Updated Three-Unit
For Sale
$399,999
51 Pleasantview Ave, Albany, NY 12203
Well-maintained triplex near SUNY and local hospitals, with updated apartments and dedicated parking for each unit.
Property Size2,024 SF
Price / SF$197.63
Days on Market11
Property Features for 51 Pleasantview Ave
General Information
Standard status
Active
Size
2,024 SF
Total Parking Spaces
3
Property subtype
Residential Income
Units
Unit Mix
2 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$7,589
Amenities
coin-operated washer and dryer
Building Details
Buildings
1
Listing Agency:
Howard Hanna Capital Inc
(518) 286-1000
Listed By:
Daisy L Hamilton Blair · License #10301214491
(518) 275-9486
Source:
Exprealty
Added: Aug 26
Changed: Sep 3
Last Checked: Sep 4 at 10:20AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
This 2,024-square-foot triplex contains three separate apartments in a well-maintained building. The two upper residences each offer two bedrooms and one bathroom, along with living, kitchen, and dining areas and hardwood floors. A one-bedroom, one-bathroom apartment occupies the lower level and has been fully updated. One of the two-bedroom units is currently vacant, providing an owner-occupant option.
Recent improvements include a new roof, replacement windows, and newer appliances in all three apartments. Each unit has one dedicated parking space, while the basement includes a newer coin-operated washer and dryer. The property is located near SUNY and local hospitals in Albany, New York.
Recent improvements include a new roof, replacement windows, and newer appliances in all three apartments. Each unit has one dedicated parking space, while the basement includes a newer coin-operated washer and dryer. The property is located near SUNY and local hospitals in Albany, New York.
Key Highlights
- Three‑unit triplex with 2,024 square feet
- Two upper apartments with two bedrooms and one bathroom each
- Updated lower‑level apartment with one bedroom and one bathroom
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
$23,050
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
5.76%
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%
$461,000
$461.0K
Cap Rate 7%
$329,286
$329.3K
Cap Rate 9%
$256,111
$256.1K
Market Conditions
NOI Build-Up for 2,024 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
$35.2K $17.40/SF
− Vacancy
−$2.3K −$1.13/SF
EGI
$32.9K $16.27/SF
− OpEx
−$9.9K −$4.88/SF
NOI
$23.0K $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%
$461,000
Cap Rate 7%
$329,286
Cap Rate 9%
$256,111
Alternative Uses
Best Use
Multifamily LT 5
$329.3K
$288.1K – $384.2K
NOI $23,050 @ 7.0% cap · market cap 5.76%
Second Best
Apartment 5plus
$295.4K
$258.4K – $344.6K
NOI $20,675 @ 7.0% cap · market cap 5.17%
Theoretical Best
Office A
$534.0K
$467.2K – $623.0K
NOI $37,379 @ 7.0% cap · market cap 9.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
319
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
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 - Well-maintained triplex near SUNY and local hospitals, with updated apartments and dedicated parking for each unit.
Where is this triplex located?
The property is located at 51 Pleasantview Ave Albany, NY.
What is the asking price?
The asking price for this property is $399,999.
What are key features of this property?
This property features: Three‑unit triplex with 2,024 square feet; Two upper apartments with two bedrooms and one bathroom each; Updated lower‑level apartment with one bedroom and one bathroom
