7%
$431,786
Cap Rate 9%
$335,833
Alternative Uses
Best Use
Multifamily LT 5
$431.8K
$377.8K – $503.8K
NOI $30,225 @ 7.0% cap · market cap 8.06%
Second Best
Apartment 5plus
$387.3K
$338.9K – $451.8K
NOI $27,110 @ 7.0% cap · market cap 7.23%
Theoretical Best
Office A
$700.2K
$612.7K – $816.9K
NOI $49,014 @ 7.0% cap · market cap 13.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
613
Businesses Nearby
Explore this area
Business Placement
Demographics for 12209, NY
10,231
Population
4,768
Households
2.1
Avg Household Size
37
Median Age
46%
College-Educated
88%
High-School Grad
2.2 sq mi
ZIP Area
4,650
Density / Sq Mi
$81,642
Median Household Income
$51,848
Median Earnings
$1,165
Median Rent
$200,800
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
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Frequently Asked Questions
What type of property is this?
Quadplex - The unit mix combines three one-bedroom apartments with a two-bedroom residence and shared basement laundry.
Where is this quadplex located?
The property is located at 494 Delaware Ave Albany, NY.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three 1‑bedroom, 1‑bath units and one 2‑bedroom, 1‑bath unit; Shared laundry facilities in the basement; Detached 3‑car garage with driveway
