$1,699,000
Beaver Lofts
Details
APN 76.42-1-20
Property Type Multifamily
Sub Type Apartment Building
Square Footage 27,310
Units 9
Cap Rate 7.38%
Occupancy 100%
Pro-Forma Cap Rate 8.84%
Year Built 1910
Year Renovated 2017
Buildings 2
Stories 3
Acreage 0.180
Zoning MU-DT, Mixed Use Downtown
Multifamily | 7.38% CAP | 9 Units
Marketing description
This 100% occupied, fully renovated 9-unit multifamily property with indoor parking in downtown Albany, presents a rare opportunity for investors to acquire a turn-key asset with assumable financing at 3.7%. Offered for sale at $1,699,000, this property offers stable income, a prime location and delivers both long-term security and immediate cash flow upside.
CBRE Upstate NY has been retained as the exclusive broker for 83 Beaver Street, Albany, NY. This fully renovated 9-unit multifamily property in downtown Albany, presents a rare opportunity for investors to acquire a turn-key asset with assumable financing at 3.7%. The property comes with approximately $1 million of assumable debt at an exceptionally low fixed rate of 3.68% for the next six years, allowing a qualified buyer to lock in below-market financing—dramatically enhancing cash flow and long-term returns in today’s rising interest rate environment.
Constructed in 1910 and meticulously updated, the building blends historic character with modern finishes across all market-rate units. Fully leased and 100% occupied, it delivers a strong actual cap rate of 7.38% and a pro forma cap rate of 8.84%, reflecting its income stability and upside potential. Strategically located steps from the MVP Arena, downtown Albany’s premier dining, arts, and entertainment destinations, the property benefits from high walkability and robust tenant demand.
The surrounding Capital Region, home to over 900,000 residents, offers a diversified economy anchored by government, healthcare, education, and emerging tech sectors. Ongoing revitalization through the city’s Championing Albany’s Potential (CAP) initiative—including over 1,000 new residential units and infrastructure improvements—further strengthens the property’s long-term appreciation potential.
Offered for sale at $1,699,000, this property offers stable income, a prime location and delivers both long-term security and immediate cash flow upside.
Located: South Pearl Street to Beaver Street. Directly behind MVP Arena
“with assumable financing at 3.7%” instead of “favorable assumable financing” and that the actual (7.38) and proforma (8.84) cap rates be added to the description. “
Investment highlights
- Secure indoor parking
- Durable block construction and low maintenance requirements
- Modern appliances and finishes
- Fully leased, 100% occupied
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Zoning
MU-DT MixedMixed UseMixed Use Downtown
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View all 99 uses Last updated Jun 23, 2026 For deeper zoning details, reports are available at Zoneomics
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