5-Unit Apartment
For Sale
$425,000
538 Myrtle Avenue, Albany, NY 12208
Five one-bedroom, one-bath efficiency units include all utilities in a compact multifamily configuration.
Property Size2,216 SF
Price / SF$191.79
Days on Market342
Property Features for 538 Myrtle Avenue
General Information
Standard status
Active
Size
2,216 SF
Property subtype
Multi Family / Multi Family
Units
Unit Mix
5 x 1BR/1BA
Multifamily Units
5
Additional Details
Cap Rate
9%
Taxes and HOA fees
Annual Taxes
$8,882
Amenities
Asphalt
None, No
Radiant, Natural Gas, Yes
Full
Carpet, Hardwood
Concrete Perimeter
Stucco
Yes
Building Details
Year Built
1930
Listing Agency:
New Scotland Realty
(603) 209-1976
Listed By:
Samantha M Curry · License #10491209794
(603) 209-1976
Source:
Compass
Added: Sep 24, 2025
Changed: Aug 30
Last Checked: Aug 30 at 4:34PM
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 New Scotland Realty
Investment Insights
Based on property information with market context.
Built in 1930, this 2,216-square-foot apartment property contains five one-bedroom, one-bath efficiency units. All utilities are included for residents, and the building features radiant natural gas heating, full bathrooms, carpet and hardwood flooring, a concrete perimeter foundation, and stucco exterior construction.
The property is located at 538 Myrtle Avenue in Albany, approximately 1 mile from Albany Med and 1 mile from Washington Park. Financial metrics include a 9% cap rate with potential for 10%.
The property is located at 538 Myrtle Avenue in Albany, approximately 1 mile from Albany Med and 1 mile from Washington Park. Financial metrics include a 9% cap rate with potential for 10%.
Key Highlights
- Five 1‑bedroom/1‑bath efficiency units
- All utilities included
- 2,216‑square‑foot apartment property built in 1930
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
$22,636
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
5.33%
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%
$452,720
$452.7K
Cap Rate 7%
$323,371
$323.4K
Cap Rate 9%
$251,511
$251.5K
Market Conditions
NOI Build-Up for 2,216 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
$43.9K $19.80/SF
− Vacancy
−$2.7K −$1.23/SF
EGI
$41.2K $18.57/SF
− OpEx
−$18.5K −$8.36/SF
NOI
$22.6K $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%
$452,720
Cap Rate 7%
$323,371
Cap Rate 9%
$251,511
Alternative Uses
Best Use
Apartment 5plus
$323.4K
$283.0K – $377.3K
NOI $22,636 @ 7.0% cap · market cap 5.33%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$584.6K
$511.6K – $682.1K
NOI $40,925 @ 7.0% cap · market cap 9.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Location Intelligence
Trade Area within ½ mile
3,139
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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 - Five one-bedroom, one-bath efficiency units include all utilities in a compact multifamily configuration.
Where is this apartment building located?
The property is located at 538 Myrtle Avenue Albany, NY.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Five 1‑bedroom/1‑bath efficiency units; All utilities included; 2,216‑square‑foot apartment property built in 1930
