Mixed-Use Property with Eight
For Sale
Contact for pricing
151 HENRY JOHNSON BLVD, Albany, NY 12210
Fully leased mixed-use building with updated residential units and ground-floor commercial space.
Property Size6,337 SF
Lot Size0.29 Acres
Price / SF$219.19
Days on Market9
Property Features for 151 HENRY JOHNSON BLVD
General Information
Standard status
Active
Size
6,337 SF
Total Parking Spaces
5
Lot size
0.29 Acres
Property subtype
Mixed Use
Zoning
MU-CU
Occupancy
100%
Lease Type
Gross
Investment Type
Value Add
Net Operating Income
$88,371
Units
Unit Mix
8 x 1BR
Multifamily Units
8
Additional Details
Road Access
Yes
Building Details
Year Built
1880
Buildings
1
Stories
3
Units
8
Tenancy
Multi
Listing Agency:
Carrow Real Estate Services
(518) 462-7491
Listed By:
Kyle J Bradley · License #NY
Source:
Crexi
Added: Aug 3
Changed: Aug 10
Last Checked: Aug 10 at 7:40AM
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 Carrow Real Estate Services
Investment Insights
Based on property information with market context.
This 6,337 SF mixed-use property combines eight one-bedroom apartments with commercial space at street level. The residential units have been recently updated, and the building’s roof was replaced in 2024. Constructed in 1880, the property is zoned MU-CU and is fully leased.
The 0.29-acre parcel occupies a corner at Henry Johnson Blvd and Second Street in Albany. It includes ample parking and may support additional development. The property is near Downtown Albany, hospitals, universities, major employers, state government offices, and area dining and shopping.
The 0.29-acre parcel occupies a corner at Henry Johnson Blvd and Second Street in Albany. It includes ample parking and may support additional development. The property is near Downtown Albany, hospitals, universities, major employers, state government offices, and area dining and shopping.
Key Highlights
- +/- 6,337 SF mixed‑use building with eight 1‑bedroom units and ground‑floor commercial space
- All units are fully leased and recently updated
- Roof replacement completed in 2024
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
$74,689
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
5.38%
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%
$1,493,780
$1.5M
Cap Rate 7%
$1,066,986
$1.1M
Cap Rate 9%
$829,878
$829.9K
Market Conditions
NOI Build-Up for 6,337 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
$133.1K $21.00/SF
− Vacancy
−$13.6K −$2.14/SF
EGI
$119.5K $18.86/SF
− OpEx
−$44.8K −$7.07/SF
NOI
$74.7K $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%
$1,493,780
Cap Rate 7%
$1,066,986
Cap Rate 9%
$829,878
Alternative Uses
Best Use
Mixed Use
$1.07M
$933.6K – $1.24M
NOI $74,689 @ 7.0% cap · market cap 5.38%
Second Best
Apartment 5plus
$924.7K
$809.1K – $1.08M
NOI $64,731 @ 7.0% cap · market cap 4.66%
Theoretical Best
Office A
$1.67M
$1.46M – $1.95M
NOI $117,032 @ 7.0% cap · market cap 8.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,060
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Fully leased mixed-use building with updated residential units and ground-floor commercial space.
Where is this mixed-use property located?
The property is located at 151 HENRY JOHNSON BLVD Albany, NY.
What is the asking price?
The asking price for this property is $1,389,000.
What are key features of this property?
This property features: +/- 6,337 SF mixed‑use building with eight 1‑bedroom units and ground‑floor commercial space; All units are fully leased and recently updated; Roof replacement completed in 2024
