Renovated Mixed-Use
New
For Sale
$625,000
165 Madison Avenue, Albany, NY 12202
Two-story property combines a restaurant-ready commercial space with a separate apartment.
Property Size3,272 SF
Price / SF$191.01
Days on Market6
Property Features for 165 Madison Avenue
General Information
Standard status
Active
Size
3,272 SF
Property subtype
Commercial
Restaurant
Commercial Hood
Yes
Equipment Included
Yes
Amenities
Accessible Doors
Accessible Full Bath
Accessible Kitchen
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
(518) 755-2064
Source:
Signatureonerealtygroup
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 14 at 6:29AM
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.
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.
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 = 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
$45,334
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
7.25%
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%
$906,680
$906.7K
Cap Rate 7%
$647,629
$647.6K
Cap Rate 9%
$503,711
$503.7K
Market Conditions
NOI Build-Up for 3,272 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
$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 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%
$906,680
Cap Rate 7%
$647,629
Cap Rate 9%
$503,711
Alternative Uses
Best Use
Specialty Retail
$647.6K
$566.7K – $755.6K
NOI $45,334 @ 7.0% cap · market cap 7.25%
Second Best
Retail
$564.8K
$494.2K – $658.9K
NOI $39,534 @ 7.0% cap · market cap 6.33%
Theoretical Best
Office A
$863.2K
$755.3K – $1.01M
NOI $60,427 @ 7.0% cap · market cap 9.67%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Albany, NY
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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
