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    3 Leonard Pl Albany, NY 12202

    Sponsored
    For Sale
    $735,000

    Eight-unit building, excellent potential

    Property size:
    5,750 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    394
    This exceptional multifamily investment opportunity presents a three-story, eight-unit apartment building located at 3-4 Leonard Place in Albany, New York, 12202. The property, built in 1920, boasts a total of 5,750 square feet situated on a 0.13-acre lot. The asking price is $735,000, translating to a price per square foot of $127.83 and a price per unit of $91,875. The building includes four parking spaces, a significant advantage in this location. The property is zoned R2A. The building comprises one structure with eight units, offering a mix of fully renovated units and units ripe for upgrades to enhance rental income. This presents a compelling opportunity to increase the property's overall return on investment. This is an ideal investment for both first-time investors seeking a strong entry point into the multifamily market and experienced investors looking to expand their existing portfolio. The property includes two parcels: 3 Leonard (APN 76.39-1-13) and 4 Leonard (APN 76.39-1-12). This well-located Albany property offers significant potential for growth and strong cash flow.

    Property Features for 3 Leonard Pl

    General Information

    Property type
    Multifamily properties
    Square Feet
    5,750 SF
    Lot Size
    5,663 SF

    Building Details

    Year Built
    1920
    Buildings
    1
    Stories
    3
    Units
    8

    HighLights

    • Eight‑unit multifamily building in Albany, NY.
    • 5,750 square feet on a 0.13‑acre lot.
    • Asking price: $735,000 ($127.83/SF, $91,875/unit).
    • Four on‑site parking spaces.
    • Mix of renovated and value‑add units.
    • R2A zoning.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.7698902
    Latitude
    42.648615

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    FAQs

    What type of property is this?
    Multifamily property - Eight-unit building, excellent potential
    Where is this multifamily property located?
    The property is located at 3 Leonard Pl Albany, NY.
    What is the asking price?
    The asking price for this property is $735,000.
    What are key features of this property?
    This property features: Eight-unit multifamily building in Albany, NY.; 5,750 square feet on a 0.13-acre lot.; Asking price: $735,000 ($127.83/SF, $91,875/unit).
    Request Owner's contact information
    3 Leonard Pl Albany, NY 12202
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    Albany, NY 12202
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3 Leonard Pl Albany, NY 12202
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