Mixed-Use Property with
For Sale
$2,300,000
162-170 Jefferson Street, Albany, NY 12210
COMMERCIAL - Other - Albany, NY
Property Size10,000 SF
Lot Size0.03 Acres
Price / SF$230
Days on Market43
Property Features for 162-170 Jefferson Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Bathrooms
11
Full bathrooms
11
Rooms
Bathroom 6, Bathroom 10, Bathroom 5, Bathroom 4, Bathroom 8, Bathroom 3, Bathroom 11, Bathroom 2, Bathroom 7, Bathroom 1, Bathroom 9
Parking features
On Street
Patio and Porch features
Patio
Exterior features
Lighting
Basement
Interior Entry, Unfinished, Full
Lot features
Corner Lot
Elementary school
Thomas S. O'Brien Academy
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
The Corner of Dove St and Jefferson St from 170 Jefferson East to 162 Jefferson St
Standard status
Active
APN
010100 76.32-5-4
Size
10,000 SF
Lot size
0.03 Acres
Taxes and HOA fees
Tax Annual Amount
22668
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1880
Floors in Building
2
Flooring type
Wood
Building materials
Stucco, Wood Siding
Roof type
Rubber, Flat, Built-Up
Architectural style
Other
Listing Agency:
DiBlasi Real Estate
Listed By:
John S DiBlasi · License #10491211230
(518) 857-1505
Added: Jul 27
Changed: Aug 12
Last Checked: Sep 7 at 9:06AM
MLS# 202622721
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 mixed-use assemblage consists of four adjoining buildings totaling 10,000 square feet on 0.03 acres. The property includes eight apartments, The Palais Royale Bar & Grill, its operating business, and all FFE. The restaurant features a full kitchen with halon fire suppression. Additional improvements include hardwood flooring, a private bar, high ceilings, a patio, wall-unit cooling, hot-water heat, and public water and sewer.
The buildings span 162–170 Jefferson Street in Albany, near Empire State Plaza, state government offices, and the NYS Museum. The property has Commercial zoning overall, while the 168 Jefferson Street commercial area is identified as mixed-use commercial. That building also contains 1,860 square feet of open ground-floor space, along with two upstairs apartments totaling three bedrooms. The remaining residential layout includes two units with three bedrooms at 162, one one-bedroom apartment above the bar at 164, and two two-bedroom units at 166.
The buildings span 162–170 Jefferson Street in Albany, near Empire State Plaza, state government offices, and the NYS Museum. The property has Commercial zoning overall, while the 168 Jefferson Street commercial area is identified as mixed-use commercial. That building also contains 1,860 square feet of open ground-floor space, along with two upstairs apartments totaling three bedrooms. The remaining residential layout includes two units with three bedrooms at 162, one one-bedroom apartment above the bar at 164, and two two-bedroom units at 166.
Key Highlights
- Four adjoining buildings at 162–170 Jefferson Street
- Eight apartments plus The Palais Royale Bar & Grill
- 10,000 square feet on a 0.03‑acre parcel
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
$138,551
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
6.02%
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%
$2,771,020
$2.8M
Cap Rate 7%
$1,979,300
$2.0M
Cap Rate 9%
$1,539,456
$1.5M
Market Conditions
NOI Build-Up for 10,000 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
$198.0K $19.80/SF
− Vacancy
−$13.3K −$1.33/SF
EGI
$184.7K $18.47/SF
− OpEx
−$46.2K −$4.62/SF
NOI
$138.6K $13.86/SF
Area
Albany, NY
Vacancy
6.70%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$2,771,020
Cap Rate 7%
$1,979,300
Cap Rate 9%
$1,539,456
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,551 @ 7.0% cap · market cap 6.02%
Second Best
Mixed Use
$1.68M
$1.47M – $1.96M
NOI $117,863 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,680 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,105
Businesses Nearby
Explore this area
Business Placement
Demographics for 12210, NY
10,559
Population
6,580
Households
1.6
Avg Household Size
33
Median Age
44%
College-Educated
91%
High-School Grad
1.1 sq mi
ZIP Area
9,599
Density / Sq Mi
$55,873
Median Household Income
$35,439
Median Earnings
$1,110
Median Rent
$217,500
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four connected buildings combine eight apartments, a restaurant-bar operation, and additional commercial space.
Where is this mixed-use property located?
The property is located at 162-170 Jefferson Street Albany, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Four adjoining buildings at 162–170 Jefferson Street; Eight apartments plus The Palais Royale Bar & Grill; 10,000 square feet on a 0.03‑acre parcel
