Mixed-Use Property with Office and
For Sale
$475,000
1032 Central Avenue, Albany, NY 12205
Commercial Sale, Albany, NY
Property Size1,721 SF
Lot Size0.31 Acres
Price / SF$276
Days on Market100
Property Features for 1032 Central Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
15
Interior features
Built-in Features
Basement
Full
Lot features
Level
Elementary school
Eagle Point
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
From i90 to Everett Rd. South, Left on Central Ave for 2 min, Building on the left hand side
Standard status
Active
APN
010100 53.66-2-40
Size
1,721 SF
Lot size
0.31 Acres
Taxes and HOA fees
Tax Annual Amount
11236
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas, Hot Water(Heating)
Cooling system
Wall Unit(s)
Water source
Public
Building Details
Year built
1932
Floors in Building
2
Building materials
Brick
Roof type
Shingle
Listing Agency:
KW Platform · Keller Williams Realty
(518) 724-5800
Listed By:
Heather Hamlin Martin · License #10301219767
(518) 308-8986
Added: Jun 15
Changed: Sep 12
Last Checked: Sep 22 at 7:06AM
MLS# 202619642
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 1,721-square-foot mixed-use property combines professional office space on the first floor with a well-maintained apartment above. Built in 1932, the brick building includes built-in features, wall-unit cooling, natural gas hot-water heating, a shingle roof, and public water and sewer service. Both the commercial and residential areas will be vacant at closing.
The property occupies 0.31 acres on Central Avenue in Albany, with approximately 15 on-site parking spaces. It is located about 2 minutes from the Everett Road exit and carries Commercial zoning, providing a practical configuration for an owner-user or income-oriented buyer.
The property occupies 0.31 acres on Central Avenue in Albany, with approximately 15 on-site parking spaces. It is located about 2 minutes from the Everett Road exit and carries Commercial zoning, providing a practical configuration for an owner-user or income-oriented buyer.
Key Highlights
- 1,721 SF mixed‑use building with office space and an apartment
- 0.31‑acre property on Central Avenue in Albany
- Approximately 15 on‑site parking spaces
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
$20,284
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
4.27%
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%
$405,680
$405.7K
Cap Rate 7%
$289,771
$289.8K
Cap Rate 9%
$225,378
$225.4K
Market Conditions
NOI Build-Up for 1,721 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
$36.1K $21.00/SF
− Vacancy
−$3.7K −$2.14/SF
EGI
$32.5K $18.86/SF
− OpEx
−$12.2K −$7.07/SF
NOI
$20.3K $11.79/SF
Area
Albany, NY
Vacancy
10.20%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
37.50%
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%
$405,680
Cap Rate 7%
$289,771
Cap Rate 9%
$225,378
Alternative Uses
Best Use
Mixed Use
$289.8K
$253.6K – $338.1K
NOI $20,284 @ 7.0% cap · market cap 4.27%
Second Best
Apartment 5plus
$251.1K
$219.8K – $293.0K
NOI $17,580 @ 7.0% cap · market cap 3.70%
Theoretical Best
Office A
$454.0K
$397.3K – $529.7K
NOI $31,783 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
960
Businesses Nearby
Explore this area
Business Placement
Demographics for 12205, NY
27,168
Population
12,061
Households
2.3
Avg Household Size
45
Median Age
36%
College-Educated
94%
High-School Grad
15.4 sq mi
ZIP Area
1,764
Density / Sq Mi
$89,270
Median Household Income
$54,184
Median Earnings
$1,405
Median Rent
$264,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level commercial property with professional office space, an upper apartment, and on-site parking.
Where is this mixed-use property located?
The property is located at 1032 Central Avenue Albany, NY.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,721 SF mixed‑use building with office space and an apartment; 0.31‑acre property on Central Avenue in Albany; Approximately 15 on‑site parking spaces
