Brick Triplex with Separate
For Sale
$285,000
Pending
74 Philip Street, Albany, NY 12202
The building includes a vacant two-bedroom unit and two units with existing tenancy.
Property Size2,340 SF
Days on Market195
Property Features for 74 Philip Street
General Information
Standard status
Pending
Size
2,340 SF
Property subtype
Multi Family / Triplex
Taxes and HOA fees
Annual Taxes
$4,448
Amenities
Rubber
None, No
Baseboard, Yes
Apartment
100 Amp Service, Circuit Breakers
Hardwood, Laminate
French Doors
Vaulted Ceiling(s), Built-in Features
Brick
Yes
Back Yard, Full
Washer Hookup
Smoke Detector(s), Carbon Monoxide Detector(s)
Rear Porch, Patio
Building Details
Year Built
1860
Listing Agency:
KW Platform
Listed By:
Andrea Tallman · License #10401378283
(518) 410-8050
Source:
Compass
Added: Apr 6
Changed: Oct 7
Last Checked: Oct 16 at 11:10AM
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
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Investment Insights
Based on property information with market context.
This 2340-square-foot brick triplex contains three residential units arranged across the basement, first, and third floors. The first-floor apartment is vacant and offers two bedrooms, vaulted ceilings, hardwood flooring, and original built-in features. The basement unit is occupied on a month-to-month arrangement, while the third-floor one-bedroom apartment has a long-term leased tenant.
Each unit has separate utilities and a new electric connection. Washer and dryer hookups are provided within the apartments, and the property includes newer rear porches along with a backyard. Built in 1860, the building is located in Albany’s historic Mansion District at 74 Philip Street.
Each unit has separate utilities and a new electric connection. Washer and dryer hookups are provided within the apartments, and the property includes newer rear porches along with a backyard. Built in 1860, the building is located in Albany’s historic Mansion District at 74 Philip Street.
Key Highlights
- 2340 square feet with three residential units
- Brick triplex built in 1860
- First‑floor two‑bedroom unit is vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$23,903
Cap Rate
8.39%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$478,060
$478.1K
Cap Rate 7%
$341,471
$341.5K
Cap Rate 9%
$265,589
$265.6K
Market Conditions
NOI Build-Up for 2,340 SF
Gross rent
$46.3K $19.80/SF
− Vacancy
−$2.9K −$1.23/SF
EGI
$43.5K $18.57/SF
− OpEx
−$19.6K −$8.36/SF
NOI
$23.9K $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 Rate 5%
$478,060
Cap Rate 7%
$341,471
Cap Rate 9%
$265,589
Alternative Uses
Best Use
Multifamily LT 5
$380.7K
$333.1K – $444.2K
NOI $26,649 @ 7.0% cap · market cap 9.35%
Second Best
Apartment 5plus
$341.5K
$298.8K – $398.4K
NOI $23,903 @ 7.0% cap · market cap 8.39%
Theoretical Best
Office A
$617.4K
$540.2K – $720.3K
NOI $43,215 @ 7.0% cap · market cap 15.16%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,231
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Northeast region
Frequently Asked Questions
What type of property is this?
Triplex - The building includes a vacant two-bedroom unit and two units with existing tenancy.
Where is this triplex located?
The property is located at 74 Philip Street Albany, NY.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: 2340 square feet with three residential units; Brick triplex built in 1860; First‑floor two‑bedroom unit is vacant
