Renovated Triplex with Detached
New
For Sale
$397,000
695 State St, Albany, NY 12203
Three apartments include two leased units and a vacant two-bedroom residence, with a full basement and detached two-stall garage.
Property Size1,976 SF
Price / SF$200.91
Days on Market2
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Property Features for 695 State St
General Information
Standard status
Active
Size
1,976 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 3BR, 1 x studio, 1 x 2BR
Multifamily Units
3
Amenities
front porch
enclosed porch
full basement
Building Details
Year Built
1900
Year Renovated
2014
Listing Agency:
Chad Majewski Real Estate
Listed By:
Michael Field
(518) 669-1804
Source:
Fieldrealty
Added: Oct 14
Changed: Oct 15
Last Checked: Oct 14 at 10:23PM
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 Chad Majewski Real Estate
Investment Insights
Based on property information with market context.
This triplex contains three separate apartments totaling approximately 1,976 square feet, along with a full basement. The first-floor residence has three bedrooms, hardwood floors, and a front porch; the second floor includes a studio with an enclosed porch and a two-bedroom apartment. The latter unit is vacant, while the other two apartments are leased. A detached two-stall garage is included and is conveyed as is.
A 2014 renovation updated approximately 90% of the structure, including electrical wiring, insulation, sheetrock, kitchens, bathrooms, windows, exterior doors, and three heating systems. Siding was replaced in 2012, and the roof was replaced in 2023. The property comprises two tax parcels conveyed together under one deed.
A 2014 renovation updated approximately 90% of the structure, including electrical wiring, insulation, sheetrock, kitchens, bathrooms, windows, exterior doors, and three heating systems. Siding was replaced in 2012, and the roof was replaced in 2023. The property comprises two tax parcels conveyed together under one deed.
Key Highlights
- Three apartments totaling approximately 1,976 square feet
- Unit mix: one 3‑bedroom apartment, one studio, and one 2‑bedroom apartment
- Two apartments are leased; the 2‑bedroom unit is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,503
Cap Rate
5.67%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$450,060
$450.1K
Cap Rate 7%
$321,471
$321.5K
Cap Rate 9%
$250,033
$250.0K
Market Conditions
NOI Build-Up for 1,976 SF
Gross rent
$34.4K $17.40/SF
− Vacancy
−$2.2K −$1.13/SF
EGI
$32.1K $16.27/SF
− OpEx
−$9.6K −$4.88/SF
NOI
$22.5K $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 Rate 5%
$450,060
Cap Rate 7%
$321,471
Cap Rate 9%
$250,033
Alternative Uses
Best Use
Multifamily LT 5
$321.5K
$281.3K – $375.1K
NOI $22,503 @ 7.0% cap · market cap 5.67%
Second Best
Apartment 5plus
$288.3K
$252.3K – $336.4K
NOI $20,184 @ 7.0% cap · market cap 5.08%
Theoretical Best
Office A
$521.3K
$456.2K – $608.2K
NOI $36,493 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,582
Businesses Nearby
Explore this area
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
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - Three apartments include two leased units and a vacant two-bedroom residence, with a full basement and detached two-stall garage.
Where is this triplex located?
The property is located at 695 State St Albany, NY.
What is the asking price?
The asking price for this property is $397,000.
What are key features of this property?
This property features: Three apartments totaling approximately 1,976 square feet; Unit mix: one 3‑bedroom apartment, one studio, and one 2‑bedroom apartment; Two apartments are leased; the 2‑bedroom unit is vacant
