Four-Unit Property with Slate
New
For Sale
$435,000
677 Washington Avenue, Albany, NY 12206
MULTI_FAMILY - Other - Albany, NY
Property Size2,664 SF
Lot Size0.10 Acres
Price / SF$163.29
Days on Market4
Property Features for 677 Washington Avenue
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 2, Bathroom 3, Bathroom 2, Bedroom 5, Bedroom 4, Bathroom 4, Bedroom 1, Bathroom 1
Parking
2
Parking features
Garage, Off Street
Patio and Porch features
Porch
Interior features
Ceramic Tile Bath
Basement
Full
Lot features
Road Frontage, Cleared, Corner Lot
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Washington Ave across from Albany High School
Standard status
Active
APN
010100 65.45-3-44
Size
2,664 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
7457
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Radiant
Water source
Public
Building Details
Year built
1900
Number of units
4
Flooring type
Wood, Vinyl
Building materials
Wood Siding
Roof type
Slate
Architectural style
Other
Listing Agency:
Falvey Real Estate Group Ltd
(518) 452-3912
Listed By:
James W Rosenberger · License #40RO1132254
(518) 542-1430
Added: Aug 17
Changed: Aug 18
Last Checked: Aug 20 at 6:06PM
MLS# 202624204
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.
Investment Insights
Based on property information with market context.
This four-unit residential property contains 2,664 square feet on a 0.1-acre lot and was built in 1900. Unit interiors include hardwood and vinyl flooring, ceramic tile baths, and updated bathrooms. Each unit has its own hot water tank, boiler, and electrical box. The building is heated by natural gas radiant systems and is topped by a slate roof. A porch, garage, and off-street parking are also included.
The property is located at 677 Washington Avenue in Albany, near a college and hospitals. Public water and public sewer serve the property. The garage is being sold as-is, and the exterior has peeling paint that will not pass an FHA or VA appraisal. Showings require 24 hours’ notice, with 48 hours preferred.
The property is located at 677 Washington Avenue in Albany, near a college and hospitals. Public water and public sewer serve the property. The garage is being sold as-is, and the exterior has peeling paint that will not pass an FHA or VA appraisal. Showings require 24 hours’ notice, with 48 hours preferred.
Key Highlights
- Four residential units within 2,664 square feet
- 0.1‑acre Albany property built in 1900
- Slate roof with porch, garage, and off‑street parking
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
Property Profile
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,512
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 with hardwood flooring, updated bathrooms, individual mechanical systems, and off-street parking.
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 within 2,664 square feet; 0.1‑acre Albany property built in 1900; Slate roof with porch, garage, and off‑street parking
