Mixed-Use Property with Restaurant
For Sale
$575,000
12 1/2 Delaware Avenue, Albany, NY 12210
Mixed-use building with an operating tavern and restaurant, commercial kitchen, outdoor patio, and upstairs residential apartment.
Property Size3,654 SF
Price / SF$157.36
Days on Market38
Property Features for 12 1/2 Delaware Avenue
General Information
Standard status
Active
Size
3,654 SF
Zoning
Mixed
Additional Details
Business Included
Yes
Patio
Yes
Taxes and HOA fees
Annual Taxes
$8,984
Building Details
Year Built
1850
Buildings
1
Stories
2
Listing Agency:
Coldwell Banker Prime Properties
(518) 210-7500
Listed By:
Craig R LeClaire
(518) 210-7500
Source:
Capmarkrealty
Added: Jul 24
Changed: Aug 29
Last Checked: Aug 30 at 1:33PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Prime Properties
Investment Insights
Based on property information with market context.
This 3,654-square-foot mixed-use property, built in 1850, combines an operating tavern and restaurant with an upstairs residential component. The commercial kitchen includes a walk-in cooler, walk-in freezer, and dedicated beer cooler, while the outdoor area provides a patio with a bar and a maintenance-free deck. The property sits on a corner lot along Delaware Avenue and includes a three-bedroom apartment with separate utilities. Additional businesses surround the site, with nightlife within walking distance. The building and operating business are offered together, providing an established configuration for restaurant, tavern, and residential use.
Key Highlights
- 3,654‑square‑foot mixed‑use building constructed in 1850
- Operating tavern and restaurant with fully equipped commercial kitchen
- Walk‑in cooler, walk‑in freezer, and dedicated beer cooler
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
$50,626
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
8.80%
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%
$1,012,520
$1.0M
Cap Rate 7%
$723,229
$723.2K
Cap Rate 9%
$562,511
$562.5K
Market Conditions
NOI Build-Up for 3,654 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
$72.3K $19.80/SF
− Vacancy
−$4.8K −$1.33/SF
EGI
$67.5K $18.47/SF
− OpEx
−$16.9K −$4.62/SF
NOI
$50.6K $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%
$1,012,520
Cap Rate 7%
$723,229
Cap Rate 9%
$562,511
Alternative Uses
Best Use
Specialty Retail
$723.2K
$632.8K – $843.8K
NOI $50,626 @ 7.0% cap · market cap 8.80%
Second Best
Mixed Use
$615.2K
$538.3K – $717.8K
NOI $43,067 @ 7.0% cap · market cap 7.49%
Theoretical Best
Office A
$964.0K
$843.5K – $1.12M
NOI $67,482 @ 7.0% cap · market cap 11.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
3,899
Businesses Nearby
55k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 79%
Shops & Services 19%
Hotels & Casinos 3%
McDonald's
Dining
30,223 visits/mo
0.4 miles
Dunkin' Donuts
Dining
10,314 visits/mo
0.1 miles
Sunoco
Shops & Services
10,115 visits/mo
0.0 miles
Shogun
Dining
1,548 visits/mo
0.1 miles
TownePlace Suites by Marriott Albany Downtown/Medical Center
Hotels & Casinos
1,533 visits/mo
0.5 miles
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 Retail in Albany, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use building with an operating tavern and restaurant, commercial kitchen, outdoor patio, and upstairs residential apartment.
Where is this mixed-use property located?
The property is located at 12 1/2 Delaware Avenue Albany, NY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: 3,654‑square‑foot mixed‑use building constructed in 1850; Operating tavern and restaurant with fully equipped commercial kitchen; Walk‑in cooler, walk‑in freezer, and dedicated beer cooler
