Mixed-Use Building with Bar &
For Sale
$2,300,000
162-170 Jefferson Street, Albany, NY 12210
Four adjoining buildings include eight apartments plus the Palais Royale Bar & Grill, with a commercial space on the ground floor.
Property Size10,000 SF
Price / SF$230
Days on Market87
Property Features for 162-170 Jefferson Street
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Multifamily Units
8
Building Details
Year Built
1880
Buildings
4
Listing Agency:
DiBlasi Real Estate
Listed By:
John S DiBlasi
(518) 639-4663
Source:
Signatureonerealtygroup
Added: Jun 23
Changed: Sep 15
Last Checked: Sep 16 at 8:00PM
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 DiBlasi Real Estate
Investment Insights
Based on property information with market context.
This mixed-use assemblage consists of four adjoining buildings (162–170 Jefferson St) built in 1880. The property includes eight apartments alongside The Palais Royale Bar & Grill. Sale is described as including the bar, a liquor license, and all FFE, along with a full kitchen supported by halon fire suppression.
The residential mix is detailed across the buildings: 162 has two 3BR units; 164 includes the Palais Royale and a 1BR apartment above; 166 has two 2BR units; and 168 has three units total, including two upstairs apartments with three bedrooms combined. Building 168 also features a standout 1,860 SF ground-floor commercial space with hardwood floors, a private bar, and high ceilings.
The ground-floor space at 168 is stated as zoned mixed use commercial, and the property is noted to be about one block from Empire State Plaza, near state government offices and the NYS Museum.
The residential mix is detailed across the buildings: 162 has two 3BR units; 164 includes the Palais Royale and a 1BR apartment above; 166 has two 2BR units; and 168 has three units total, including two upstairs apartments with three bedrooms combined. Building 168 also features a standout 1,860 SF ground-floor commercial space with hardwood floors, a private bar, and high ceilings.
The ground-floor space at 168 is stated as zoned mixed use commercial, and the property is noted to be about one block from Empire State Plaza, near state government offices and the NYS Museum.
Key Highlights
- Four adjoining buildings (162–170 Jefferson St) built in 1880
- Includes eight apartments plus The Palais Royale Bar & Grill
- Sale includes the bar, liquor license, and all FFE
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
$138,551
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
6.02%
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%
$2,771,020
$2.8M
Cap Rate 7%
$1,979,300
$2.0M
Cap Rate 9%
$1,539,456
$1.5M
Market Conditions
NOI Build-Up for 10,000 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
$198.0K $19.80/SF
− Vacancy
−$13.3K −$1.33/SF
EGI
$184.7K $18.47/SF
− OpEx
−$46.2K −$4.62/SF
NOI
$138.6K $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%
$2,771,020
Cap Rate 7%
$1,979,300
Cap Rate 9%
$1,539,456
Alternative Uses
Best Use
Specialty Retail
$1.98M
$1.73M – $2.31M
NOI $138,551 @ 7.0% cap · market cap 6.02%
Second Best
Mixed Use
$1.68M
$1.47M – $1.96M
NOI $117,863 @ 7.0% cap · market cap 5.12%
Theoretical Best
Office A
$2.64M
$2.31M – $3.08M
NOI $184,680 @ 7.0% cap · market cap 8.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
4,105
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 - Four adjoining buildings include eight apartments plus the Palais Royale Bar & Grill, with a commercial space on the ground floor.
Where is this mixed-use property located?
The property is located at 162-170 Jefferson Street Albany, NY.
What is the asking price?
The asking price for this property is $2,300,000.
What are key features of this property?
This property features: Four adjoining buildings (162–170 Jefferson St) built in 1880; Includes eight apartments plus The Palais Royale Bar & Grill; Sale includes the bar, liquor license, and all FFE
