Eight-Unit Brick Apartment
For Sale
$1,199,900
Pending
97-99 Homestead, Albany, NY 12203
Updated apartments include hardwood floors, open layouts, and shared laundry facilities.
Property Size6,184 SF
Days on Market50
Property Features for 97-99 Homestead
General Information
Standard status
Pending
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:
Julie & Co Realty LLC
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Sep 11
Changed: Oct 28
Last Checked: Oct 30 at 2:11PM
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 Julie & Co Realty LLC
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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 / Yr
$63,168
Cap Rate
5.26%
Suggested Prices Based on Cap Rates
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
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 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.
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Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
341
Businesses Nearby
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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
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
