10-Bedroom Apartment
531 Western Avenue, Albany, NY 12203
For Sale
$575,000
MultiFamily, Albany, NY
Property Size3,414 SF
Lot Size0.18 Acres
Price / SF$168.42
Days on Market55
Property Features for 531 Western Avenue
General Information
Property type
Property subtype
Bedrooms
Bathrooms
Full bathrooms
Rooms
Parking
Patio and Porch features
Interior features
Fencing
Fireplace
Basement
Lot features
High school
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Annual Amount
Utilities
Utilities
Sewer type
Heating system
Water source
Amenities
gas fireplaces
covered front porch
side porch
rooftop deck
interconnected fire system
laundry
off-street parking
updated eat in kitchen
Building Details
Year built
Number of units
Flooring type
Building materials
Roof type
Architectural style
Buildings
Listing Agency:
Coldwell Banker Prime Properties · Coldwell Banker Real Estate
(518) 439-9600
Listed By:
Rebecca L Cavalieri · License NY #10301224636
(518) 210-4916
Added: Sep 21
Changed: Nov 2
Last Checked: Nov 14 at 12:06AM
MLS# 202626752
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.
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Investment Insights
Based on property information with market context.
This 3,414-square-foot apartment building, constructed in 1900, contains 10 bedrooms and 10 full bathrooms across three levels. The first floor includes an updated eat-in kitchen, living room, two bedrooms with en-suite bathrooms, a shared bathroom, and laundry. Five additional en-suite bedrooms occupy the second floor, while the third floor provides three more bedrooms and a common bathroom.
Interior details include gas fireplaces in the bedrooms and living room, wood and tile flooring, built-in features, high-speed internet, and paddle fans. The property also has a nine-year-old boiler, a newer asphalt shingle roof, and an interconnected fire system. Exterior features include covered front and side porches, a deck, privacy fencing, off-street parking, and a rooftop deck.
Located at 531 Western Avenue in Albany, the property sits between the uptown and downtown SUNY campuses and near Cafe Madison, Juniors, Madison Pourhouse, Curry House, and grocery shopping. Public water and sewer serve the property, with natural gas heating and cable availability.
Interior details include gas fireplaces in the bedrooms and living room, wood and tile flooring, built-in features, high-speed internet, and paddle fans. The property also has a nine-year-old boiler, a newer asphalt shingle roof, and an interconnected fire system. Exterior features include covered front and side porches, a deck, privacy fencing, off-street parking, and a rooftop deck.
Located at 531 Western Avenue in Albany, the property sits between the uptown and downtown SUNY campuses and near Cafe Madison, Juniors, Madison Pourhouse, Curry House, and grocery shopping. Public water and sewer serve the property, with natural gas heating and cable availability.
Key Highlights
- 10 bedrooms and 10 full bathrooms in a 3,414‑square‑foot, three‑level building
- First floor includes an updated eat‑in kitchen, living room, laundry, and two en‑suite bedrooms
- Five second‑floor bedrooms feature en‑suite bathrooms; three more bedrooms occupy the third floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,873
Cap Rate
6.06%
Suggested Prices Based on Cap Rates
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
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 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 6.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$900.7K
$788.1K – $1.05M
NOI $63,050 @ 7.0% cap · market cap 10.97%
Zoning and permitted uses should be independently verified with authorities.
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Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
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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
$258,800
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Albany, NY
Properties on Market for Apartment buildings in Albany
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Apartment building - Three-level residence with en-suite bedrooms, porches, parking, and shared living areas.
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 $575,000.
What are key features of this property?
This property features: 10 bedrooms and 10 full bathrooms in a 3,414‑square‑foot, three‑level building; First floor includes an updated eat‑in kitchen, living room, laundry, and two en‑suite bedrooms; Five second‑floor bedrooms feature en‑suite bathrooms; three more bedrooms occupy the third floor
