Triplex with Period Architectural
For Sale
$329,900
97 Delaware Ave, Albany, NY 12202
Legal three-family property with flexible living arrangements, updated kitchen features, and a composite deck overlooking the backyard.
Property Size2,678 SF
Lot Size4.50 Acres
Price / SF$123.19
Days on Market8
Property Features for 97 Delaware Ave
General Information
Standard status
Active
Size
2,678 SF
Net Rentable
68,400 SF
Class
Class B
Total Parking Spaces
126
Elevators
No
Lot size
4.50 Acres
Property subtype
Multi-Family
Zoning
R-4
Occupancy
94%
Net Operating Income
$620,000
Financials
Asking Price
$10,780,000
Cap Rate
5.75%
Gross Income
$1,120,000
Gross Rent Multiplier
10.2
Average Monthly Rent
$1,090
Opportunity Zone
No
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
12 x studio, 48 x 1BR/1BA, 24 x 2BR/2BA
Multifamily Units
84
Parking per Unit
1.5
Additional Details
Furnished
No
Sprinkler System
Yes
Amenities
pool
fitness center
on-site laundry
Building Details
Year Built
1900
Year Renovated
2022
Buildings
3
Stories
2
Construction
garden-style
Tenancy
Multi
Listing Agency:
Mcdonald Real Estate Comp LLC
Listed By:
Clancy Real Estate, Inc
(518) 861-7016
Source:
Clancyrealestate
Added: Sep 20
Changed: Sep 26
Last Checked: Sep 26 at 7:00AM
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 Mcdonald Real Estate Comp LLC
Investment Insights
Based on property information with market context.
This 2,678-square-foot property, built in 1900, is currently arranged as a single-family home while retaining its legal three-family status. The layout includes two two-bedroom units and a third-floor one-bedroom unit. The first-floor kitchen features soapstone counters, a direct-vent hood, solid-wood cabinets, a compact dishwasher, a farmhouse sink, and a walk-in pantry. A second-floor laundry room can be converted back to kitchen use. High ceilings, spacious rooms, and architectural detailing define the interior, while a newer composite deck extends to the backyard.
Located at 97 Delaware Ave in Albany, the property offers access to downtown, hospitals, colleges, cultural attractions, shopping, and dining. An enclosed front porch and third-floor living room provide views of Plaza fireworks. The property has been used as a single-family residence since 2015, with the existing configuration offering flexibility for continued residential use or restoration of the three-family arrangement.
Located at 97 Delaware Ave in Albany, the property offers access to downtown, hospitals, colleges, cultural attractions, shopping, and dining. An enclosed front porch and third-floor living room provide views of Plaza fireworks. The property has been used as a single-family residence since 2015, with the existing configuration offering flexibility for continued residential use or restoration of the three-family arrangement.
Key Highlights
- Legal three‑family property with two 2‑bedroom units and one third‑floor 1‑bedroom unit
- 2,678 square feet on a property built in 1900
- First‑floor kitchen with soapstone counters, direct‑vent hood, farmhouse sink, and walk‑in pantry
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
$27,355
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
8.29%
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%
$547,100
$547.1K
Cap Rate 7%
$390,786
$390.8K
Cap Rate 9%
$303,944
$303.9K
Market Conditions
NOI Build-Up for 2,678 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
$53.0K $19.80/SF
− Vacancy
−$3.3K −$1.23/SF
EGI
$49.7K $18.57/SF
− OpEx
−$22.4K −$8.36/SF
NOI
$27.4K $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%
$547,100
Cap Rate 7%
$390,786
Cap Rate 9%
$303,944
Alternative Uses
Best Use
Multifamily LT 5
$435.7K
$381.2K – $508.3K
NOI $30,498 @ 7.0% cap · market cap 9.24%
Second Best
Apartment 5plus
$390.8K
$341.9K – $455.9K
NOI $27,355 @ 7.0% cap · market cap 8.29%
Theoretical Best
Office A
$706.5K
$618.2K – $824.3K
NOI $49,457 @ 7.0% cap · market cap 14.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
84
Residential units
94%
Occupancy
Multi-tenant
Tenancy
Yes
Sprinkler system
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
3,050
Businesses Nearby
Explore this area
Business Placement
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
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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?
Triplex - Legal three-family property with flexible living arrangements, updated kitchen features, and a composite deck overlooking the backyard.
Where is this triplex located?
The property is located at 97 Delaware Ave Albany, NY.
What is the asking price?
The asking price for this property is $329,900.
What are key features of this property?
This property features: Legal three‑family property with two 2‑bedroom units and one third‑floor 1‑bedroom unit; 2,678 square feet on a property built in 1900; First‑floor kitchen with soapstone counters, direct‑vent hood, farmhouse sink, and walk‑in pantry
