Eight-Unit Brick Apartment
New
For Sale
$1,199,900
97-99 Homestead, Albany, NY 12203
Updated apartments include hardwood floors, open layouts, and shared laundry facilities.
Property Size6,184 SF
Price / SF$194.03
Days on Market4
Property Features for 97-99 Homestead
General Information
Standard status
Active
Size
6,184 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$129,000
Multifamily Units
8
Amenities
basement storage
coin-operated laundry
Building Details
Year Built
1940
Buildings
2
Construction
brick
Listing Agency:
Country Boy Realty
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Sep 11
Changed: Sep 13
Last Checked: Sep 13 at 7:42AM
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 Country Boy Realty
Investment Insights
Based on property information with market context.
The property includes two brick apartment buildings at 97 and 99 Homestead Avenue, with four apartments in each building. Combined improvements total 6,184 square feet and date to 1940. The residences have been updated with hardwood flooring, open living arrangements, granite countertops, and radiant-heated bathroom floors in select units.
Each building includes three garage bays, for six total, along with basement storage and common coin-operated laundry. A shared driveway serves both buildings, while additional off-street parking is available. Exterior painting and maintained landscaping contribute to the property's presentation. The apartments are fully occupied.
Each building includes three garage bays, for six total, along with basement storage and common coin-operated laundry. A shared driveway serves both buildings, while additional off-street parking is available. Exterior painting and maintained landscaping contribute to the property's presentation. The apartments are fully occupied.
Key Highlights
- 8‑unit property across two brick buildings at 97 and 99 Homestead Avenue
- 6,184 square feet across improvements built in 1940
- Each building contains four apartments and three garage bays
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
341
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
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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 - Updated apartments include hardwood floors, open layouts, and shared laundry facilities.
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‑unit property across two brick buildings at 97 and 99 Homestead Avenue; 6,184 square feet across improvements built in 1940; Each building contains four apartments and three garage bays
