Turnkey Three-Unit Income
For Sale
$275,000
88 Ontario Street, Albany, NY 12206
Fully tenant-occupied three-unit property with 6 bedrooms and 3 full bathrooms, offered for sale.
Property Size2,420 SF
Price / SF$113.64
Days on Market153
Property Features for 88 Ontario Street
General Information
Standard status
Active
Size
2,420 SF
Property subtype
Multi-family
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
3
Building Details
Year Built
1880
Tenancy
Multi
Listing Agency:
GROUP TWENTY SIX NY LLC
Listed By:
Linda Chiou
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Apr 6
Changed: Sep 4
Last Checked: Sep 4 at 10:23AM
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 GROUP TWENTY SIX NY LLC
Investment Insights
Based on property information with market context.
This fully tenant-occupied three-unit property is turnkey and income-producing, with a total of 6 bedrooms and 3 full bathrooms across the three units. The offering includes established tenants in place, supporting immediate rental income.
The property sits on a double lot at 88-90 Ontario Street in Albany, NY, providing additional land area as part of the investment.
With all units occupied, the configuration supports a straightforward, ready-to-operate multifamily setup for investors seeking a residential income asset.
The property sits on a double lot at 88-90 Ontario Street in Albany, NY, providing additional land area as part of the investment.
With all units occupied, the configuration supports a straightforward, ready-to-operate multifamily setup for investors seeking a residential income asset.
Key Highlights
- Fully tenant‑occupied three‑unit property
- 6 bedrooms and 3 full bathrooms total
- All units are occupied with established tenants in place
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
$24,720
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
8.99%
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%
$494,400
$494.4K
Cap Rate 7%
$353,143
$353.1K
Cap Rate 9%
$274,667
$274.7K
Market Conditions
NOI Build-Up for 2,420 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
$47.9K $19.80/SF
− Vacancy
−$3.0K −$1.23/SF
EGI
$44.9K $18.57/SF
− OpEx
−$20.2K −$8.36/SF
NOI
$24.7K $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%
$494,400
Cap Rate 7%
$353,143
Cap Rate 9%
$274,667
Alternative Uses
Best Use
Multifamily LT 5
$393.7K
$344.5K – $459.3K
NOI $27,560 @ 7.0% cap · market cap 10.02%
Second Best
Apartment 5plus
$353.1K
$309.0K – $412.0K
NOI $24,720 @ 7.0% cap · market cap 8.99%
Theoretical Best
Office A
$638.5K
$558.7K – $744.9K
NOI $44,693 @ 7.0% cap · market cap 16.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,203
Businesses Nearby
Explore this area
Business Placement
Demographics for 12206, NY
17,219
Population
8,641
Households
2
Avg Household Size
32
Median Age
26%
College-Educated
84%
High-School Grad
2.1 sq mi
ZIP Area
8,200
Density / Sq Mi
$38,931
Median Household Income
$28,087
Median Earnings
$1,189
Median Rent
$162,300
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?
Triplex - Fully tenant-occupied three-unit property with 6 bedrooms and 3 full bathrooms, offered for sale.
Where is this triplex located?
The property is located at 88 Ontario Street Albany, NY.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Fully tenant‑occupied three‑unit property; 6 bedrooms and 3 full bathrooms total; All units are occupied with established tenants in place
