Four-Unit Property with
New
For Sale
$375,000
494 Delaware Avenue, Albany, NY 12209
MultiFamily, Albany, NY
Property Size2,654 SF
Lot Size0.09 Acres
Price / SF$141.30
Days on Market3
Property Features for 494 Delaware Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bathroom 3, Bathroom 2, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 2, Bathroom 4, Bedroom 3
Parking
7
Parking features
Garage, Off Street, Driveway
Patio and Porch features
Porch
Basement
Unfinished
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Kenwood Ave to Delaware Ave.
Standard status
Active
APN
010100 75.76-1-1 02
Size
2,654 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Annual Amount
7411
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Cooling system
Wall Unit(s)
Water source
Public
Amenities
laundry facilities
front porch
back porch
backyard
Building Details
Year built
1920
Number of units
4
Flooring type
Tile, Linoleum, Wood, Carpet
Building materials
Aluminum Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Gabler Realty LLC
(518) 935-4800
Listed By:
Christina A Center · License #40CE1129368
(518) 573-5635
Added: Sep 16
Changed: Sep 18
Last Checked: Sep 18 at 2:06PM
MLS# 202626307
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 1920, this four-unit residential property contains 2654 square feet on a 0.09-acre lot. The unit mix includes three one-bedroom, one-bath apartments and one two-bedroom, one-bath apartment. Shared newer laundry facilities are located in the basement. The property is being sold as is and includes aluminum siding, wood, tile, carpet, and linoleum flooring, along with natural gas hot-water heating and wall-unit cooling.
Exterior features include a welcoming front sitting porch, rear porch, backyard, and a 3-car detached garage with driveway access. Off-street parking is also available. The property is served by public water and public sewer and has an asphalt roof.
Located at 494 Delaware Avenue in Albany, the property is near a theater, library, shopping, dining, neighborhood amenities, and a bus line.
Exterior features include a welcoming front sitting porch, rear porch, backyard, and a 3-car detached garage with driveway access. Off-street parking is also available. The property is served by public water and public sewer and has an asphalt roof.
Located at 494 Delaware Avenue in Albany, the property is near a theater, library, shopping, dining, neighborhood amenities, and a bus line.
Key Highlights
- Four‑unit layout with three 1‑bedroom units and one 2‑bedroom unit
- 2,654 square feet on a 0.09‑acre lot
- 3‑car detached garage with driveway access
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Three one-bedroom apartments and one two-bedroom apartment share basement laundry and outdoor porch areas.
Where is this quadplex located?
The property is located at 494 Delaware Avenue 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: Four‑unit layout with three 1‑bedroom units and one 2‑bedroom unit; 2,654 square feet on a 0.09‑acre lot; 3‑car detached garage with driveway access
