Two-Story Mixed-Use
For Sale
$575,000
165 Madison Avenue, Albany, NY 12202
COMMERCIAL - Albany, NY
Property Size3,272 SF
Lot Size0.10 Acres
Price / SF$175.73
Days on Market163
Property Features for 165 Madison Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 1, Bathroom 2, Bathroom 3
Parking
6
Parking features
Off Street
Basement
Full
Lot features
Private, Level, Cleared
Elementary school
Giffen Memorial
High school
Albany
Elementary school district
Albany
Middle school district
Albany
High school district
Albany
Directions
787 to Madison Ave Exit. On Madison Between Grand and Phillip St. on the right
Standard status
Active
APN
010100 76.49-2-53
Size
3,272 SF
Lot size
0.10 Acres
Taxes and HOA fees
Tax Annual Amount
5563
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air, Window Unit(s)
Water source
Public
Building Details
Year built
1890
Floors in Building
2
Flooring type
Concrete, Tile
Building materials
Brick, Wood Siding
Roof type
Flat
Listing Agency:
Howard Hanna Capital Inc
(518) 371-4500
Listed By:
Joseph P Cardinale · License #10401290174
(518) 755-2064
Added: Mar 11
Changed: Aug 4
Last Checked: Aug 20 at 6:06PM
MLS# 202613128
Copyright © 2026 Global MLS, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This renovated, two-story mixed-use property totals 3,272 square feet and includes a turn-key restaurant/retail-dining space on the first floor and a residential apartment on the second floor. The first floor offers approximately 2,022 square feet of retail/dining area and is equipped with a full commercial kitchen, including a 6-burner stove and a commercial exhaust hood. The layout includes dedicated employee and customer restrooms, a dining area with an entertainment stage, and both front and rear entrances. The second floor is a turn-key 2-bedroom apartment.
The property is located at 165 Madison Avenue in Downtown Albany, near the New York State Capitol, with access to major downtown destinations including MVP Arena.
Showings are by appointment only with 24-hour notice. Financial information is available with a signed NDA, and qualified buyers with proof of funds are required.
The property is located at 165 Madison Avenue in Downtown Albany, near the New York State Capitol, with access to major downtown destinations including MVP Arena.
Showings are by appointment only with 24-hour notice. Financial information is available with a signed NDA, and qualified buyers with proof of funds are required.
Key Highlights
- 2‑story mixed‑use building at 165 Madison Ave, Albany, NY, built in 1890 with brick and wood siding.
- Total 3,272 SF building fully renovated in 2022.
- First floor offers ~2,022 SF retail/dining/restaurant space with a full commercial kitchen, 6‑burner stove, and commercial exhaust hood.
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
7.88%
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 7.88%
Second Best
Mixed Use
$550.9K
$482.1K – $642.8K
NOI $38,565 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$863.2K
$755.3K – $1.01M
NOI $60,427 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
3,838
Businesses Nearby
17k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Hotels & Casinos 68%
Shops & Services 20%
Electronics 12%
Renaissance Albany Hotel
Hotels & Casinos
6,703 visits/mo
0.2 miles
Hampton Inn & Suites Albany Downtown
Hotels & Casinos
4,856 visits/mo
0.5 miles
U-Haul Moving & Storage Of Albany
Shops & Services
3,480 visits/mo
0.5 miles
Boost Mobile
Electronics
2,019 visits/mo
0.1 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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated two-story mixed-use building with turn-key restaurant space and a second-floor 2-bedroom apartment.
Where is this conventional restaurant located?
The property is located at 165 Madison Avenue 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: 2‑story mixed‑use building at 165 Madison Ave, Albany, NY, built in 1890 with brick and wood siding.; Total 3,272 SF building fully renovated in 2022.; First floor offers ~2,022 SF retail/dining/restaurant space with a full commercial kitchen, 6‑burner stove, and commercial exhaust hood.
