Three-Story Apartment Building with
For Sale
$624,900
531 Western Avenue, Albany, NY 12203
Multilevel residential property with shared living space, private outdoor areas, and off-street parking.
Property Size3,414 SF
Price / SF$183.04
Days on Market15
Property Features for 531 Western Avenue
General Information
Standard status
Active
Size
3,414 SF
Property subtype
Multi-family
Amenities
gas fireplaces
covered front porch
side porch
rooftop deck
laundry
eat-in kitchen
off-street parking
Building Details
Year Built
1900
Buildings
1
Stories
3
Listing Agency:
Gabler Realty LLC
Listed By:
Rebecca L Cavalieri
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Aug 25
Changed: Sep 7
Last Checked: Sep 8 at 7:21AM
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 three-story apartment building contains 10 bedrooms arranged across a first floor, second floor, and third floor. The first level includes an updated eat-in kitchen, living room, two bedrooms with en-suite bathrooms, shared bathroom facilities, and laundry. Five bedrooms with en-suite bathrooms occupy the second floor, while three additional bedrooms and shared bathroom facilities are located upstairs. Gas fireplaces serve the bedrooms and living room.
Property improvements include a boiler that is nine years old, a newer roof, and an interconnected fire system. A covered front porch, side porch, off-street parking, and rooftop deck add to the building’s physical amenities. The property is positioned between SUNY’s uptown and downtown campuses, with Caf Madison, Juniors, Madison Pourhouse, grocery shopping, and downtown Albany nearby. The property information identifies potential use for student housing, group housing, or a bed and breakfast.
Property improvements include a boiler that is nine years old, a newer roof, and an interconnected fire system. A covered front porch, side porch, off-street parking, and rooftop deck add to the building’s physical amenities. The property is positioned between SUNY’s uptown and downtown campuses, with Caf Madison, Juniors, Madison Pourhouse, grocery shopping, and downtown Albany nearby. The property information identifies potential use for student housing, group housing, or a bed and breakfast.
Key Highlights
- 10‑bedroom apartment building arranged over three stories
- Gas fireplaces in all bedrooms and the living room
- Updated eat‑in kitchen with laundry on the first floor
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
$34,873
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
5.58%
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%
$697,460
$697.5K
Cap Rate 7%
$498,186
$498.2K
Cap Rate 9%
$387,478
$387.5K
Market Conditions
NOI Build-Up for 3,414 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
$67.6K $19.80/SF
− Vacancy
−$4.2K −$1.23/SF
EGI
$63.4K $18.57/SF
− OpEx
−$28.5K −$8.36/SF
NOI
$34.9K $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%
$697,460
Cap Rate 7%
$498,186
Cap Rate 9%
$387,478
Alternative Uses
Best Use
Apartment 5plus
$498.2K
$435.9K – $581.2K
NOI $34,873 @ 7.0% cap · market cap 5.58%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$900.7K
$788.1K – $1.05M
NOI $63,050 @ 7.0% cap · market cap 10.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
812
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?
Apartment building - Multilevel residential property with shared living space, private outdoor areas, and off-street parking.
Where is this apartment building located?
The property is located at 531 Western Avenue Albany, NY.
What is the asking price?
The asking price for this property is $624,900.
What are key features of this property?
This property features: 10‑bedroom apartment building arranged over three stories; Gas fireplaces in all bedrooms and the living room; Updated eat‑in kitchen with laundry on the first floor
