Eight-Unit Brick Apartment
New
For Sale
$1,199,900
97-99 Homestead, Albany, NY 12203
MultiFamily, Albany, NY
Property Size6,184 SF
Lot Size0.34 Acres
Price / SF$194.03
Days on Market1
Property Features for 97-99 Homestead
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
16
Bathrooms
8
Full bathrooms
8
Rooms
Bedroom 6, Bedroom 9, Bedroom 8, Bedroom 1, Bathroom 5, Bedroom 7, Bedroom 5, Bedroom 2, Bedroom 11, Bedroom 4, Bathroom 8, Bedroom 10, Bathroom 6, Bedroom 16, Bedroom 14, Bedroom 13, Bathroom 2, Bedroom 12, Bathroom 1, Bedroom 3, Bathroom 7, Bathroom 3, Bedroom 15, Bathroom 4
Parking
14
Parking features
Garage, Driveway
Patio and Porch features
Porch
Interior features
Solid Surface Counters, High Speed Internet, Built-in Features, Ceramic Tile Bath
Basement
Full
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Washington Avenue to Homestead Avenue. Continue on Homestead Avenue; 97 and 99 Homestead Avenue will be on the left.
Standard status
Active
APN
010100 64.42-2-85 01
Size
6,184 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Annual Amount
12216
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Radiant Floor, Radiant, Natural Gas
Cooling system
Window Unit(s)
Water source
Public
Amenities
common coin-operated laundry
basement storage
Building Details
Year built
1940
Number of units
8
Flooring type
Tile, Hardwood
Building materials
Brick
Roof type
Rubber, Flat
Architectural style
Other
Listing Agency:
Clancy Real Estate
(518) 861-7016
Listed By:
Kevin Clancy · License #37CL1081409
(518) 461-9937
Added: Sep 9
Last Checked: Sep 9 at 8:06PM
MLS# 202625727
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property includes two brick apartment buildings at 97 and 99 Homestead Avenue, totaling 8 apartments and 6 garage bays. Combined building area is 6,184 square feet on 0.34 acres. The buildings date to 1940 and include basement storage, shared coin-operated laundry, a common driveway, and additional off-street parking. Public water and public sewer serve the property.
Apartment interiors include hardwood and tile flooring, open layouts, solid-surface counters, built-in features, ceramic tile baths, and high-speed internet. Heating is provided by hot water and radiant systems using natural gas, with select bathrooms featuring radiant floors. Window-unit cooling, porches, flat rubber roofing, freshly painted exteriors, and maintained landscaping are also included. The property is fully occupied and located in Albany, NY.
Apartment interiors include hardwood and tile flooring, open layouts, solid-surface counters, built-in features, ceramic tile baths, and high-speed internet. Heating is provided by hot water and radiant systems using natural gas, with select bathrooms featuring radiant floors. Window-unit cooling, porches, flat rubber roofing, freshly painted exteriors, and maintained landscaping are also included. The property is fully occupied and located in Albany, NY.
Key Highlights
- 8 apartments across two brick buildings at 97 and 99 Homestead Avenue
- 6 total garage bays with a shared driveway and additional off‑street parking
- 6,184 square feet on 0.34 acres; buildings constructed in 1940
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
$63,168
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
5.26%
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%
$1,263,360
$1.3M
Cap Rate 7%
$902,400
$902.4K
Cap Rate 9%
$701,867
$701.9K
Market Conditions
NOI Build-Up for 6,184 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
$122.4K $19.80/SF
− Vacancy
−$7.6K −$1.23/SF
EGI
$114.9K $18.57/SF
− OpEx
−$51.7K −$8.36/SF
NOI
$63.2K $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%
$1,263,360
Cap Rate 7%
$902,400
Cap Rate 9%
$701,867
Alternative Uses
Best Use
Apartment 5plus
$902.4K
$789.6K – $1.05M
NOI $63,168 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.63M
$1.43M – $1.90M
NOI $114,206 @ 7.0% cap · market cap 9.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
839
Businesses Nearby
Explore this area
Business Placement
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
Median Home Value
Check the figures for this property
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?
Apartment building - Two well-maintained residential buildings offer updated apartments, garage parking, storage, laundry, and shared outdoor access.
Where is this apartment building located?
The property is located at 97-99 Homestead Albany, NY.
What is the asking price?
The asking price for this property is $1,199,900.
What are key features of this property?
This property features: 8 apartments across two brick buildings at 97 and 99 Homestead Avenue; 6 total garage bays with a shared driveway and additional off‑street parking; 6,184 square feet on 0.34 acres; buildings constructed in 1940
