Loudon Plaza Mixed-Use
For Sale
$11,999,000
359 Northern Boulevard, Albany, NY 12204
Premier mixed-use retail and office property in Albany, NY.
Property Size59,379 SF
Price / SF$202.07
Days on Market149
Property Features for 359 Northern Boulevard
General Information
Standard status
Active
Size
59,379 SF
Property subtype
Retail
Listing Agency:
CBRE - Albany
(518) 466-8656
Listed By:
Jared Skaarup · License #10401342490
(518) 466-8656
Source:
Cbre
Added: Mar 25
Changed: Aug 14
Last Checked: Aug 20 at 12:15PM
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 CBRE - Albany
Investment Insights
Based on property information with market context.
Loudon Plaza, located at the border of Loudonville and Albany, NY, is a 59,379-square-foot mixed-use property featuring both retail and office spaces. The property, situated on Northern Boulevard, underwent extensive renovations from 2017 to 2020, resulting in a modern and energy-efficient building. The asset includes approximately 25,817 square feet of retail, restaurant, and personal-service space, complemented by approximately 33,562 square feet of professional office suites. The retail plaza is 100% occupied and anchored by long-term tenants. The location provides immediate access to major transportation arteries, including I-90, I-787, and I-87. It is located adjacent to Albany Memorial Hospital and surrounded by dense residential neighborhoods, upscale retail, and high-quality office developments. Renovations included new retail storefronts and modernized office suites, along with parking lot and sidewalk improvements. There are approximately 300 parking spaces available.
Key Highlights
- Fully renovated (2017‑2020) mixed‑use retail and office property.
- 100% occupied retail plaza with long‑term tenants providing stable cash flow.
- Premier location at the border of Loudonville and Albany, NY, with immediate access to I‑90, I‑787, and I‑87.
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
$717,450
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
5.98%
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%
$14,349,000
$14.3M
Cap Rate 7%
$10,249,286
$10.2M
Cap Rate 9%
$7,971,667
$8.0M
Market Conditions
NOI Build-Up for 59,379 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
$1.10M $18.60/SF
− Vacancy
−$79.5K −$1.34/SF
EGI
$1.02M $17.26/SF
− OpEx
−$307.5K −$5.18/SF
NOI
$717.5K $12.08/SF
Area
Albany, NY
Vacancy
7.20%
Lease Rate
$18.60 /SF/Yr
Expense Ratio
30.00%
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%
$14,349,000
Cap Rate 7%
$10,249,286
Cap Rate 9%
$7,971,667
Alternative Uses
Best Use
Retail
$10.25M
$8.97M – $11.96M
NOI $717,450 @ 7.0% cap · market cap 5.98%
Second Best
Mixed Use
$10.00M
$8.75M – $11.66M
NOI $699,856 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$15.67M
$13.71M – $18.28M
NOI $1,096,611 @ 7.0% cap · market cap 9.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
483
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 87%
Shops & Services 13%
Dunkin' Donuts
Dining
7,464 visits/mo
0.2 miles
Trustco Bank
Shops & Services
1,153 visits/mo
0.0 miles
Demographics for 12204, NY
7,818
Population
4,290
Households
1.8
Avg Household Size
37
Median Age
39%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
1,907
Density / Sq Mi
$75,197
Median Household Income
$48,911
Median Earnings
$1,294
Median Rent
$226,300
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 - Premier mixed-use retail and office property in Albany, NY.
Where is this mixed-use property located?
The property is located at 359 Northern Boulevard Albany, NY.
What is the asking price?
The asking price for this property is $11,999,000.
What are key features of this property?
This property features: Fully renovated (2017‑2020) mixed‑use retail and office property.; 100% occupied retail plaza with long‑term tenants providing stable cash flow.; Premier location at the border of Loudonville and Albany, NY, with immediate access to I‑90, I‑787, and I‑87.
