Renovated Two-Parcel Apartment
For Sale
$1,995,000
800 Madison Avenue, Albany, NY 12208
Two back-to-back multifamily buildings totaling 13 apartments with off-street parking and fob entry systems.
Property Size6,688 SF
Price / SF$298.30
Days on Market787
Property Features for 800 Madison Avenue
General Information
Standard status
Active
Size
6,688 SF
Total Parking Spaces
6
Property subtype
Multi Family / Multi Family
Additional Details
Multifamily Units
13
Taxes and HOA fees
Annual Taxes
$26,151
Amenities
fob entry systems
intercoms
cameras
Rubber
Central Air, None, No
Forced Air, Hot Water, Natural Gas, Yes
Full
Vinyl, Tile, Hardwood
High Speed Internet
Brick/Mortar
Yes
Vinyl Siding, Wood Siding
Bay Window(s), ENERGY STAR Qualified Windows, Insulated Windows
Other
Security System Owned, Key Card Entry, Fire Sprinkler System, Smoke Detector(s), Building Security, Carbon Monoxide Detector(s), Fire Alarm
Building Details
Year Built
1950
Tenancy
Multi
Listing Agency:
Blue House Companies
(518) 598-4000
Listed By:
Peter Tryon · License #10491209962
(518) 598-4000
Source:
Compass
Added: Jun 21, 2024
Changed: Aug 8
Last Checked: Jul 21 at 9:50PM
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 Blue House Companies
Investment Insights
Based on property information with market context.
Offered for sale are two back-to-back apartment buildings at 800 Madison Avenue and 441 Yates Street on separate parcels. Combined, the property includes 13 apartments and provides off-street parking.
800 Madison Avenue was renovated in 2017, with new kitchens and refreshed bathrooms. The landlord pays for heat/hot water, and the remarks note tenants pay a premium for that service.
441 Yates Street underwent a gut rehab in 2020, with all-new mechanicals, kitchens, and baths. Both buildings are equipped with fob entry systems and intercoms, and are camera-equipped. The buildings are described as always rented, and located close to main attractions and employment in Albany.
800 Madison Avenue was renovated in 2017, with new kitchens and refreshed bathrooms. The landlord pays for heat/hot water, and the remarks note tenants pay a premium for that service.
441 Yates Street underwent a gut rehab in 2020, with all-new mechanicals, kitchens, and baths. Both buildings are equipped with fob entry systems and intercoms, and are camera-equipped. The buildings are described as always rented, and located close to main attractions and employment in Albany.
Key Highlights
- Two back‑to‑back multifamily buildings totaling 13 apartments
- Off‑street parking available for the combined property
- 800 Madison renovated in 2017 with new kitchens and refreshed bathrooms
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
$68,317
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
3.42%
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%
$1,366,340
$1.4M
Cap Rate 7%
$975,957
$976.0K
Cap Rate 9%
$759,078
$759.1K
Market Conditions
NOI Build-Up for 6,688 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
$132.4K $19.80/SF
− Vacancy
−$8.2K −$1.23/SF
EGI
$124.2K $18.57/SF
− OpEx
−$55.9K −$8.36/SF
NOI
$68.3K $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%
$1,366,340
Cap Rate 7%
$975,957
Cap Rate 9%
$759,078
Alternative Uses
Best Use
Apartment 5plus
$976.0K
$854.0K – $1.14M
NOI $68,317 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.76M
$1.54M – $2.06M
NOI $123,514 @ 7.0% cap · market cap 6.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
13
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,003
Businesses Nearby
Explore this area
Business Placement
Demographics for 12208, NY
22,118
Population
11,522
Households
1.9
Avg Household Size
34
Median Age
56%
College-Educated
93%
High-School Grad
4.4 sq mi
ZIP Area
5,027
Density / Sq Mi
$69,505
Median Household Income
$39,268
Median Earnings
$1,291
Median Rent
$255,300
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?
Apartment building - Two back-to-back multifamily buildings totaling 13 apartments with off-street parking and fob entry systems.
Where is this apartment building located?
The property is located at 800 Madison Avenue Albany, NY.
What is the asking price?
The asking price for this property is $1,995,000.
What are key features of this property?
This property features: Two back‑to‑back multifamily buildings totaling 13 apartments; Off‑street parking available for the combined property; 800 Madison renovated in 2017 with new kitchens and refreshed bathrooms
