Three-Story Mixed-Use
New
For Sale
$1,250,000
65 Watervliet Avenue, Albany, NY 12206
The building combines nine apartments with two ground-floor storefronts.
Property Size8,424 SF
Price / SF$148.39
Days on Market4
Property Features for 65 Watervliet Avenue
General Information
Standard status
Active
Size
8,424 SF
Property subtype
Multi-Family
Financials
Asking Price
$1,250,000
Gross Income
$99,900
Site & Location
Corner Location
Yes
Highway Access
Yes
Road Access
Yes
Units
Unit Mix
4 x studio, 1 x 1BR, 3 x 2BR, 1 x 3BR
Multifamily Units
9
Taxes and HOA fees
Annual Taxes
$16,066
Building Details
Year Built
1930
Buildings
1
Stories
3
Tenancy
Multi
Listing Agency:
NAI Platform LLC
Listed By:
Cory M Tyksinski · License #10491200588
(518) 857-8396
Source:
Capmarkrealty
Added: Sep 28
Last Checked: Oct 1 at 8:00AM
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 NAI Platform LLC
Investment Insights
Based on property information with market context.
Built in 1930, this 8,424-square-foot, three-story mixed-use property contains nine apartments: four studios, one one-bedroom, three two-bedroom, and one three-bedroom unit. Two storefronts occupy the ground floor, measuring approximately 1,500 SF and 1,000 SF. Select apartments have received window, flooring, and appliance updates. The storefronts are vacant. The property has a pro forma 6.9% cap rate assuming the retail spaces are leased.
The building sits at the meeting point of Watervliet Avenue, Livingston Avenue, and 3rd Street, near the Everett Road exit from I-90. Honest Weight Food Co-op is across the street, and the CDTA Training and Call Center is one block away.
The building sits at the meeting point of Watervliet Avenue, Livingston Avenue, and 3rd Street, near the Everett Road exit from I-90. Honest Weight Food Co-op is across the street, and the CDTA Training and Call Center is one block away.
Key Highlights
- Nine apartments: four studios, one 1BR, three 2BR, and one 3BR
- Two ground‑floor storefronts of approximately 1,500 SF and 1,000 SF
- 8,424‑square‑foot, three‑story building constructed 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
$101,783
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
8.14%
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%
$2,035,660
$2.0M
Cap Rate 7%
$1,454,043
$1.5M
Cap Rate 9%
$1,130,922
$1.1M
Market Conditions
NOI Build-Up for 8,424 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
$156.7K $18.60/SF
− Vacancy
−$11.3K −$1.34/SF
EGI
$145.4K $17.26/SF
− OpEx
−$43.6K −$5.18/SF
NOI
$101.8K $12.08/SF
Area
Albany, NY
Vacancy
7.20%
Lease Rate
$18.60 /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%
$2,035,660
Cap Rate 7%
$1,454,043
Cap Rate 9%
$1,130,922
Alternative Uses
Best Use
Retail
$1.45M
$1.27M – $1.70M
NOI $101,783 @ 7.0% cap · market cap 8.14%
Second Best
Mixed Use
$1.42M
$1.24M – $1.65M
NOI $99,287 @ 7.0% cap · market cap 7.94%
Theoretical Best
Office A
$2.22M
$1.94M – $2.59M
NOI $155,574 @ 7.0% cap · market cap 12.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,213
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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?
Mixed-use property - The building combines nine apartments with two ground-floor storefronts.
Where is this mixed-use property located?
The property is located at 65 Watervliet Avenue Albany, NY.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Nine apartments: four studios, one 1BR, three 2BR, and one 3BR; Two ground‑floor storefronts of approximately 1,500 SF and 1,000 SF; 8,424‑square‑foot, three‑story building constructed in 1930
