Six-Unit Apartment
For Sale
$599,000
518 Hudson Avenue, Albany, NY 12203
MultiFamily, Albany, NY
Property Size3,000 SF
Lot Size0.21 Acres
Price / SF$199.67
Days on Market100
Property Features for 518 Hudson Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
13
Bathrooms
6
Full bathrooms
6
Half bathrooms
1
Rooms
Bathroom 4, Bedroom 2, Bedroom 4, Bathroom 3, Bathroom 7, Bedroom 12, Bedroom 9, Bathroom 1, Bedroom 6, Bedroom 11, Bedroom 10, Bathroom 6, Bedroom 7, Bathroom 5, Bedroom 1, Bedroom 3, Bedroom 8, Bathroom 2, Bedroom 5, Bedroom 13
Parking
12
Parking features
Off Street, Driveway
Patio and Porch features
Porch
Interior features
High Speed Internet
Basement
Partial, Unfinished
Subdivision
Pine Hills
Lot features
Level, Sloped
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
ONTARIO STREET TO HUDSON AVENUE TO STREET # 518, ON THE LEFT SIDE OF THE STREET
Standard status
Active
APN
010100 65.61-3-15
Size
3,000 SF
Lot size
0.21 Acres
Taxes and HOA fees
Tax Annual Amount
7319
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Building Details
Year built
1920
Number of units
6
Flooring type
Hardwood, Vinyl
Building materials
Aluminum Siding, Vinyl Siding
Roof type
Rubber
Architectural style
Other
Listing Agency:
Re Max Capital · RE/MAX International
(518) 724-6800
Listed By:
Douglas S Schenk · License #30SC0782781
(518) 221-2949
Added: Jun 23
Changed: Sep 12
Last Checked: Sep 30 at 12:06PM
MLS# 202620241
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 1920 apartment building contains six units totaling 3,000 square feet on a 0.21-acre parcel. The unit mix includes three one-bedroom apartments, two four-bedroom apartments, and one three-bedroom apartment. Hardwood and vinyl flooring, hot water heating, natural gas service, a porch, and public water and sewer are among the property features. The exterior combines aluminum and vinyl siding beneath a rubber roof.
All units are occupied on month-to-month arrangements, with several tenants described as long-term occupants. Parking is provided off street and via driveway access, with capacity for up to 12 vehicles. The property is located in Albany near downtown, colleges, a bus line, shopping, and dining.
All units are occupied on month-to-month arrangements, with several tenants described as long-term occupants. Parking is provided off street and via driveway access, with capacity for up to 12 vehicles. The property is located in Albany near downtown, colleges, a bus line, shopping, and dining.
Key Highlights
- Six apartment units totaling 3,000 square feet
- Unit mix includes 3 one‑bedroom, 2 four‑bedroom, and 1 three‑bedroom apartments
- Up to 12 off‑street parking spaces
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
$30,644
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
5.12%
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%
$612,880
$612.9K
Cap Rate 7%
$437,771
$437.8K
Cap Rate 9%
$340,489
$340.5K
Market Conditions
NOI Build-Up for 3,000 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
$59.4K $19.80/SF
− Vacancy
−$3.7K −$1.23/SF
EGI
$55.7K $18.57/SF
− OpEx
−$25.1K −$8.36/SF
NOI
$30.6K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$612,880
Cap Rate 7%
$437,771
Cap Rate 9%
$340,489
Alternative Uses
Best Use
Apartment 5plus
$437.8K
$383.1K – $510.7K
NOI $30,644 @ 7.0% cap · market cap 5.12%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$791.5K
$692.6K – $923.4K
NOI $55,404 @ 7.0% cap · market cap 9.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
1,969
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six-unit multifamily property with flexible month-to-month occupancy and off-street parking.
Where is this apartment building located?
The property is located at 518 Hudson Avenue Albany, NY.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: Six apartment units totaling 3,000 square feet; Unit mix includes 3 one‑bedroom, 2 four‑bedroom, and 1 three‑bedroom apartments; Up to 12 off‑street parking spaces
