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    Mixed-Use Building in Historic Albany

    204 Lancaster Street Albany, NY 12210

    Claim this Listing
    For Sale
    $649,000

    COMMERCIAL - Albany, NY

    Property size:
    4,123 SF
    Lot size:
    0.04 Acres
    Price / SF:
    $157/SF
    Added:
    Feb 2, 2026
    Days on Market:
    160
    Last Refresh:
    Jul 12 at 10:06 pm

    Property Features for 204 Lancaster Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Mixed
    Bathrooms
    3
    Rooms
    Bathroom 3, Bathroom 1, Bathroom 2
    Parking features
    On Street
    Security features
    Security
    Basement
    Partial
    Standard status
    Active
    APN
    010100 76.23-3-11
    Size
    4,123 SF
    Lot size
    0.04 Acres

    Taxes and HOA fees

    Tax Annual Amount
    10411

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1930
    Floors in Building
    3
    Building materials
    Brick
    Roof type
    Rubber

    Listing agent Philip Sabatino License #10401299525

    Listing office Hanna Commercial 20 Aviation Road, Clifton Park, NY

    Listing date Feb 2, 2026

    MLS# 202611373

    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.

    Located at 204 Lancaster Street in Albany, NY, this mixed-use building offers flexibility and versatility. The historic property includes a ground-floor retail space with street presence, currently operating as a tailor shop, which is suitable for a variety of commercial uses. Above the storefront are two residential apartments. The property is situated in a vibrant Albany neighborhood with steady foot and vehicle traffic. This property is suitable for investors or owner-occupants seeking a combination of commercial and residential use. The tailor inventory can be purchased separately or with the sale of the property. The building has a size of 4123 square feet and is located on a lot of 0.04 acres.

    Key Highlights

    • Mixed‑use building with ground‑floor retail and two residential apartments
    • Located in a vibrant Albany neighborhood with high foot and vehicle traffic
    • Strong street presence ideal for various commercial uses

    Local Financial Insights For Retail

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $76.7k $18.60
    − Vacancy −$5.5k −$1.34
    EGI $71.2k $17.26
    − OpEx −$21.3k −$5.18
    NOI $49.8k $12.08
    4,123 SF · lease $18.60/SF/yr · vacancy 7.20% · expense 30.00%

    Alternative Uses

    Best Use
    Retail
    $711.7K
    $622.7K – $830.3K (±1% cap)
    NOI $49,816 @ 7.0% cap · market cap 7.68%
    Second Best
    Mixed Use
    $694.2K
    $607.4K – $809.9K (±1% cap)
    NOI $48,595 @ 7.0% cap · market cap 7.49%
    Theoretical Best
    Office A
    $1.09M
    $951.8K – $1.27M (±1% cap)
    NOI $76,144 @ 7.0% cap · market cap 11.73%
    Zoning and permitted uses should be independently verified with local authorities.

    Property Analytics

    Property Profile Location Intelligence

    Current Use by Public Records

    UG TATTOOS Tattoo & Piercing Shop Waldorf Tuxedo (Bike/Boat/Book/etc) Store

    Suggested Use

    Furniture & Home Goods Carpet & Flooring Store Electrical Service (Bike/Boat/Book/etc) Store Pet Grooming Service (Bike/Boat/Book/etc) Store Home Appliance Store (Bike/Boat/Book/etc) Store Clothing & Fashion Store Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

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    FAQs

    What type of property is this?
    Mixed-use property - Versatile mixed-use property with retail and residential units.
    Where is this mixed-use property located?
    The property is located at 204 Lancaster Street Albany, NY.
    What is the asking price?
    The asking price for this property is $649,000.
    What are key features of this property?
    This property features: Mixed‑use building with ground‑floor retail and two residential apartments; Located in a vibrant Albany neighborhood with **high foot and vehicle traffic**; **Strong street presence** ideal for various commercial uses
    Contact an agent
    (518) 376-2717
    We can help!
    Contact an agent
    Philip Sabatino
    Philip Sabatino
    Real Estate License ID: 10401299525
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