Corner Retail Restaurant
For Sale
$995,000
1656 Western Avenue, Albany, NY 12203
Corner building with 125 feet of frontage and two tenant spaces, including a fully equipped restaurant/bar and a retail unit.
Property Size4,020 SF
Price / SF$247.51
Days on Market75
Property Features for 1656 Western Avenue
General Information
Standard status
Active
Size
4,020 SF
Property subtype
Retail
Site & Location
Traffic Count
32,185 vehicles/day
Road Access
Yes
Additional Details
Furnished
Yes
Building Details
Building Size
4,020 SF
Year Built
1977
Tenancy
Multi
Listing Agency:
IKON Realty Group
(518) 573-5853
Listed By:
Bruce Ginsburg · License #10301204641
(518) 573-5853
Source:
Ikonrealtygroup
Added: Jun 2
Changed: Aug 8
Last Checked: Aug 15 at 5:08AM
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 IKON Realty Group
Investment Insights
Based on property information with market context.
This corner retail and restaurant property includes a +/-4,020 SF building split for two separate tenants. The larger portion is a +/-2,820 SF fully equipped restaurant/bar space. The remaining +/-1,200 SF is configured as a retail space, creating flexibility for an operator or landlord seeking multiple income streams.
The building sits along Western Ave with approximately 125 feet of frontage and is positioned directly across from Crossgates Mall. The property is also described as having 32,185 cars per day along Western Ave.
As presented, the offering is a high-profile retail/restaurant building with a corner location, current multi-tenant configuration, and frontage on a heavily traveled corridor.
The building sits along Western Ave with approximately 125 feet of frontage and is positioned directly across from Crossgates Mall. The property is also described as having 32,185 cars per day along Western Ave.
As presented, the offering is a high-profile retail/restaurant building with a corner location, current multi-tenant configuration, and frontage on a heavily traveled corridor.
Key Highlights
- Corner retail/restaurant building with 125 ft of frontage on Western Ave.
- +/-4,020 SF building split for two tenants: +/-2,820 SF fully equipped restaurant/bar and +/-1,200 SF retail space.
- Currently operating restaurant/bar space included as a defined tenant area within the property.
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
$55,697
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
5.60%
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%
$1,113,940
$1.1M
Cap Rate 7%
$795,671
$795.7K
Cap Rate 9%
$618,856
$618.9K
Market Conditions
NOI Build-Up for 4,020 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
$79.6K $19.80/SF
− Vacancy
−$5.3K −$1.33/SF
EGI
$74.3K $18.47/SF
− OpEx
−$18.6K −$4.62/SF
NOI
$55.7K $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%
$1,113,940
Cap Rate 7%
$795,671
Cap Rate 9%
$618,856
Alternative Uses
Best Use
Specialty Retail
$795.7K
$696.2K – $928.3K
NOI $55,697 @ 7.0% cap · market cap 5.60%
Second Best
Retail
$693.9K
$607.2K – $809.5K
NOI $48,572 @ 7.0% cap · market cap 4.88%
Theoretical Best
Office A
$1.06M
$928.0K – $1.24M
NOI $74,241 @ 7.0% cap · market cap 7.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
32,185 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
328k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 73%
Dining 13%
Leisure 6%
Shops & Services 6%
DICK'S Sporting Goods
Apparel
101,766 visits/mo
0.3 miles
Macy's
Apparel
80,286 visits/mo
0.4 miles
JCPenney
Apparel
58,395 visits/mo
0.3 miles
McDonald's
Dining
30,802 visits/mo
0.3 miles
Regal Crossgates
Leisure
20,855 visits/mo
0.4 miles
Demographics for 12203, NY
28,210
Population
14,755
Households
1.9
Avg Household Size
38
Median Age
54%
College-Educated
95%
High-School Grad
10.4 sq mi
ZIP Area
2,713
Density / Sq Mi
$80,055
Median Household Income
$44,412
Median Earnings
$1,342
Median Rent
$258,800
Median Home Value
Market
Vacancy Rate% for Retail in Albany, NY
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Corner building with 125 feet of frontage and two tenant spaces, including a fully equipped restaurant/bar and a retail unit.
Where is this retail space located?
The property is located at 1656 Western Avenue Albany, NY.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Corner retail/restaurant building with 125 ft of frontage on Western Ave.; +/-4,020 SF building split for two tenants: +/-2,820 SF fully equipped restaurant/bar and +/-1,200 SF retail space.; Currently operating restaurant/bar space included as a defined tenant area within the property.
