Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    3 Leonard Pl Albany, NY 12202
    Back to Search
    Property profile & analytics

    3 Leonard Pl Albany, NY 12202

    View on Map
    • Commercial real estate
    • 5,750 SF
    • 0.13 lot acres
    Off-Market
    Property ID
    US63-3198210
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Commercial real estate

    Property Details for 3 Leonard Pl

    Year built
    1920
    Lot size
    0.13 lot acres
    Property size
    5,750 SF
    Property type
    Commercial real estate
    APN
    76.39-1-13 01

    Description

    This exceptional multifamily investment opportunity presents a three-story, eight-unit apartment building located at 3-4 Leonard Place in Albany, New York, 12202. The property, built in 1920, boasts a total of 5,750 square feet situated on a 0.13-acre lot. The asking price is $735,000, translating to a price per square foot of $127.83 and a price per unit of $91,875. The building includes four parking spaces, a significant advantage in this location. The property is zoned R2A. The building comprises one structure with eight units, offering a mix of fully renovated units and units ripe for upgrades to enhance rental income. This presents a compelling opportunity to increase the property's overall return on investment. This is an ideal investment for both first-time investors seeking a strong entry point into the multifamily market and experienced investors looking to expand their existing portfolio. The property includes two parcels: 3 Leonard (APN 76.39-1-13) and 4 Leonard (APN 76.39-1-12). This well-located Albany property offers significant potential for growth and strong cash flow.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Albany
    County
    Albany
    State
    New York
    Longitude
    -73.7698902
    Latitude
    42.648615

    Comparable in this City

    • Contact for pricing
      4,800 SF

      Albany Multifamily Building with Storefronts

      Renovated building with apartments, storefronts, and vacant lots.
      347 S Pearl St, Albany, NY 12202
      View Details
    • $350,000
      2,320 SF

      Mixed-Use Property With Established Business

      Mixed-use property featuring a coffee shop and residential apartment.
      265 S Pearl St, Albany, NY 12202
      View Details
    • $599,000
      7,000 SF

      Albany Multi-Unit Investment Opportunity

      Three-lot package with seven units in Albany, New York.
      126-132 Clinton St, Albany, NY 12202
      View Details
    • New
      $230,000
      1,600 SF

      Albany Multifamily Opportunity

      Well-maintained two-unit property in a convenient Albany location.
      152 Dove St, Albany, NY 12202
      View Details
    • New
      $289,900
      1,176 SF

      Albany Multifamily Development Opportunity

      Package of 8 parcels with income potential in Albany.
      13 Batcher St, Albany, NY 12202
      View Details
    • $329,000
      5,760 SF

      Remodeled Mixed-Use Building with Bar

      Fully remodeled mixed-use building with bar and two apartments.
      427 S Pearl St, Albany, NY 12202
      View Details

    Similar Nearby for Sale

    • $350,000
      2,320 SF

      Mixed-Use Property With Established Business

      Mixed-use property featuring a coffee shop and residential apartment.
      265 S Pearl St, Albany, NY 12202
      View Details
    • Contact for pricing
      4,800 SF

      Albany Multifamily Building with Storefronts

      Renovated building with apartments, storefronts, and vacant lots.
      347 S Pearl St, Albany, NY 12202
      View Details
    • $599,000
      7,000 SF

      Albany Multi-Unit Investment Opportunity

      Three-lot package with seven units in Albany, New York.
      126-132 Clinton St, Albany, NY 12202
      View Details
    • New
      $230,000
      1,600 SF

      Albany Multifamily Opportunity

      Well-maintained two-unit property in a convenient Albany location.
      152 Dove St, Albany, NY 12202
      View Details
    • $329,000
      5,760 SF

      Remodeled Mixed-Use Building with Bar

      Fully remodeled mixed-use building with bar and two apartments.
      427 S Pearl St, Albany, NY 12202
      View Details
    • $289,000
      2,394 SF

      Three-Unit Residential Income Property

      Three-unit property with income potential in a central location.
      5 Myrtle Ave, Albany, NY 12202
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Mechanic Shop For Lease

      Established Mechanic Shop for Lease
      105 2Nd Ave, Albany, NY 12202
      View Details
    • $9 SF/Yr
      25,200 SF

      Warehouse/Manufacturing Facility with IOS

      25,200 SF warehouse/manufacturing facility with industrial outdoor storage.
      229 Church St, Albany, NY 12202
      View Details
    • Contact for pricing
      20,000 SF

      Four-Story Warehouse with Unloading Ramp

      Four-story warehouse with unloading ramp, large open area.
      340 Church St, Albany, NY 12202
      View Details
    • $1.00 SF/Yr
      4,800 SF

      South Pearl Street Storefront Space

      Office or retail storefront space available on South Pearl.
      347 S Pearl St, Albany, NY 12202
      View Details
    • New
      $1,600 /Mo

      Albany Commercial Space For Lease

      Commercial space for lease in Albany, New York.
      347 South Pearl St, Albany, NY 12202
      View Details
    • Contact for pricing
      204,000 SF

      Albany Warehouse Space Available

      204,000 square foot warehouse space for lease in Albany.
      451 Southern Blvd, Albany, NY 12202
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    3 Leonard Pl
    Albany, NY 12202
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    3 Leonard Pl, Albany, NY, 12202
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!