Renovated Mixed-Use
New
For Sale
$625,000
165 Madison Avenue, Albany, NY 12202
Commercial Sale, Albany, NY
Property Size3,272 SF
Lot Size0.10 Acres
Price / SF$191.01
Days on Market4
Property Features for 165 Madison Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Mixed
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 2, Bathroom 1
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
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
Window Unit(s), Central Air
Water source
Public
Amenities
entertainment stage
front and rear entrances
Building Details
Year built
1890
Floors in Building
2
Flooring type
Tile, Concrete
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: Sep 11
Changed: Sep 12
Last Checked: Sep 14 at 11:06AM
MLS# 202626017
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 two-story mixed-use building contains 3,272 square feet and was renovated in 2022. The first floor provides approximately 2,022 square feet of restaurant and retail space, including a commercial kitchen with a 6-burner stove, exhaust hood, dining area, entertainment stage, and separate employee and customer restrooms. Front and rear entrances support access to the space. The second floor contains a two-bedroom apartment.
Constructed in 1890, the brick building has tile and concrete flooring, forced-air and natural-gas heating, window-unit and central air conditioning, off-street parking, a flat roof, and public water and sewer. The property is located at 165 Madison Avenue in Albany, near the New York State Capitol and MVP Arena.
Constructed in 1890, the brick building has tile and concrete flooring, forced-air and natural-gas heating, window-unit and central air conditioning, off-street parking, a flat roof, and public water and sewer. The property is located at 165 Madison Avenue in Albany, near the New York State Capitol and MVP Arena.
Key Highlights
- 3,272‑square‑foot mixed‑use building on a 0.1‑acre lot
- Renovated in 2022 with brick construction
- 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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Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
3,838
Businesses Nearby
17k
Monthly Visits Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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 - Two-story property combines a restaurant-ready first floor with a separate two-bedroom apartment above.
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 on a 0.1‑acre lot; Renovated in 2022 with brick construction; Approximately 2,022 square feet of first‑floor restaurant and retail space
