Renovated Mixed-Use Building with
For Sale
$575,000
165 Madison Ave, Albany, NY 12202
Downtown Albany mixed-use building featuring a turn-key restaurant and apartment.
Property Size2,022 SF
Lot Size0.10 Acres
Price / SF$284.37
Days on Market206
Property Features for 165 Madison Ave
General Information
Standard status
Active
Size
2,022 SF
Lot size
0.10 Acres
Taxes and HOA fees
Annual Taxes
$5,562
Listing Agency:
Howard Hanna Capital Inc
(518) 755-2064
Listed By:
Joseph P Cardinale · License #10401290174
(518) 755-2064
Source:
Exprealty
Added: Jan 26
Changed: Aug 20
Last Checked: Aug 20 at 11:42AM
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 Howard Hanna Capital Inc
Investment Insights
Based on property information with market context.
Located in downtown Albany near the Capital building and MVP Arena, this mixed-use property was renovated in 2022 with high-end finishes. The property is ideal for an owner-user and benefits from new revitalization planned for the neighboring building and surrounding area. The building includes a turn-key two-bedroom apartment on the second floor, with estimated rents of $2000. There is private parking for six cars in the back, as well as a full basement. The property features a turn-key restaurant with a dining room, employee and customer restrooms, a full commercial kitchen, entertainment stages, and tables. The unit 1 commercial space is 2022 square feet with a front and back door entry, a six-burner stove, and a commercial exhaust hood. It is a turn-key operation. Financials are available with a non-disclosure agreement.
Key Highlights
- Turn‑key restaurant with full commercial kitchen, dining room, and entertainment stages.
- Six‑car private parking in the back.
- Beautiful downtown location** near the Capital building and MVP Arena.
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
$28,015
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
4.87%
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%
$560,300
$560.3K
Cap Rate 7%
$400,214
$400.2K
Cap Rate 9%
$311,278
$311.3K
Market Conditions
NOI Build-Up for 2,022 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
$40.0K $19.80/SF
− Vacancy
−$2.7K −$1.33/SF
EGI
$37.4K $18.47/SF
− OpEx
−$9.3K −$4.62/SF
NOI
$28.0K $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%
$560,300
Cap Rate 7%
$400,214
Cap Rate 9%
$311,278
Alternative Uses
Best Use
Specialty Retail
$400.2K
$350.2K – $466.9K
NOI $28,015 @ 7.0% cap · market cap 4.87%
Second Best
Mixed Use
$340.5K
$297.9K – $397.2K
NOI $23,832 @ 7.0% cap · market cap 4.14%
Theoretical Best
Office A
$533.5K
$466.8K – $622.4K
NOI $37,342 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,909
Businesses Nearby
9k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 77%
Electronics 23%
Renaissance Albany Hotel
Hotels & Casinos
6,703 visits/mo
0.3 miles
Boost Mobile
Electronics
2,019 visits/mo
0.2 miles
Demographics for 12202, NY
10,257
Population
5,434
Households
1.9
Avg Household Size
34
Median Age
33%
College-Educated
80%
High-School Grad
2.0 sq mi
ZIP Area
5,129
Density / Sq Mi
$49,684
Median Household Income
$34,656
Median Earnings
$1,012
Median Rent
$139,800
Median Home Value
Market
Vacancy Rate% for Retail in Albany, NY
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown Albany mixed-use building featuring a turn-key restaurant and apartment.
Where is this mixed-use property located?
The property is located at 165 Madison Ave Albany, NY.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Turn‑key restaurant with **full commercial kitchen, dining room, and entertainment stages.**; Six‑car private parking in the back.; Beautiful downtown location** near the Capital building and MVP Arena.
