Office Building with Rear
For Sale
$449,000
Pending
255 Lark Street, Albany, NY 12210
Commercial Sale, Albany, NY
Property Size2,824 SF
Lot Size0.11 Acres
Days on Market218
Property Features for 255 Lark Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Parking
5
Directions
Lark Street south - two blocks before Madison.
Standard status
Pending
APN
010100 76.23-3-15
Size
2,824 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Annual Amount
11491
Utilities
Sewer type
Public Sewer
Heating system
Electric (Heating), Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Building materials
Brick
Listing Agency:
Berkshire Hathaway Home Services Blake · Berkshire Hathaway HomeServices
(518) 464-0870
Listed By:
Karen Zalewski-Wildzunas · License #10301219752
(518) 858-4719
Added: Feb 12
Changed: Sep 12
Last Checked: Sep 18 at 10:06AM
MLS# 202612009
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 2,824-square-foot office property includes a primary building and a detached rear annex, creating a flexible configuration for professional offices, creative space, or multi-tenant occupancy. The improvements feature brick construction, electric forced-air heating, central air conditioning, public water, and public sewer. On-site parking accommodates five vehicles, adding practical convenience for occupants and visitors.
The property is located on Lark Street in Albany’s Lark Street district, surrounded by restaurants, retail, government offices, and residential density. The setting provides access to downtown and major routes, with visibility along an established mixed-use commercial corridor.
The property is located on Lark Street in Albany’s Lark Street district, surrounded by restaurants, retail, government offices, and residential density. The setting provides access to downtown and major routes, with visibility along an established mixed-use commercial corridor.
Key Highlights
- 2,824‑square‑foot office property with a main building and detached rear annex
- Flexible layout for professional offices, creative space, or multi‑tenant use
- On‑site parking for five vehicles
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
$38,650
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
8.61%
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%
$773,000
$773.0K
Cap Rate 7%
$552,143
$552.1K
Cap Rate 9%
$429,444
$429.4K
Market Conditions
NOI Build-Up for 2,824 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
$62.7K $22.20/SF
− Vacancy
−$11.2K −$3.95/SF
EGI
$51.5K $18.25/SF
− OpEx
−$12.9K −$4.56/SF
NOI
$38.7K $13.69/SF
Area
Albany, NY
Vacancy
17.80%
Lease Rate
$22.20 /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%
$773,000
Cap Rate 7%
$552,143
Cap Rate 9%
$429,444
Alternative Uses
Best Use
Office B
$552.1K
$483.1K – $644.2K
NOI $38,650 @ 7.0% cap · market cap 8.61%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$745.1K
$651.9K – $869.2K
NOI $52,154 @ 7.0% cap · market cap 11.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
4,369
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Northeast region
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Frequently Asked Questions
What type of property is this?
Office building - Brick office property with detached annex, central air, public utilities, and on-site parking for five vehicles.
Where is this office building located?
The property is located at 255 Lark Street Albany, NY.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 2,824‑square‑foot office property with a main building and detached rear annex; Flexible layout for professional offices, creative space, or multi‑tenant use; On‑site parking for five vehicles
