Updated Three-Unit
New
For Sale
$399,999
51 Pleasantview Avenue, Albany, NY 12203
MultiFamily, Albany, NY
Property Size2,024 SF
Lot Size0.08 Acres
Price / SF$197.63
Days on Market5
Property Features for 51 Pleasantview Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 5, Bathroom 1, Bedroom 4, Bedroom 1, Bedroom 3, Bathroom 2, Bathroom 3
Parking
3
Parking features
Driveway
Basement
Finished, Apartment, Interior Entry
Lot features
Level
Elementary school
Eagle Point
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Western Ave, to Magazine Street to Pleasant View Ave
Standard status
Active
APN
64.29-2-79.01
Size
2,024 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
7589
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Baseboard, Forced Air
Water source
Public
Amenities
coin-operated washer and dryer
Building Details
Year built
1950
Number of units
3
Flooring type
Tile - Ceramic, Hardwood, Laminate
Building materials
Aluminum Siding, Brick
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 286-1000
Listed By:
Daisy L Hamilton Blair · License #10301214491
(518) 275-9486
Added: Aug 26
Changed: Aug 28
Last Checked: Aug 30 at 2:06AM
MLS# 202624844
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.
This 2,024-square-foot triplex, built in 1950, contains two upper-level two-bedroom, one-bath apartments and a renovated lower-level one-bedroom, one-bath unit. The upper residences include living rooms, kitchens, dining areas, and hardwood flooring, while the lower apartment provides a separate living area. Newer appliances serve each unit, and one of the two-bedroom apartments is vacant. Building improvements include a newer roof, replacement windows, and a basement laundry area with newer coin-operated equipment.
The property sits on a 0.08-acre parcel at 51 Pleasantview Avenue in Albany, NY 12203, a short distance from SUNY and local hospitals. Each apartment has one assigned parking space accessed from the driveway. Public water and public sewer serve the building, which has aluminum-and-brick exterior construction, asphalt roofing, and natural gas heating through forced air and baseboard systems.
The property sits on a 0.08-acre parcel at 51 Pleasantview Avenue in Albany, NY 12203, a short distance from SUNY and local hospitals. Each apartment has one assigned parking space accessed from the driveway. Public water and public sewer serve the building, which has aluminum-and-brick exterior construction, asphalt roofing, and natural gas heating through forced air and baseboard systems.
Key Highlights
- Three‑unit building with two 2‑bedroom apartments and one 1‑bedroom apartment
- 2,024 square feet on a 0.08‑acre parcel
- One 2‑bedroom apartment is currently 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
$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 - Updated income property with flexible apartment layouts, dedicated parking, and proximity to SUNY and local hospitals.
Where is this triplex located?
The property is located at 51 Pleasantview Avenue 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 building with two 2‑bedroom apartments and one 1‑bedroom apartment; 2,024 square feet on a 0.08‑acre parcel; One 2‑bedroom apartment is currently vacant
