Mixed-Use Building with Street
197 LARK ST Unit 197 Albany, NY 12210
197 LARK ST Unit 197, Albany, NY, 12210
$759,900
For Sale
$759,900
Street-level commercial space is leased, with three residential units above generating combined monthly income.
Property Size3,100 SF
Price / SF$245.13
Days on Market431
Property Features for 197 LARK ST Unit 197
General Information
- Standard status
- Active
- Size
- 3,100 SF
- Property subtype
- Mixed Use
Building Details
- Year Built
- 1880
Listing agency
(518) 760-1050
Listed by
Coldwell Banker Prime Properties
(518) 760-1050
Source
Xome
Added: May 17, 2025 Updated: Jul 21 at 6:06PM Checked: Jul 21 at 6:06PM
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 mixed-use building includes a street-level commercial space with a current lease and three residential units above. The residential mix features multiple layouts, including a 1BR unit facing Lark St, a unit with skyline views and private rooftop access, and a top-floor 3-bedroom, 2-bath unit with in-unit laundry.
The property also includes a rare 2-car garage accessible off Spring St, providing parking or delivery convenience. Public remarks indicate the building is steps from nearby shops, restaurants, and Washington Park, supporting walk-up access for both commercial and residential uses.
Income figures cited in the offering include $2,200 per month for the commercial space and $3,350 per month from the three residential units, with gross annual income reported at $66,600. Existing equipment is noted as a starting point for a food service operation in the retail space.
The property also includes a rare 2-car garage accessible off Spring St, providing parking or delivery convenience. Public remarks indicate the building is steps from nearby shops, restaurants, and Washington Park, supporting walk-up access for both commercial and residential uses.
Income figures cited in the offering include $2,200 per month for the commercial space and $3,350 per month from the three residential units, with gross annual income reported at $66,600. Existing equipment is noted as a starting point for a food service operation in the retail space.
Key Highlights
- Over 3,100 sq ft mixed‑use building with street‑level commercial space and three residential units above.
- Street‑level commercial space is leased for $2,200/mo.
- Three residential units generate combined $3,350/mo (gross annual income listed as $66,600).
Local Financial Insights For Specialty 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 | $61.4k | $19.80 |
| − Vacancy | −$4.1k | −$1.33 |
| EGI | $57.3k | $18.47 |
| − OpEx | −$14.3k | −$4.62 |
| NOI | $43.0k | $13.86 |
3,100 SF · lease $19.80/SF/yr · vacancy 6.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$613.6K
$536.9K – $715.9K
NOI $42,951 @ 7.0% cap · market cap 5.65%
Second Best
Mixed Use
$522.0K
$456.7K – $609.0K
NOI $36,537 @ 7.0% cap · market cap 4.81%
Theoretical Best
Office A
$817.9K
$715.6K – $954.2K
NOI $57,251 @ 7.0% cap · market cap 7.53%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Happie Collective
Department Store
Similar For Sale Nearby
FAQs
What type of property is this?
Mixed-use property - Street-level commercial space is leased, with three residential units above generating combined monthly income.
Where is this mixed-use property located?
The property is located at 197 LARK ST Unit 197 Albany, NY.
What is the asking price?
The asking price for this property is $759,900.
What are key features of this property?
This property features: Over 3,100 sq ft mixed‑use building with street‑level commercial space and three residential units above.; Street‑level commercial space is leased for $2,200/mo.; Three residential units generate combined $3,350/mo (gross annual income listed as $66,600).
