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    38 Main Ave Albany, NY 12208
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    Property profile & analytics

    38 Main Ave Albany, NY 12208

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    • Small apartment buildings
    Off-Market
    Property ID
    US63-6213923
    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

    • The Westerly / Apartment Building

    Property Details for 38 Main Ave

    Property type
    Small apartment buildings

    Description

    This exceptional investment opportunity presents a 21-unit, five-story apartment building located at 38 S Main Avenue in Albany, New York, 12208. Priced at $2,427,000, this property boasts a strong rental history and is currently 100% occupied, offering immediate cash flow. The building features a convenient elevator and an attractive lobby and common area, enhancing tenant appeal. Its prime location offers easy access to key Albany attractions, including state Capital buildings, SUNY Albany, and major highways. The building's design is reminiscent of classic New York City apartment buildings. Tenants are responsible for their own utilities, while the landlord covers hot water and cable/internet expenses. This well-maintained property represents a compelling investment prospect in a thriving urban setting. The property is classified as both commercial and multifamily, offering a versatile investment opportunity. The building is situated in Albany County and benefits from its proximity to various amenities and transportation networks. This is a rare opportunity to acquire a fully occupied, high-performing multifamily asset in a desirable location. The building's strong occupancy rate and convenient amenities make it an attractive investment for both seasoned and new investors.

    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
    -73.7905775
    Latitude
    42.6626095

    Comparable in this City

    • $499,800
      Pending

      Mixed-Use Property Near Albany Med

      Mixed-use property with apartments and restaurant near Albany's landmarks.
      261 New Scotland Ave, Albany, NY 12208
      View Details
    • $389,000

      Mixed-Use Property in Pine Hills

      Versatile mixed-use property with retail, office, and residential potential.
      891 Madison Avenue Ext, Albany, NY 12208
      View Details
    • $499,800
      3,720 SF

      Mixed-Use Building on New Scotland

      Mixed-use property with apartments and restaurant near Albany Med.
      261 New Scotland Ave, Albany, NY 12208
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    • $239,999
      Pending

      Albany Multifamily Investment Opportunity

      Well-maintained multifamily property near Albany Medical Center and St. Peter's.
      514 Morris St, Albany, NY 12208
      View Details
    • $274,900
      2,103 SF

      Albany Two-Family Investment Property

      Well-maintained two-family property in Albany's Pine Hills neighborhood.
      511 Morris St, Albany, NY 12208
      View Details
    • New
      $289,000
      2,640 SF

      Albany Two-Unit Income Property

      Refreshed two-unit property in Albany's Pine Hills neighborhood.
      250 Yates St, Albany, NY 12208
      View Details

    Similar Nearby for Sale

    • $499,800
      Pending

      Mixed-Use Property Near Albany Med

      Mixed-use property with apartments and restaurant near Albany's landmarks.
      261 New Scotland Ave, Albany, NY 12208
      View Details
    • $389,000

      Mixed-Use Property in Pine Hills

      Versatile mixed-use property with retail, office, and residential potential.
      891 Madison Avenue Ext, Albany, NY 12208
      View Details
    • $499,800
      3,720 SF

      Mixed-Use Building on New Scotland

      Mixed-use property with apartments and restaurant near Albany Med.
      261 New Scotland Ave, Albany, NY 12208
      View Details
    • $385,000
      2,356 SF

      Pine Hills Multifamily Opportunity

      Well-maintained 2-unit home in Albany's desirable Pine Hills neighborhood.
      75 South Pine Ave, Albany, NY 12208
      View Details
    • $243,900
      Pending

      Albany Triplex with Rental Potential

      Three-unit property with separate utilities and investment opportunity.
      808A Madison Avenue Ext, Albany, NY 12208
      View Details
    • $250,000
      2,050 SF

      Albany Duplex: Prime Location

      Multi-unit property in Albany with income and growth potential.
      1061 Madison Avenue Ext, Albany, NY 12208
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      1,800 SF

      Prime Retail Space Available

      Retail space available next to high-volume Dunkin' Donuts.
      1066 Madison Ave, Albany, NY 12208
      View Details
    • $15 SF/Yr
      4,800 SF

      Albany Office Space For Rent

      Office space available for lease in Albany, New York.
      285 New Scotland Ave, Albany, NY 12208
      View Details
    • Contact for pricing
      2,500 SF

      Medical Office Space Available

      Medical office space near St. Peters and Albany Med.
      1092 Madison Ave, Albany, NY 12208
      View Details
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    38 Main Ave
    Albany, NY 12208
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    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
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