6-Door Multifamily
For Sale
$830,000
70 Willett Street, Albany, NY 12210
Three buildings share a basement and include one vacant brownstone plus five rented one-bedroom apartments.
Property Size3,438 SF
Price / SF$241.42
Days on Market324
Property Features for 70 Willett Street
General Information
Standard status
Active
Size
3,438 SF
Property subtype
Multi Family / Multi Family
Units
Unit Mix
5 x 1BR/1BA, 1 x 4BR/3.5BA
Multifamily Units
6
Taxes and HOA fees
Annual Taxes
$11,736
Amenities
None, No
Hot Water, Radiant, Natural Gas, Yes
Interior Entry, Unfinished, Walk-Out Access, Other
100 Amp Service, Circuit Breakers
Carpet, Hardwood
Wall Paneling, Paddle Fan, High Speed Internet, Built-in Features, Chair Rail, Crown Molding
Yes
Brick
Fire Sprinkler System, Smoke Detector(s), Carbon Monoxide Detector(s)
Building Details
Year Built
1867
Buildings
3
Listing Agency:
KW Platform
(518) 512-7784
Listed By:
Jenn L Baniak-Hollands · License #10301218622
(518) 512-7784
Source:
Compass
Added: Oct 13, 2025
Changed: Aug 31
Last Checked: Aug 31 at 9:48PM
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 KW Platform
Investment Insights
Based on property information with market context.
This multifamily offering combines 6 doors across 3 buildings conveyed together under one address and tax bill. A shared basement connects the buildings. The property includes a vacant 4-bed, 3.5-bath brownstone with brick construction, hardwood and carpet flooring, crown molding, built-in features, radiant heat, and walk-out access. Five additional apartments are configured as 1-bed, 1-bath units and are fully rented.
Located at 70 Willett Street in Albany’s Center Square, the property overlooks Washington Park and sits near downtown, Lark Street, Albany Law, Albany Med, shops, parks, cafés, and restaurants. The brownstone previously operated as a bed and breakfast, and valid ROPs extend through 4/29/27. The buildings date to 1867 and include fire sprinkler, smoke, and carbon monoxide detection systems.
Located at 70 Willett Street in Albany’s Center Square, the property overlooks Washington Park and sits near downtown, Lark Street, Albany Law, Albany Med, shops, parks, cafés, and restaurants. The brownstone previously operated as a bed and breakfast, and valid ROPs extend through 4/29/27. The buildings date to 1867 and include fire sprinkler, smoke, and carbon monoxide detection systems.
Key Highlights
- 6 doors across 3 buildings conveyed as one property
- Vacant 4‑bed, 3.5‑bath brownstone included
- Five fully rented 1‑bed, 1‑bath apartments
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
$35,119
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
4.23%
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%
$702,380
$702.4K
Cap Rate 7%
$501,700
$501.7K
Cap Rate 9%
$390,211
$390.2K
Market Conditions
NOI Build-Up for 3,438 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
$68.1K $19.80/SF
− Vacancy
−$4.2K −$1.23/SF
EGI
$63.9K $18.57/SF
− OpEx
−$28.7K −$8.36/SF
NOI
$35.1K $10.21/SF
Area
Albany, NY
Vacancy
6.20%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
45.00%
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%
$702,380
Cap Rate 7%
$501,700
Cap Rate 9%
$390,211
Alternative Uses
Best Use
Apartment 5plus
$501.7K
$439.0K – $585.3K
NOI $35,119 @ 7.0% cap · market cap 4.23%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$907.0K
$793.7K – $1.06M
NOI $63,493 @ 7.0% cap · market cap 7.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
4,082
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
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?
Multifamily property - Three buildings share a basement and include one vacant brownstone plus five rented one-bedroom apartments.
Where is this multifamily property located?
The property is located at 70 Willett Street Albany, NY.
What is the asking price?
The asking price for this property is $830,000.
What are key features of this property?
This property features: 6 doors across 3 buildings conveyed as one property; Vacant 4‑bed, 3.5‑bath brownstone included; Five fully rented 1‑bed, 1‑bath apartments
