Four-Unit Residential
For Sale
$435,000
677 Washington Avenue, Albany, NY 12206
Four residential units feature hardwood flooring, updated bathrooms, and separate utility systems.
Property Size2,664 SF
Price / SF$163.29
Days on Market12
Property Features for 677 Washington Avenue
General Information
Standard status
Active
Size
2,664 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Property Condition
Severity
Repairs Needed
Evidence
peeling exterior paint
Additional Details
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$7,457
Building Details
Year Built
1900
Listing Agency:
Falvey Real Estate Group Ltd
(518) 542-1430
Listed By:
James W Rosenberger · License #21613
(518) 542-1430
Source:
Capmarkrealty
Added: Aug 19
Changed: Aug 29
Last Checked: Aug 30 at 1:38PM
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 Falvey Real Estate Group Ltd
Investment Insights
Based on property information with market context.
This four-unit residential property contains 2,664 square feet and was built in 1900. Each unit has hardwood flooring and updated bathrooms, while separate hot water tanks, boilers, and electrical boxes serve the individual units. A slate roof and an attached garage are also part of the property; the garage is being sold as-is.
Located at 677 Washington Avenue in Albany, the property is described as being near a college and hospitals. The units have a rental history with both month-to-month occupancy and leased arrangements. Showings require at least 24 hours’ notice, with 48 hours preferred. Peeling exterior paint means the property will not pass an FHA or VA appraisal.
Located at 677 Washington Avenue in Albany, the property is described as being near a college and hospitals. The units have a rental history with both month-to-month occupancy and leased arrangements. Showings require at least 24 hours’ notice, with 48 hours preferred. Peeling exterior paint means the property will not pass an FHA or VA appraisal.
Key Highlights
- Four residential units totaling 2,664 SF
- Separate hot water tanks, boilers, and electrical boxes for each unit
- Hardwood floors and updated bathrooms in every unit
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
$30,338
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
6.97%
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%
$606,760
$606.8K
Cap Rate 7%
$433,400
$433.4K
Cap Rate 9%
$337,089
$337.1K
Market Conditions
NOI Build-Up for 2,664 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
$46.4K $17.40/SF
− Vacancy
−$3.0K −$1.13/SF
EGI
$43.3K $16.27/SF
− OpEx
−$13.0K −$4.88/SF
NOI
$30.3K $11.39/SF
Area
Albany, NY
Vacancy
6.50%
Lease Rate
$17.40 /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%
$606,760
Cap Rate 7%
$433,400
Cap Rate 9%
$337,089
Alternative Uses
Best Use
Multifamily LT 5
$433.4K
$379.2K – $505.6K
NOI $30,338 @ 7.0% cap · market cap 6.97%
Second Best
Apartment 5plus
$388.7K
$340.2K – $453.5K
NOI $27,212 @ 7.0% cap · market cap 6.26%
Theoretical Best
Office A
$702.8K
$615.0K – $820.0K
NOI $49,199 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
409
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?
Quadplex - Four residential units feature hardwood flooring, updated bathrooms, and separate utility systems.
Where is this quadplex located?
The property is located at 677 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $435,000.
What are key features of this property?
This property features: Four residential units totaling 2,664 SF; Separate hot water tanks, boilers, and electrical boxes for each unit; Hardwood floors and updated bathrooms in every unit
