Updated 6-Unit Multifamily
948 Washington Avenue Albany, NY 12203
948 Washington Avenue, Albany, NY, 12203
$829,900
For Sale
$829,900
Well-maintained 6-unit residential income property with roof replacement in 2020, updated windows, and a rear 4-car garage.
Property Size6,360 SF
Price / SF$130.49
Days on Market338
Property Features for 948 Washington Avenue
General Information
- Standard status
- Active
- Size
- 6,360 SF
- Property subtype
- Multi Family / Multi Family
Building Details
- Year Built
- 1950
Listing agency
Coldwell Banker Prime Prop.
(518) 366-1875
Listed by
Terry Weinman · License #30WE0768353
(518) 366-1875
Source
Compass
Added: Aug 19, 2025 Updated: Jul 22 at 6:52PM Checked: Jul 22 at 6:52PM
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 Coldwell Banker Prime Prop.
Investment Insights
Based on property information with market context.
This well-cared-for 6-unit multifamily property has been family built and owned, with ongoing updates and maintenance throughout its life. The apartments feature generous room sizes, multiple closets, and hardwood floors on the upper levels, along with nice appliances. Lower-level units include waterproof flooring, and the upper four units each have back porches. Rents include heat and hot water, while tenants pay for electric and cable.
The property includes a 4-car garage at the rear of the building plus additional parking, and the driveway has been recently repaved. The roof was replaced in 2020, and most windows have been replaced.
This offering must be sold as a package with 950 Washington Ave.
The property includes a 4-car garage at the rear of the building plus additional parking, and the driveway has been recently repaved. The roof was replaced in 2020, and most windows have been replaced.
This offering must be sold as a package with 950 Washington Ave.
Key Highlights
- Well‑maintained 6‑unit brick residential income property built in 1950
- Roof replaced in 2020; most windows have been replaced
- Rear 4‑car garage plus additional parking; driveway recently repaved
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $125.9k | $19.80 |
| − Vacancy | −$7.8k | −$1.23 |
| EGI | $118.1k | $18.57 |
| − OpEx | −$53.2k | −$8.36 |
| NOI | $65.0k | $10.21 |
6,360 SF · lease $19.80/SF/yr · vacancy 6.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$928.1K
$812.1K – $1.08M
NOI $64,966 @ 7.0% cap · market cap 7.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.68M
$1.47M – $1.96M
NOI $117,456 @ 7.0% cap · market cap 14.15%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Well-maintained 6-unit residential income property with roof replacement in 2020, updated windows, and a rear 4-car garage.
Where is this apartment building located?
The property is located at 948 Washington Avenue Albany, NY.
What is the asking price?
The asking price for this property is $829,900.
What are key features of this property?
This property features: Well‑maintained 6‑unit brick residential income property built in 1950; Roof replaced in 2020; most windows have been replaced; Rear 4‑car garage plus additional parking; driveway recently repaved
