Brick Triplex with Garage
New
For Sale
$299,900
828 2nd St, Rensselaer, NY 12144
Three separate residences include one leased apartment and a vacant unit available for occupancy.
Property Size2,034 SF
Price / SF$147.44
Days on Market2
Property Features for 828 2nd St
General Information
Standard status
Active
Size
2,034 SF
Property subtype
Multi-Family
Additional Details
Multifamily Units
3
Building Details
Year Built
1860
Buildings
1
Construction
solid brick
Listing Agency:
Exp Realty
Listed By:
Michael Field
(518) 669-1804
Source:
Fieldrealty
Added: Oct 4
Last Checked: Oct 4 at 8:31AM
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 Exp Realty
Investment Insights
Based on property information with market context.
This 2,034-square-foot brick triplex was built in 1860 and contains three residential units. One apartment is leased, while another is vacant and ready for occupancy. The property also includes three garage bays and off-street parking.
The combination of a leased unit and a vacant apartment provides two different occupancy conditions within the same building. The three garage bays are an additional physical feature of the property.
The combination of a leased unit and a vacant apartment provides two different occupancy conditions within the same building. The three garage bays are an additional physical feature of the property.
Key Highlights
- Three residential units in a brick building
- 2,034 square feet; built in 1860
- One unit is currently leased
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
$26,641
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
8.88%
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%
$532,820
$532.8K
Cap Rate 7%
$380,586
$380.6K
Cap Rate 9%
$296,011
$296.0K
Market Conditions
NOI Build-Up for 2,034 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
$40.3K $19.80/SF
− Vacancy
−$2.2K −$1.09/SF
EGI
$38.1K $18.71/SF
− OpEx
−$11.4K −$5.61/SF
NOI
$26.6K $13.10/SF
Area
Rensselaer County, NY
Vacancy
5.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$532,820
Cap Rate 7%
$380,586
Cap Rate 9%
$296,011
Alternative Uses
Best Use
Multifamily LT 5
$380.6K
$333.0K – $444.0K
NOI $26,641 @ 7.0% cap · market cap 8.88%
Second Best
Apartment 5plus
$352.7K
$308.6K – $411.5K
NOI $24,689 @ 7.0% cap · market cap 8.23%
Theoretical Best
Office A
$508.5K
$444.9K – $593.2K
NOI $35,593 @ 7.0% cap · market cap 11.87%
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
432
Businesses Nearby
Explore this area
Business Placement
Demographics for 12144, NY
21,277
Population
10,474
Households
2
Avg Household Size
40
Median Age
38%
College-Educated
93%
High-School Grad
18.3 sq mi
ZIP Area
1,163
Density / Sq Mi
$88,357
Median Household Income
$51,893
Median Earnings
$1,379
Median Rent
$235,300
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
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Frequently Asked Questions
What type of property is this?
Triplex - Three separate residences include one leased apartment and a vacant unit available for occupancy.
Where is this triplex located?
The property is located at 828 2nd St Rensselaer, NY.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Three residential units in a brick building; 2,034 square feet; built in 1860; One unit is currently leased
