Brick Three-Unit
For Sale
$285,000
Pending
74 Philip Street, Albany, NY 12202
MultiFamily, Albany, NY
Property Size2,340 SF
Lot Size0.04 Acres
Days on Market183
Property Features for 74 Philip Street
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 1, Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 2, Bathroom 2, Bedroom 3
Patio and Porch features
Patio, Porch
Interior features
Vaulted Ceiling(s), Built-in Features
Basement
Apartment
View
City
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Madison Ave. to Phillip St.
Standard status
Pending
APN
010100 76.49-5-8
Size
2,340 SF
Lot size
0.04 Acres
Taxes and HOA fees
Tax Annual Amount
4448
Utilities
Sewer type
Public Sewer
Heating system
Baseboard
Water source
Public
Building Details
Year built
1860
Number of units
3
Flooring type
Hardwood, Laminate
Building materials
Brick
Roof type
Rubber
Architectural style
Other
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Andrea Tallman · License #10401378283
(518) 410-8050
Added: Apr 6
Changed: Sep 12
Last Checked: Oct 5 at 9:06AM
MLS# 202614522
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.
Built in 1860, this 2,340-square-foot brick triplex contains three residential units with separate utilities. The basement apartment is occupied on a month-to-month arrangement. A vacant first-floor two-bedroom unit includes vaulted ceilings, hardwood flooring, original built-ins, and washer and dryer hookups. The third-floor one-bedroom unit is leased to a long-term tenant. New electrical connections serve each unit, and the property also includes newer rear porches, a rubber roof, baseboard heating, and public water and sewer.
The property sits in Albany’s historic Mansion District at 74 Philip Street. Its 0.04-acre lot supports a compact urban residential configuration, with a mix of leased and vacant space that provides flexibility for an owner-occupant or continued rental operation.
The property sits in Albany’s historic Mansion District at 74 Philip Street. Its 0.04-acre lot supports a compact urban residential configuration, with a mix of leased and vacant space that provides flexibility for an owner-occupant or continued rental operation.
Key Highlights
- Three‑unit brick residential property built in 1860
- 2,340 square feet on a 0.04‑acre lot
- Basement unit rented month‑to‑month; third‑floor one‑bedroom leased to a long‑term tenant
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
$23,903
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
8.39%
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%
$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
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
$46.3K $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 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%
$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.
Property Analytics
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Open Analytics
Current Use
Lease Details
3
Residential units
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Multifamily in Northeast region
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Frequently Asked Questions
What type of property is this?
Triplex - Separate utilities and new electrical connections support flexible occupancy across the residential units.
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: Three‑unit brick residential property built in 1860; 2,340 square feet on a 0.04‑acre lot; Basement unit rented month‑to‑month; third‑floor one‑bedroom leased to a long‑term tenant
