Triplex with Composite
For Sale
$329,900
97 Delaware Avenue, Albany, NY 12202
MultiFamily, Albany, NY
Property Size2,678 SF
Lot Size0.08 Acres
Price / SF$123.19
Days on Market10
Property Features for 97 Delaware Avenue
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Bedrooms
5
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Bedroom 5, Bedroom 4, Laundry Room, Bathroom 1, Bathroom 3, Bathroom 2, Bedroom 1, Bedroom 3
Patio and Porch features
Deck, Porch
Basement
Unfinished, Full
Lot features
Level
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
Delaware Ave between Mercer St and Providence Place.
Standard status
Active
APN
010100 76.39-1-37
Size
2,678 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Annual Amount
6331
Utilities
Sewer type
Public Sewer
Heating system
Hot Water(Heating), Natural Gas
Water source
Public
Amenities
composite deck
enclosed front porch
Building Details
Year built
1900
Number of units
3
Flooring type
Tile, Hardwood, Vinyl
Building materials
Aluminum Siding
Roof type
Asphalt
Architectural style
Other
Listing Agency:
Howard Hanna Capital Inc
(518) 489-1000
Listed By:
Elizabeth A Foley-VonDell · License #10301216412
(518) 337-9916
Added: Sep 18
Changed: Sep 19
Last Checked: Sep 27 at 1:06PM
MLS# 202626477
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.
This 2,678-square-foot Albany property is legally configured as a three-family residence and is currently used as a single-family home. The layout includes two two-bedroom units and a one-bedroom third-floor unit. The second-floor kitchen has been converted to a laundry room and can be returned to kitchen use, while the first-floor kitchen includes soapstone counters, a direct-vent hood, solid-wood cabinetry, a compact dishwasher, farmhouse sink, and walk-in pantry. High ceilings, spacious rooms, and period architectural details complement the interior.
Built in 1900 on a 0.08-acre lot, the home has aluminum siding, hardwood, tile, and vinyl flooring, plus a newer composite deck, enclosed porch, and backyard. Public water and public sewer serve the property. Its Delaware Avenue location provides access to downtown Albany, hospitals, colleges, cultural attractions, shopping, and dining.
Built in 1900 on a 0.08-acre lot, the home has aluminum siding, hardwood, tile, and vinyl flooring, plus a newer composite deck, enclosed porch, and backyard. Public water and public sewer serve the property. Its Delaware Avenue location provides access to downtown Albany, hospitals, colleges, cultural attractions, shopping, and dining.
Key Highlights
- Legal three‑family configuration with two 2‑bedroom units and one 1‑bedroom unit
- 2,678 square feet on a 0.08‑acre lot
- Currently used as a single‑family home; second‑floor kitchen can be restored
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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Current Use
Lease Details
3
Residential units
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
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?
Triplex - Legal three-family property with two two-bedroom units, a one-bedroom third-floor unit, and adaptable living space.
Where is this triplex located?
The property is located at 97 Delaware Avenue 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 configuration with two 2‑bedroom units and one 1‑bedroom unit; 2,678 square feet on a 0.08‑acre lot; Currently used as a single‑family home; second‑floor kitchen can be restored
