169 Elk St, Albany, NY 12210

Property Description

Exceptional opportunity to acquire a high-performing, turnkey 5-unit multifamily property in the heart of Downtown Albany. *** 9.2% CAP RATE | $584,000 | 5-UNIT MULTIFAMILY *** Offered at $584,000. This solid brick 5-family property is freshly painted, always rented, and has current Certificates of Occupancy. Located on a quiet street only one block from Center Square, directly behind the Public Library on Washington Ave. *** PROPERTY FEATURES *** • Solid brick 5-family building • Current Certificates of Occupancy through 10/2027 • Freshly painted • All new replacement windows throughout • Owner pays heat and hot water • Tenants pay their own electricity and cooking gas • Separate metering for gas and electric • Boiler heating system in great condition • Hot water heater only a few years old • All mechanical systems are solid • No owner financing *** UTILITIES *** Owner pays heat and hot water. Tenants pay their own electricity and cooking gas through separate metering. The property has one boiler and one hot water heater to maintain, making the heating and hot water systems relatively straightforward for the owner. *** INVESTMENT OPPORTUNITY *** • Strong Financial Yield: Operating at a proven 9.2% Cap Rate, significantly outperforming regional market averages. • Optimal Unit Mix: Five high-occupancy, easily rentable units designed to maximize monthly gross rental potential. • Premium Downtown Location: Steps from State Capital buildings, SUNY Downtown campuses, major hospitals, and the vibrant Lark Street entertainment district. • High Tenant Demand: Excellent walkability provides access to a steady pool of young professionals, state workers, and student renters. *** PROPERTY HIGHLIGHTS *** • Value-Add Potential: Immediate cash flow with room for organic rent growth as leases renew. • Strong Rental History: Low historical vacancy rates with an established and reliable tenant base. • Separate Utilities: Each unit has separately metered gas and electric. Owner pays heat and hot water. • Current C of O: Certificates of Occupancy are current through 10/2027. • Investor Packages: Full rent roll and detailed pro forma available upon request for qualified buyers. *** SHOWING REQUIREMENTS *** Proof of financing required prior to showing. Minimum proof of financing: $125,000. No owner financing.. ***** SHOWING REQUESTS & QUESTIONS: https://www.moreinfo.media/26750b03-4783-4c3e-9c6e-fddc65e6ea67