3-Unit Triplex with Detached
New
For Sale
$397,000
695 State Street, Albany, NY 12203
MultiFamily, Albany, NY
Property Size1,976 SF
Lot Size0.08 Acres
Price / SF$200.91
Days on Market1
Property Features for 695 State Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
Multi Residence
Bedrooms
6
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 5, Bedroom 3, Bathroom 1, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 6, Bedroom 4, Bedroom 2
Parking
3
Parking features
Driveway, Garage, Off Street
Patio and Porch features
Deck, Porch
Interior features
High Speed Internet
Fencing
Gate
Basement
Unfinished, Full
Lot features
Road Frontage, Cleared
Elementary school
Philip J. Schuyler Achievement
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Western Avenue to left on Quail St to left on State Street property on the right.
Standard status
Active
APN
010100 65.62-3-19 01
Size
1,976 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
5961
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Baseboard, Natural Gas
Water source
Public
Building Details
Year built
1900
Number of units
3
Flooring type
Carpet, Vinyl, Hardwood
Building materials
Vinyl Siding
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Lucas J Weston · License #40WE1156530
(518) 269-7939
Added: Oct 13
Last Checked: Oct 13 at 7:06PM
MLS# 202628110
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 3-unit residential property at 695 State Street contains 1,976 square feet of living area and a full basement. The apartment mix includes a first-floor three-bedroom unit, a second-floor studio, and a second-floor two-bedroom unit. The two-bedroom apartment is vacant; the other two units are leased. A detached two-stall garage is located at 172 Spring Street. The property spans 0.08 acres and is conveyed as two tax parcels under one deed.
Built in 1900, the building underwent a substantial renovation in 2014, including updated electrical wiring, insulation, kitchens, bathrooms, windows, exterior doors, and three heating systems. Siding was replaced in 2012, and the roof was replaced in 2023. Additional features include hardwood, carpet, and vinyl flooring, porches, a deck, and baseboard heating fueled by natural gas. Zoning is Multi Residence.
Built in 1900, the building underwent a substantial renovation in 2014, including updated electrical wiring, insulation, kitchens, bathrooms, windows, exterior doors, and three heating systems. Siding was replaced in 2012, and the roof was replaced in 2023. Additional features include hardwood, carpet, and vinyl flooring, porches, a deck, and baseboard heating fueled by natural gas. Zoning is Multi Residence.
Key Highlights
- Three apartments: 3‑bedroom, studio, and 2‑bedroom layouts
- 1,976 square feet of living area with a full basement
- Detached 2‑stall garage at 172 Spring Street
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
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Two apartments are leased, while the vacant two-bedroom unit provides flexibility for occupancy or a new tenancy.
Where is this triplex located?
The property is located at 695 State Street 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: 3‑bedroom, studio, and 2‑bedroom layouts; 1,976 square feet of living area with a full basement; Detached 2‑stall garage at 172 Spring Street
