Building Details

Year Built 1890

Year Renovated 2022

Buildings 1

Stories 2

Construction brick

Listing Agency: Howard Hanna Capital Inc

Listed By: Joseph P Cardinale · License #10401290174 Show Phone

Source: Signatureonerealtygroup

Added: Aug 30 Changed: Oct 29 Last Checked: Oct 28 at 8:54AM

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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

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Investment Insights

Based on property information with market context.

Renovated in 2022, this two-story mixed-use building contains 3,272 square feet and was originally built in 1890. The first floor provides approximately 2,022 square feet of restaurant and retail space with a commercial kitchen, 6-burner stove, exhaust hood, dining area, entertainment stage, and dedicated employee and customer restrooms. Front and rear entrances support access to the commercial space.

The second floor is configured as a 2-bedroom apartment, creating a distinct residential component within the property. The building is located at 165 Madison Avenue in downtown Albany, near the New York State Capitol and minutes from MVP Arena. Mixed zoning supports the property's combined commercial and residential configuration.

Key Highlights

• 3,272‑square‑foot mixed‑use building at 165 Madison Avenue
• Renovated in 2022; original construction dates to 1890
• Approximately 2,022 square feet of first‑floor restaurant and retail space

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$45,334

Cap Rate

7.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$906,680 $906.7K

Cap Rate 7%

$647,629 $647.6K

Cap Rate 9%

$503,711 $503.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,272 SF

Gross rent

$64.8K $19.80/SF

− Vacancy

−$4.3K −$1.33/SF

EGI

$60.4K $18.47/SF

− OpEx

−$15.1K −$4.62/SF

NOI

$45.3K $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 Rate 5%

$906,680

Cap Rate 7%

$647,629

Cap Rate 9%

$503,711

Alternative Uses

Best Use

Specialty Retail

$647.6K

$566.7K – $755.6K (±1% cap)

NOI $45,334 @ 7.0% cap · market cap 7.25%

Second Best

Retail

$564.8K

$494.2K – $658.9K (±1% cap)

NOI $39,534 @ 7.0% cap · market cap 6.33%

Theoretical Best

Office A

$863.2K

$755.3K – $1.01M (±1% cap)

NOI $60,427 @ 7.0% cap · market cap 9.67%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Conventional restaurants

Suggested Use

Top Pick Building Supply Big Box & Wholesale Store Dental Office Storage Facility Auto Parts Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Commercial hood

Location Intelligence

Trade Area within ½ mile

79

Businesses Nearby

Explore this area Business Placement

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

5.4% 2020

4.8% 2021

5.5% 2022

4.7% 2023

5.5% 2024

5.8% 2025

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Two-story property combines a restaurant-ready commercial space with a separate apartment.

Where is this mixed-use property located?

The property is located at 165 Madison Avenue Albany, NY.

What is the asking price?

The asking price for this property is $625,000.

What are key features of this property?

This property features: 3,272‑square‑foot mixed‑use building at 165 Madison Avenue; Renovated in 2022; original construction dates to 1890; Approximately 2,022 square feet of first‑floor restaurant and retail space