Mixed-Use Property with Bar
For Sale
$2,300,000
162170 Jefferson Street, Albany, NY 12210
Four connected buildings combine residential units with a restaurant-bar operation and dedicated commercial space.
Property Size10,000 SF
Price / SF$230
Days on Market19
Property Features for 162170 Jefferson Street
General Information
Standard status
Active
Size
10,000 SF
Property subtype
Mixed Use
Additional Details
Business Included
Yes
Multifamily Units
8
Taxes and HOA fees
Annual Taxes
$22,668
Amenities
Wall Air Conditioning
3
Other, Wood
Built Up, Flat, Rubber
Parking. Corner Lot.
On Street.
106 X 70
Exterior Lighting. Corner.
Building Details
Year Built
1880
Buildings
4
Listing Agency:
DiBlasi Real Estate
(518) 857-1505
Listed By:
John DiBlasi · License #10491211230
(518) 857-1505
Source:
Xome
Added: Jul 24
Changed: Aug 10
Last Checked: Aug 11 at 5:00AM
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 with eight apartments, The Palais Royale Bar & Grill, and additional commercial space. The sale includes the bar operation, liquor license, furniture, fixtures, and equipment. The restaurant features a full kitchen with Halon fire suppression, while the property also includes a 1,860 SF ground-floor commercial area with hardwood flooring, a private bar, and high ceilings. One building contains two upstairs apartments above the bar, and the other structures provide additional apartment units.
The corner property is located at 162-170 Jefferson Street, one block from Empire State Plaza and near state government offices and the NYS Museum. The 168 Jefferson Street commercial area is zoned mixed use commercial. The property includes on-street parking, exterior lighting, and a 106 X 70 lot. Built in 1880, the assemblage contains approximately 10000 square feet.
The corner property is located at 162-170 Jefferson Street, one block from Empire State Plaza and near state government offices and the NYS Museum. The 168 Jefferson Street commercial area is zoned mixed use commercial. The property includes on-street parking, exterior lighting, and a 106 X 70 lot. Built in 1880, the assemblage contains approximately 10000 square feet.
Key Highlights
- Four adjoining buildings at 162‑170 Jefferson Street with 8 apartments and a bar‑restaurant operation
- The Palais Royale Bar & Grill, liquor license, furniture, fixtures, and equipment included
- 1,860 SF ground‑floor commercial space with hardwoods, private bar, and high ceilings
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
3,899
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 connected buildings combine residential units with a restaurant-bar operation and dedicated commercial space.
Where is this mixed-use property located?
The property is located at 162170 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 at 162‑170 Jefferson Street with 8 apartments and a bar‑restaurant operation; The Palais Royale Bar & Grill, liquor license, furniture, fixtures, and equipment included; 1,860 SF ground‑floor commercial space with hardwoods, private bar, and high ceilings
